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Omar Venerio
Omar Venerio
Articles (1681) 

Wednesday Morning Market Highlights

Dow Jones Recovers, Ralph Lauren advances on fourth-quarter results

US markets

U.S. stocks indiceswere mixed on Wednesday, with the Dow advancing more than 170 points as tech shares pulled down the Nasdaq index. The Dow Jones Industrial Average gained 0.67% to 25,164, the S&P 500 indexfell 0.23% to 2,984and the Nasdaq Composite Index declined 1.59% to 9,192.

Gainers

Nordstrom Inc (NYSE:JWN) +12.2%

Gap Inc (NYSE:GPS) +9.4%

Kohls Corp (NYSE:KSS) +7.1%

PVH Corp (NYSE:PVH) +5.8%

Alliance Data Systems Corp (NYSE:ADS) +3.8%

Coty Inc (NYSE:COTY) +2.3%

Losers

ServiceNow Inc (NYSE:NOW) -7.3%

Resmed Inc (NYSE:RMD) -6.6%

Newmont Corporation (NYSE:NEM) -5%

West Pharmaceutical Services Inc (WST) -4.9%

MSCI Inc (NYSE:MSCI) -4.5%

Apache Corp (NASDAQ:APA) -4.3%

Global markets

The main European stock markets tradedin the green.The UK's FTSE 100 gained 0.64%, France's CAC 40 jumped 1.26%, Germany's Dax advanced 0.84%andSpain's Ibex 35 was up 1.99%.

In Asia, Japan's Nikkei 225 gained 0.70%, Indias BSE Sensex jumped 3.25%, Hong Kong's Hang Seng declined 0.36% and China's Shanghai Composite fell 0.34%.

Ralph Lauren releases earnings report

Shares of Ralph Lauren (RL) gained almost 2% on Wednesday after the company announced its fiscalfourth-quarter results. The company posted a netloss of 68 cents per share, falling short ofanalysts estimates by 61 cents. Revenue of $1.27billion declined 15.9% year-over-yearand fell $20 million short of expectations.

By region, North America revenue was down 11% to $629 million. Wholesale revenue declined 12%. In retail, comparable store sales decreased 13%, including a 15% decline in brick and mortar stores and a 7% decrease in digital commerce.

In Europe, revenue declined 19% to $353 million. In retail, comparable store sales decreased 16%, including an 18% decrease in brick and mortar stores and a 2% decline in digital commerce.

In Asia, revenue reached $214 million, down 22%. Comparable store sales decreased 23%, with a 15% increase in digital commerce.

YacktmanAsset Management initiated a new position in the company with 748,053 shares.Ray Dalio reduced his holding in the stock by34% to 18,151 shares, Simons' firm cut the position by6% to 3,728,894 shares andJoel Greenblatt (Trades, Portfolio) boosted his holding 630% to 156,595 shares.

Disclosure:The author holdsno positions in any stocks mentioned.

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About the author:

Omar Venerio
Omar Venerio is a capital markets, derivatives, corporate finance and financial management professor and Area Head of Finance. He is passionate about the stock market and providing independent fundamental research and hedge fund and insider trading-focused investigation.

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