The markets traded back and forth in a range today as earnings, government news and weak oil all weighed on investors minds. Earnings from retail names allowed for a strong day in that sector. The Dow 30 closed lower by 28, the S&P 500 lost 5, and the Nasdaq 100 closed down by 7. Tomorrow investors will get a look at durable goods numbers and a speech from Janet Yellen.
Sears (NASDAQ: SHLD) was in the news early today as the company announced earnings that showed a loss that was smaller than expectations. Revenue was better than expected, but shares were still lower by 0.23% on the day. The earnings showed a loss of $1.16 a share with revenue coming in at $4.37 billion. The street had expected losses of $2.48 per shares so it was some rare, good news for the struggling retailer. Sears also announced that it would be closing 28 more Kmart stores this year in addition to the 150 Sears and Kmart stores it is already closing by the end of the quarter. Though shares started the day higher today, they closed lower on the day and are still lower by 14% on the year, trading near lows.
Abercrombie & Fitch (NYSE: ANF) reported earnings today which came in better than expected. The loss per share came in at $0.16 which was smaller than the $0.33 that was predicted. Revenue was better than expected at $779.3 million. One of the bright spots for the teen retailer was its Hollister brand which gained 5% on the quarter. The news today sent shares higher by 17.07% on the day but still remain lower on the year by 7%.
Tiffany & Co. (NYSE: TIF) announced earnings today which showed a beat on revenue as well. Revenue came in at $959.7 million thanks to "growth in fashion and design jewelry." Overall profit came in at $0.92 per shares which was better than expected as well. One negative was same store sales which fell again. This marks the seventh straight quarter where same store sales fell. Shares had a wild day of trade, at one point up over 4%, but ultimately closing lower by 1.33%.