U.S. markets are set to open high on Tuesday, with investors' eyes on the Federal Reserve’s two-day policy meeting. The street is forecasting a more aggressive path to normalizing monetary policy by the Central Bank.
Shares of The Children's Place Inc. (PLCE, Financial) plunged on the heels of the company reporting its financial results for the fourth quarter. The company posted adjusted earnings per share of $2.52 on revenue of $569.97 million, an increase of 9.4% from the prior-year quarter. The company beat earnings by 3 cents but fell short analysts' estimations by $4 million.
Gross profit reached $209.9 million, higher than the $187.9 million reported in the fourth quarter of 2016. Adjusted gross profit was $211.1 million, compared to $187.9 million last year.
Operating income was $51.9 million, higher than the figure registered in the same trimester of 2016. Adjusted operating income reached $57.0 million, or 10.0% of net sales, compared to adjusted operating income of $50.0 million in the fourth quarter of 2016.
Gainers
• Newell Brands Inc. (NWL, Financial)
• Mattel Inc. (MAT, Financial)
• Newfield Exploration Co. (NFX, Financial)
• ONEOK Inc. (OKE, Financial)
Losers
• Facebook Inc. (FB, Financial)
• Oracle Corp. (ORCL, Financial)
• Qorvo Inc. (QRVO, Financial)
• Fiserv Inc. (FISV, Financial)
Global markets
The main European stock markets closed lower. The U.K.'s FTSE gained 0.30%, France's CAC advanced 0.04%, Germany's Dax gained 0.17% but Spain's Ibex fell 0.11%.
In Asia, India’s BSE Sensex gained 0.22%, China's SSE Composite jumped 0.35% and Hong Kong's Hang Seng advanced 0.11%, but Japan's Nikkei retreated 0.47%.
Disclosure: The author holds no positions in any stocks mentioned.
