The markets were back and forth today as investors considered tomorrows jobs report due out in the morning. The Dow 30 was able to finish with a gain of 2, the S&P 500 added 1, and the Nasdaq 100 gained 1. Tomorrows focus will be on the all important unemployment rate which is due out before the market opens and is expected to tick higher by 0.2%.
Staples (SPLS ) was a big loser today, falling 5.25%. The move came as the office supply retail store delivered weaker than expected earnings and revenue for the fourth quarter. Sales fell 3% from a year ago and the company was forced to write down the cost of restructuring and losses on assets. Staples also said it "plans to close 70 stores in North America this year as it looks for ways to boost sales and overhaul its operations after its merger with Office Depot was blocked last year." The move sent shares to lows of the year today and are now lower by over 4% for 2017.
Tailored Brands (TLRD ) suffered one of the biggest losses of the day (-32.26%) as the company reported a larger than expected loss for the all important, holiday quarter. Revenue also missed analysts' estimates for the quarter as sales fell 4% from a year ago. The company said that a "challenging retail environment resulted in soft traffic across its retail brands." The company also said it's "in talks with Macy's to restructure their agreement." The move sends shares lower by over 37% for the year.
Sears Holdings (SHLD ) saw a rare win today (+6.94%) after the struggling retail chain showed a smaller than expected loss for the holiday period. Revenue was also better than estimates, but it wasnt all good news. Sales fell 17% from a year ago. The companies debt payments also doubled from the prior year, despite its efforts to raise cash by selling off assets, such as its Craftsman brand.