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Omar Venerio
Omar Venerio
Articles (946) 

Wall Street Mixed Despite Strong Labor Market

Lululemon rises after better than expected same store sales

U.S. stocks are going to open mixed ahead of positive news from the labor market. Americans claims for unemployment benefit fell to 236,000 according to the Labor Department. Job openings are close to a record high, with companies hiring people. The main problem is not the quantity of new jobs, but the employees’ qualifications.

Shares of Lululemon Athletica Inc. (NASDAQ:LULU) jumped almost 9% in pre-market session, on the back of the company posting its financial results for the third quarter of its fiscal 2017. For the quarter ended Oct. 29, the company reported revenue growth of 13.7% to $619 million, while its net profit advanced to 56 cents per share, beating estimates by 4 cents. Revenues also beat analysts' expectations by $9.11 million. Gross profit reached $322.0 million, an increase of 16% compared to the same quarter a year ago. Further, gross margin was 52.0%, an increase of 90 basis points when compared to the third quarter of the past year. Lululemon announced the approval of a new stock repurchase program for up to $200 million.

Gainers

• Sage Therapeutics Inc. (NASDAQ:SAGE)

• Broadcom Ltd. (AVGO)

• Kohls Corp. (NYSE:KSS)

• Micron Technology Inc. (MU)

• Dollar General Corp. (NYSE:DG)

Losers

• Freeport-McMoRan Inc. (NYSE:FCX)

• Expedia Inc. (EXPE)

• The Priceline Group Inc. (NASDAQ:PCLN)

• Vail Resorts Inc. (NYSE:MTN)

Global Markets

The main European stock markets traded lower. Spain's Ibex jumped 0.22%, while the U.K.'s FTSE lost 0.19%, Germany's Dax closed down 0.01% and France's CAC fell 0.13%.

In Asia, China´s Shanghai declined 0.67%, Hong Kong's Hang Seng jumped 0.28%, India’s BSE Sensex gained 1.08% and Japan's Nikkei advanced 1.45%.

Disclosure: The author holds no positions in any stocks mentioned.

About the author:

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

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