U.S. markets are set to open low on Thursday, ahead of President Donald Trump idea of trade duties on China imports, which triggers fears about a potential trade war. Yesterday, the Fed raised interest rates to keep inflation under control. The rates are now in the range of 1.5% and 1.75%. It is expected that the economy will grow between 2.5% and 2.7%.
Shares of Guess? Inc. (GES, Financial) skyrocketed on the heels of the company reporting its financial results for the fourth quarter. The company posted adjusted earnings per share of 62 cents on revenue of $792.16 million, an increase of 17.5% from the prior-year quarter. The company managed to beat earnings estimations by 8 cents, and by $36.52 million in revenue.
The company ends the trimester with higher sales, higher adjusted operating profit and higher adjusted earnings per share.
America's retail revenues decreased 6.1%. Retail comp sales, including e-commerce, decreased 4%. Further, America's wholesale revenues increased 3.8%.Internationally. Europe revenues increased 39.7% and retail comp sales, including e-commerce, increased 18%. Asia revenues increased 40.2% and retail comp sales, including e-commerce, increased 14%. Licensing revenues increased 11.4%.
Looking ahead, the company expects for the first quarter of fiscal 2019 revenue growth between 11% and 12.5%.
Gainers
ā¢ Chipotle Mexican Grill Inc (CMG, Financial)
ā¢ Edison International (EIX, Financial)
ā¢ Mattel Inc (MAT, Financial)
Losers
ā¢ Darden Restaurants Inc (DRI, Financial)
ā¢ FedEx Corpāā¹ (FDX, Financial)
ā¢ Freeport-McMoRan Inc (FCX, Financial)
ā¢ Deere & Co (DE, Financial)
Global Markets
The main European stock markets closed lower. The U.K.'s FTSE lost 1.38%, France's CAC retreated 1.68%, Germany's Dax fell 1.68% and Spain's Ibex fell 1.56%.
In Asia, Indiaās BSE Sensex lost 0.39%, ChinaĀ“s SSE Composite slid 0.53%, Hong Kong's Hang Seng retreated 1.09% but Japan's Nikkei gained 0.99%.
(Disclosure: The author holds no positions in any stocks mentioned)
