After a strong start to the week, major stock market indexes waffled between positive and negative territory before closing mixed on Thursday. The S&P 500 (SNPINDEX: ^GSPC) ended in the red, while the Dow Jones Industrial Average (DJINDICES: ^DJI) eked out a tiny gain.
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Tech stocks continued to fare better than the broader market, with the Technology Select Sector SPDR Fund (NYSEMKT: XLK) up 0.2%. Retailers slumped, dragging the SPDR S&P Retail ETF (NYSEMKT: XRT) down 1.6%.
As for individual stocks, WageWorks (NYSE: WAGE) skyrocketed after confirming it will file delayed reports early next week, and Tailored Brands (NYSE: TLRD) plummeted in the wake of its quarterly results.
Image source: Getty Images.
WageWorks is finally moving forward
Shares of WageWorks soared 30.5% after the consumer-directed benefits specialist announced it expects to file "a majority of its delayed quarterly and annual reports" by the evening of Tuesday, March 19. For perspective, as of yesterday's close, WageWorks stock had plunged nearly 40% over the past year after an internal investigation found the company had overstated its revenue and profits for 2016 and 2017. In addition to requiring the restatement of its financial reports, the scandal drove the company to oust several top executives, including its CEO and CFO.
WageWorks also expects next week's filings will mean its common stock will continue to be listed for trading on the New York Stock Exchange -- a welcome reprieve for shareholders after the company had previously warned its delinquent results could cause it to be delisted from the NYSE if they weren't filed in time.
Tailored Brands' disappointing quarter
Tailored Brands stock plunged 25.2% after the parent company of Men's Wearhouse and Jos. A. Bank released underwhelming fiscal fourth-quarter 2018 results and light guidance.
Tailored Brands' quarterly revenue fell 10.7% year over year to $768.1 million, translating into an adjusted net loss of $14.2 million, or $0.28 per share. Analysts, on average, were expecting a slightly wider net loss of $0.29 per share on higher revenue of $801.2 million.
Within its top line, Tailored Brands' corporate apparel segment revenue dropped 23.3% to $55.7 million, and its core retail business saw sales fall 9.5% to $712.4 million.
Executive Chairman Dinesh Lathi noted comparable-store sales declined at both Men's Wearhouse and Jos. A Bank in the fourth quarter. But even more concerning, he also warned the "trend has continued into the first quarter of 2019."
"We attribute the current softness to both the macro-environment as well as the need for us to execute more quickly and effectively on our core growth strategies," Lathi added.
For the first quarter of fiscal 2019, Tailored Brands expects adjusted earnings per share of $0.10 to $0.15 -- well below Wall Street's consensus estimate for earnings of $0.51 per share.
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