While tensions continue between the U.S. and North Korea, the stock market opened higher Wednesday with the three main indexes in the green.
Shares of G-III Apparel Group Ltd. (GIII, Financial) were up about 8.2% in morning trading on the back of the company reporting better-than-expected earnings for its second quarter. A loss of 15 cents beat expectations by 11 cents and revenue of $538.01 million beat by $15.77 million and is up 21.6% year over year. This increase includes $45.0 million of net sales of DKNY and Donna Karan products.
The company´s guidance for the full fiscal year is solid with expected revenues of approximately $2.80 billion and net income between $56 million and $60 million or in the range of $1.11 to $1.21 per diluted share.
Moreover, shares of Voyager Therapeutics Inc.(VYGR, Financial) were up 20% due to the announcement of positive results from a Phase 1 clinical trial assessing gene therapy VY-AAD01 in patients with advanced Parkinson's disease. The second phase study will start in the fourth quarter, and results will be reported in the first trimester of 2018.
On the other hand, Newell Brands Inc. (NWL, Financial) lowered profit guidance accounting for the effects of Hurricane Harvey and was losing ground by 5%. Now, the company expects EPS in the range of $2.95 to $3.05 from the previous $3.00 to $3.20. The outlook for full-year 2017 sales remains the same.
Gainers
• Kohl's Corp. (KSS, Financial).
• CSX Corp. (CSX, Financial).
• Gap Inc. (GPS, Financial)”‹.
• Macy's Inc. (M, Financial).
• CF Industries Holdings Inc. (CF, Financial).
• Range Resources Corp. (RRC, Financial).
• Under Armour Inc. (UAA, Financial).
• eBay Inc. (EBAY, Financial).
Losers
• United Continental Holdings Inc. (UAL, Financial).
• TripAdvisor Inc. (TRIP)”‹.
• Envision Healthcare Corp. (EVHC).
• Newell Brands Inc. (NWL, Financial).
• Expedia Inc. (EXPE).
• Delta Air Lines Inc. (DAL).
• American Airlines Group Inc. (AAL).
• Priceline Group Inc. (PCLN).
Global markets
The main European stock markets traded mixed. The FTSE 100 and the IBEX 35 fell approximately 0.3% while the French CAC 40 and the German DAX advanced 0.31% and 0.97%.
In Asia, markets closed principally in red territory; Japan’s Nikkei Index and Hong Kong’s Hang Seng closed down as well as India’s BSE Sensex. Only China’s Shanghai Composite traded higher.
Disclosure: The author holds no positions in any stocks mentioned.
