U.S. markets closed

Wednesday Morning Market Highlights

US markets

U.S. stocks indices were mixed on Wednesday, with the Dow advancing more than 170 points as tech shares pulled down the Nasdaq index. The Dow Jones Industrial Average gained 0.67% to 25,164, the S&P 500 index fell 0.23% to 2,984 and the Nasdaq Composite Index declined 1.59% to 9,192.


o Nordstrom Inc (NYSE:JWN) +12.2%

o Gap Inc (NYSE:GPS) +9.4%

o Kohls Corp (NYSE:KSS) +7.1%

o PVH Corp (NYSE:PVH) +5.8%

o Alliance Data Systems Corp (NYSE:ADS) +3.8%

o Coty Inc (NYSE:COTY) +2.3%


o ServiceNow Inc (NYSE:NOW) -7.3%

o Resmed Inc (NYSE:RMD) -6.6%

o Newmont Corporation (NYSE:NEM) -5%

o West Pharmaceutical Services Inc (WST) -4.9%

o MSCI Inc (NYSE:MSCI) -4.5%

o Apache Corp (NYSE:APA) -4.3%

Global markets

The main European stock markets traded in the green. The UK's FTSE 100 gained 0.64%, France's CAC 40 jumped 1.26%, Germany's Dax advanced 0.84% and Spain's Ibex 35 was up 1.99%.

In Asia, Japan's Nikkei 225 gained 0.70%, India's BSE Sensex jumped 3.25%, Hong Kong's Hang Seng declined 0.36% and China's Shanghai Composite fell 0.34%.

Ralph Lauren releases earnings report

Shares of Ralph Lauren (RL) gained almost 2% on Wednesday after the company announced its fiscal fourth-quarter results. The company posted a net loss of 68 cents per share, falling short of analysts' estimates by 61 cents. Revenue of $1.27 billion declined 15.9% year-over-year and fell $20 million short of expectations.

By region, North America revenue was down 11% to $629 million. Wholesale revenue declined 12%. In retail, comparable store sales decreased 13%, including a 15% decline in brick and mortar stores and a 7% decrease in digital commerce.

In Europe, revenue declined 19% to $353 million. In retail, comparable store sales decreased 16%, including an 18% decrease in brick and mortar stores and a 2% decline in digital commerce.

In Asia, revenue reached $214 million, down 22%. Comparable store sales decreased 23%, with a 15% increase in digital commerce.

Yacktman Asset Management initiated a new position in the company with 748,053 shares. Ray Dalio reduced his holding in the stock by 34% to 18,151 shares, Simons' firm cut the position by 6% to 3,728,894 shares and Joel Greenblatt (Trades, Portfolio) boosted his holding 630% to 156,595 shares.

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

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This article first appeared on GuruFocus.