U.S. stock markets were trading higher Wednesday morning ahead of the Federal Reserve’s minutes from the August meeting.
Shares of Urban Outfitters Inc. (URBN, Financial) jumped after the company posted second-quarter results on Tuesday. The retailer posted earnings per share of 84 cents on revenue of $992.45 million, reflecting a 13.7% decline. It beat earnings estimates by 7 cents and revenue expectations by $12.51 million.
Comparable retail segment net sales rose 13% due to double-digit growth in the digital channel and positive retail store sales. By brand, comparable retail segment net sales increased 17% at Free People, 15% at Urban Outfitters and 11% at Anthropologie. The Wholesale segment saw net sales grow 10%.
The board of directors authorized the repurchase of 20 million common shares, of which 17.9 million shares were remaining as of July 31.
Gainers
- Target Corp. (TGT, Financial)
- Best Buy Co. Inc. (BBY, Financial)
- Coty Inc. (COTY, Financial)
- Gap Inc. (GPS, Financial)
- Kohl's Corp. (KSS, Financial)
Losers
- Goodyear Tire & Rubber Co. (GT, Financial)
- Analog Devices Inc. (ADI, Financial)
- BorgWarner Inc. (BWA, Financial)
- TE Connectivity Ltd. (TEL, Financial)
Global markets
The main European stock markets traded mostly higher.The U.K.'s FTSE 100 advanced 0.19%, France's CAC 40 gained 0.19%, Germany's Dax fell 0.037% and Spain's Ibex 35 rose 0.40%.
In Asia, Japan's Nikkei 225 advanced 0.64%, India’s BSE Sensex gained 0.02%, Hong Kong's Hang Seng rose 0.63% and China's Shanghai Composite fell 0.70%.
Disclosure: The author holds no positions in any stocks mentioned.
