Tag: stock market

Luxury clothing and accessories maker Vince Holdings Corp. said Wednesday that same-store sales for the nine-week holiday period through Dec. 30 rose 15.9%. Direct-to-consumer same-store sales rose 8.8% in the period, while merchandise margin for the direct-to-consumer segment rose slight from the year-earlier period. “The new product is resonating with our customers and driving double digit comparable sales growth in our full price direct-to-consumer channels,” Chief Executive Brendan Hoffman said in a statement. “We were also pleased with improved sell-through at our wholesale partners, which we believe bodes well for 2018 performance.” Shares were not yet active premarket, but have fallen 84% in the last 12 months, while the S&P 500 has gained 21%.

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Shares of Signet Jewelers Ltd. sank 5.6% in premarket trade Wednesday, after the diamond jewelry retailer reported holiday-period sales that fell from a year ago. Total sales for the nine weeks ending Dec. 30 declined 3.1% to $1.88 billion, while same-store sales dropped 5.3%. That compares with prior-year declines of 5.1% in total sales to $1.94 billion and 4.6% in same store sales. The company said the latest sales performance were hurt by the credit outsourcing transition. Signet said its e-commerce business grew by a “double-digit” percentage, while Zales Jewelers same-store sales increased 4.6%. The company affirmed its fiscal 2018 same-store sales outlook of down in the mid single-digit percentage range, but raised its earnings-per-share outlook to $6.45 to $6.50 from $6.10 to $6.50 to reflect an expected lower tax rate after the tax reform legislation. The stock has tumbled 14.8% over the past three months through Tuesday, while the SPDR S&P Retail ETF has run up 11.8% and the S&P 500 has climbed 7.9%.

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A magnitude 7.6 earthquake in the Caribbean Sea appeared to cause little damage on land but sparked a tsunami warning, which was later canceled, stretching from Mexico to the U.S. Virgin Islands on Tuesday night. The U.S. Geological Survey said the quake was centered about 125 miles northeast of Honduras and 190 miles south of the Cayman Islands. The U.S. Tsunami Warning System issued tsunami threats to the coasts of Cuba, Mexico, Honduras, Belize and Jamaica, and tsunami advisories for Puerto Rico and the U.S. Virgin Islands. Local reports said officials were anticipating waves of 1 to 3 feet in some areas. No tsunamis materialized and the warnings were canceled after about an hour.

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A federal judge temporarily blocked the Trump administration from ending the Deferred Action for Childhood Arrivals program late Tuesday night. U.S. District Judge William Alsup approved a request by California and others to block the government from ending the program while their lawsuits are pending in court, and ordered the federal government to continue accepting DACA renewal applications. Alsup called the end of the program “arbitrary and capricious” and said it was likely “based on a flawed legal premise.” DACA protects about 800,000 so-called “Dreamers,” the children of undocumented immigrants. In September, U.S. Attorney General Jeff Sesssions announced the program would end, and Congress has yet to come up with an alternative plan despite widespread bipartisan support. Tuesday’s ruling does not allow for new DACA applications. The Justice Department is expected to appeal the ruling.

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From:: Stock Market News

A magnitude 7.6 earthquake in the Caribbean Sea appeared to cause little damage on land but sparked a tsunami warning stretching from Mexico to the U.S. Virgin Islands on Tuesday night. The U.S. Geological Survey said the quake was centered about 125 miles northeast of Honduras and 190 miles south of the Cayman Islands. The U.S. Tsunami Warning System issued tsunami threats to the coasts of Cuba, Mexico, Honduras, Belize and Jamaica, and tsunami advisories for Puerto Rico and the U.S. Virgin Islands. Local reports said officials were anticipating tsunami waves of 1 to 3 feet in some areas.

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North Carolina’s Republican-drawn congressional districts are illegally gerrymandered, a panel of three federal judges ruled Tuesday, and must be remade in the next two weeks. The circuit court judges found the map unconstitutional on grounds that it unfairly favored Republicans. “We agree with plaintiffs that a wealth of evidence proves the General Assembly’s intent to ‘subordinate’ the interests of non-Republican voters and ‘entrench’ Republican domination of the state’s congressional delegation,” Judge James A. Wynn Jr. wrote in his opinion. North Carolina must draw a new map by Jan. 24, the judges said, warning that the court would appoint an expert to draw a new districting map for the 2018 elections if the state could not. It was the second time this decade that North Carolina’s Republican-drawn congressional districts have been rejected in court.

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The Trump administration said Tuesday it would withdraw Florida from consideration for potential new offshore oil drilling following criticism from Republican Gov. Rick Scott. After meeting with Scott on Tuesday, Interior Secretary Ryan Zinke said Florida offshore drilling was now “off the table,” according to the Associated Press. Last week, Zinke said nearly all offshore areas on the Pacific and Atlantic coasts would be opened up to potential oil and gas leases. But offshore drilling is deeply unpopular in coastal states because of the risk of environmental catastrophe. On Monday, Maine’s senators voiced opposition to potential drilling off their state, and California’s lawmakers have vowed to fight the Trump administration’s plan.

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Shares of United Continental Holdings Inc. rose 2% late Tuesday after the airline said its December consolidated traffic (revenue passenger miles) increased 2.7% while consolidated capacity (available seat miles) increased 3.7% compared with December 2016. Shares ended the regular session down less than 0.1%.

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Uber Technologies Inc. has agreed to pay a gross settlement fee of up to $3 million to settle a lawsuit brought by nearly 2,500 drivers in New York. The suit accuses Uber of subtracting too much money from drivers for taking inefficient routes and customer complaints among other things, according to the proposed settlement filed Monday. Uber did not admit to any of the claims and has denied the allegations. The San Francisco-based company also faced accusations of misleading drivers by saying they could make $5,000 their first month on the job and of a breach of contract due to calculating service fees. The $3 million settlement follows Uber’s agreement to pay more than $80 million to about 96,000 New York drivers after the company admitted to underpaying them for more than two years, albiet inadvertently, Reuters reported. The settlement requires approval from U.S. District Judge Nicholas Garaufis and the lawyers may collect fees of up to one third of the settlement fund, or $990,000.

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Domino’s Pizza Inc. said late Tuesday President and Chief Executive J. Patrick Doyle will leave the company June 30, to be succeeded by Richard Allison, president of Domino’s International.
Doyle has led Domino’s for more than eight years, the company said in a statement. “I will leave Domino’s knowing that it is in great hands,” Doyle said. Russell Weiner, president of Domino’s USA, was promoted to the newly created role of chief operating officer of Domino’s and president of the Americas, Domino’s said. The appointments of Allison and Weiner will be effective as of July 1, the company said. Shares of Domino’s fell 1.8% in late trading after ending the regular session up 1.5%.

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