U.S. stocks are are trying to make up for some of Tuesday’s losses as the major indices are moving higher. A less-than-stellar ADP employment report has given investors hope the Federal Reserve will back off on raising rates.
Private companies added 205,000 workers in January, which was better than the estimate of 195,000, but a big drop from December’s revised gain of 267,000 jobs.
The S&P 500 was up nine points to 1,912; the Dow Jones Industrial Average is up 84 points to 16,236; and the Nasdaq is rising 22 points to 4,537.
Boot Barn Holdings is up over 28 percent to $7.11 after the Western retailer beat third-quarter forecasts. Boot Barn reported second quarter earnings of 45 cents a share, beating the FactSet estimate of 44 cents a share, whiles sales came in line. Revenue of $193.8 million was just shy of Zack’s estimate of $193.9 million. The company continues to face headwinds associated with the oil-dependent regions. Boot Barn saw declines in workwear, but increases in work boots and men’s Western apparel.
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Chip Wilson, the founder of Lululemon, exercised his board nomination rights and appointed Kathryn Henry to the company’s board of directors. Henry served as Lululemon’s chief information officer and senior vice president of distribution logistics. Wilson believes changes are needed at the company with respect to corporate governance. Separately, Lululemon will be opening its first Lululemon Lab store in New York next month where shoppers can meet designers at work. The company’s stock is down 29 cents to $61.72.
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JD.com gave further details of the runway show it will host during New York Fashion Week that will highlight up-and coming designers from China’s fashion scene and underscore JD.com’s growing strength in the Chinese apparel market. The show will take place Feb. 17 at Pier 59 and will feature five designers including Alicia Lee, Gioia Pan, Ruiping Guo, Tim Cahill and Chi Zhang. JD.com is dropping 1.3 percent to $24.34.
Yahoo is trading lower, down more than 3 percent to $28.03, after the search engine and media company said it was open to selling the firm following huge losses in its latest quarter. Yahoo reported a loss of $4.43 billion and only earned $1.27 billion in revenue. Yahoo will lay off 15 percent of its workforce as it will only focus on four verticals – news, sports, finance and lifestyle. Yahoo will further integrate Polyvore into the lifestyle vertical to marry up content with a shoppable feature.
Elsewhere in the world, a boost in oil prices was not enough to turn the European markets around. The indices continued to drop as Italian banks keep dragging down the market. European manufacturers are getting hit with lower prices and wanting the ECB to act. LVMH Moët Hennessy Louis Vuitton shares jumped on strong earnings.
All the Asian markets have dropped, with the Shanghai composite down 0.4 percent to 2,739, the Hang Seng down 2.3 percent to 18,992 and the Nikkei dropped 3.2 percent to 17,191.