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Gold futures rallied on Wednesday as a plunge in oil prices fueled a drop in U.S. equities, lifting the metal’s appeal as a haven investment. February gold rose $17.10, or 1.6%, to settle at $1,106.20 an ounce on Comex. That was the highest settlement for a most-active contract since Jan. 7, according to FactSet.
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From:: Stock Market News
Coach Inc. is the preferred handbag brand in a segment where growth “remains subdued,” wrote Cowen & Co. analysts in a Wednesday note. Responses to the Cowen National Handbag Survey, conducted over the course of department store checks in 30 states between October and December, indicate that Coach is regaining market share based on better merchandise and more controlled promotions and inventory, analysts said. Still, the handbag sector is suffering from “too much industry sameness… with multiple luxury players appearing very similar,” Cowen said. Coach will announce fiscal second-quarter 2016 earnings on Jan. 26. According to the results of the bank’s survey, analysts describe Coach’s sales performance as “stable” at an estimated 2% to 3% decline. The survey “revealed more relevant and fashionable bags, a wider assortment, and better visual-merchandising resonating well with customers,” the note said. “We’re also pleased to see responses indicating inventories and markdowns of Coach handbags under control at U.S. wholesale doors.” Analysts say they’re concerned Michael Kors Holdings Ltd. is reaching peak market share. Shares of Coach are down 1.5% in Wednesday trading and down 14.9% for the past 12 months. Shares of Michael Kors are down 0.5% on Wednesday and down 46.9% for the past 12 months. The S&P 500 is down 9.8% for the past year.
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From:: Stock Market News
Athleta, the fitness apparel brand owned by Gap Inc. , will launch Athleta Girls online and in select stores this summer, according to a release. Items will target girls between 6 and 14 and stock items for sports including running, swim, soccer and basketball, as well as more general lifestyle items. The line will include styles from the women’s collection alongside original designs. Shares of Gap Inc. are down 4% in Wednesday trading and down 46.1% for the past 12 months. The S&P is down 9.7% for the past 12 months.
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From:: Stock Market News
The housing start rollercoaster continued in December, with housing starts falling in December from November, which saw a significant increase from October’s unexpectedly dramatic drop. But several economists noted that the December data, while appearing negative, is actually a positive for housing. …read more
From:: Real Estate Wire
The stock market’s breadth data are overwhelmingly negative in morning trade Wednesay, but are still far from panic levels, which suggests there are still bulls holding out for a bounce to sell. On the New York Stock Exchange, decliners are dominating advancers by a 3-to-1 margin (2,981-to-104). In other words, 94.4% of the NYSE-listed stocks are declining, when including the 70 stocks that are unchanged. Meanwhile, 97.2% of the volume is in declining stocks. That is pushing the NYSE Arms Index up to 1.39, but that is still well below what many technicians sees as the panic, or capitulation threshold, of 2.0.
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From:: Stock Market News
The housing market in the Chicago metropolitan area experienced steady improvement in 2015, with the median sales price and the number of home sales rising over the previous year, according to a new report from RE/MAX. …read more
From:: Real Estate Wire
The S&P 500 Index’s 2.1% drop in morning trade Wednesday has taken it 10.2% below its 200-day moving average, which currently extends to 2,052.49. That’s the farthest below the widely-watched long-term trend indicator the index has traded at since October 2011 correction, according to data provided by FactSet. During the mini-crash in August 2015, the S&P 500 fell to a low of 10.05% below its 200-day MA before recovering. While many might see the S&P 500’s current distance from its long-term trend as a sign that the stock market is technically oversold, there’s a saying among many technicians, that oversold doesn’t mean the selloff is over. On Oct. 3, 2011, the S&P 500 bottomed 14.08% below its 200-day MA. During the Great Recession, the S&P 500 had plunged as much as 39.6% below its 200-day MA on Nov. 20, 2008. At the depths of the dot-com crash, the S&P 500 has 22% below its 200-day on Sept. 21, 2001.
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From:: Stock Market News
International Business Machine Corp.’s stock was by far the biggest drag on the Dow Jones Industrial Average , accounting for about 15% of the blue chip barometer’s 318-point tumble. IBM shares slumped $7.07, or 5.5%, in morning trade Wednesday, meaning it was shaving off about 48 points from the Dow’s price. IBM reported fourth-quarter revenue late Tuesday that missed expectations for the seventh-straight quarter, and 11th of the last 12. The next biggest drag was Chevron Corp. shares , which were losing $4.16, or 5.1%, as crude oil prices plunged to new lows, to take about 28 points off the Dow.
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From:: Stock Market News
McDonald’s Corp will report fourth-quarter same-store sales of 4.1%, the best performance in 15 quarters, according to a note published by Nomura on Wednesday. Analysts based their forecast on the results of Nomura’s McDonald’s Franchisee Survey, raising their same-store sales expectations 60 basis points. A basis point is equal to 0.01%. The FactSet same-store sales consensus for the fourth quarter is 3%. McDonald’s is the bank’s top large-cap restaurant pick for 2016. For this survey, 26 domestic franchisees with about 209 stores participated in Nomura channel checks. Among the reasons cited for expected fourth-quarter results, franchisees cited all-day breakfast and mild weather. Nomura rates McDonald’s stock a buy. McDonald’s shares are up 28.4% for the past 12 months while the S&P is down 8.5%.
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From:: Stock Market News
U.S. stocks opened sharply lower Wednesday as a renewed rout in oil prices and global equities triggered a selloff on Wall Street. The S&P 500 opened 21 points, or 1.1%, lower at 1,860. The Dow Jones Industrial Average dropped 186 points, or 1.1%, to 15,835. Meanwhile, the Nasdaq Composite began the day down 67 points, or 1.5%, at 4,411.
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From:: Stock Market News