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Omar Venerio
Omar Venerio
Articles (1576) 

Wall Street With Modest Gains Tuesday

DSW rose on strong results

U.S. stock markets were trading in positive territory on Tuesday, ahead of positive economic data from a report from the New York-based Conference Board, which showed that consumer confidence rose in August to the highest level since October 2000.

Shares of DSW Inc. (DSW) jumped more than 20% on Tuesday morning after the company posted second-quarter earnings per share of 63 cents on revenue of $795.27 million, reflecting 16.4% year-over-over growth. It beat earnings estimates by 17 cents and revenue estimates by $105.9 million.

Further, comparable sales rose 9.7%, and reported gross profit, as a percent of sales, increased by 280 basis points, driven by favorable merchandise margin and occupancy leverage. Moreover, the board of directors declared a quarterly cash dividend of 25 cents per share.

Roger Rawlins, the company's CEO, said, "... With our updated earnings outlook, we look forward to sales reaching $3 billion for the first time in DSW's history."

Looking ahead the next quarter, the company now expects revenue to increase by 6-9% and adjusted earnings per share between $1.60 and $1.75.

Gainers

• Coty Inc. (NYSE:COTY)

• Incyte Corp. (NASDAQ:INCY)

• Xilinx Inc. (NASDAQ:XLNX)

• Estee Lauder Companies Inc. (NYSE:EL)

• Nordstrom Inc. (NYSE:JWN)

Losers

• Best Buy Co Inc. (NYSE:BBY)

• Campbell Soup Co.​ (NYSE:CPB)

• Foot Locker Inc. (NYSE:FL)

• NVIDIA Corp. (NASDAQ:NVDA)

Global markets

The main European stock markets traded in the green. The U.K.'s FTSE 100 gained 0.69%, France's CAC 40 jumped 0.39%, Germany's Dax rose 0.11% and Spain's Ibex 35 retreated 0.28%.

In Asia, Japan's Nikkei 225 advanced 0.06%, India’s BSE Sensex jumped 0.52%, Hong Kong's Hang Seng gained 0.28% and China's Shanghai Composite fell 0.10%.

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

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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