The first day of June starts off with a whole lot of nothing. While the markets were mostly lower in the morning, stocks recovered slowly all day and closed slightly positive. The Dow 30 was up 2 (0.01%), the S&P 500 gained 2 as well (0.11%), and the Nasdaq 100 added 4 (0.08%). Tomorrows focus will be on the unemployment claims early then on to Oil inventory reports.
Under Armour (UA ) suffered a 3.92% decline today as the retailer cut its full year revenue guidance, saying that Sports Authority stores will hurt its sales. Under Armour now projects revenue of $4.93 billion, down from its previous guidance of $5 billion.
Nike (NKE ) traded lower today (0.53%) as Morgan Stanley downgraded the stock to equal weight. The investment firm warned that Nike's competition is increasing at a time when the U.S. athletic apparel category is weakening. This news caused a gap lower today, briefly hitting new 2016 lows.
Michael Kors (KORS ) popped 6.62% today after revenue topped estimates in the last quarter. Revenue rose to $1.2 billion from $1.08 billion a year ago. The luxury retailer also forecast profit for the current year that beat analysts' estimates, as new products continue to draw customers to its stores.
General Motors (GM ) took a 3.39% hit today as the automakers sales plunged 18% in May, missing estimates for a 13% drop. GM sold a total of 240,450 vehicles during the month. Selling pressure was heavy today as volume was above average.
