Stock Market Wrapup May 23rd
The Dow Jones and S&P 500 continue to flirt with record closings, but today both ended further away than when trading opened. Both fell fractionally, and they were joined by the Nasdaq, which fell -0.47%. Today followed the same pattern of the past two sessions with all three indices climbing early before falling back. At 2:00PM, the downward decline for the day came about, and although there was a slight rebound, it was not enough to push the markets into positive territory for the day's end.
The Energy Information Association announced the weekly gas inventories this morning. The stockpiles rose higher than analyst estimates, almost doubling the prediction of 800,000 barrels. Crude oil stocks also rose by approximately 2 million barrels.
There were a number of retailers out with earnings today, with Target (NYSE: TGT), Men's Wearhouse (NYSE: MWH), and GameStop (NYSE: GME) all reporting results. Target saw first-quarter profits jump 18%, as same-store sales rose 4.3%. Earnings per share rose to 75 cents from 65 cents in 4Q06, an increase of 8%. Target's credit card was also a major profit center, adding $143 million in pretax earnings. Bull Market Report subscribers can read our report on Target's earnings in today's edition.
Men's Wearhouse saw an earnings increase of 49.1%, as sales rose 14.2%. Another growth indicator -- tuxedo rentals in its Men's Wearhouse stores, which accounts for 12% of its revenue stream -- jumped 34.2%. The company also saw benefits from its acquisition of After Hours Formalwear, which analysts expect to bring increased value and revenue to the company.
GameStop also released higher-than-expected earnings today, topping the charts at 111% net earnings growth. The company saw total sales grow 23%, with same-store sales increasing 15.3%, bolstered by the release of next generation hardware such as Sony's (NYSE: SNE) Playstation3 and Nintendo's Wii. A strong game market also helped. The stock fell -4.9%, though, as investors were disappointed with Q2 guidance.
In other news, Alcan (NYSE: AL) rejected a bid made by Alcoa (NYSE: AA). Both companies' stocks rose on the news. Meanwhile, Payless Shoe Source (NYSE: PSS) moved forward in its attempt to purchase Stride Rite shoes, and Boston-based women's health companies Hologic (Nasdaq: HOLX) and Cytyc (Nasdaq: CYTC) agreed to merge.
By the BullMarket.com Staff
The Energy Information Association announced the weekly gas inventories this morning. The stockpiles rose higher than analyst estimates, almost doubling the prediction of 800,000 barrels. Crude oil stocks also rose by approximately 2 million barrels.
There were a number of retailers out with earnings today, with Target (NYSE: TGT), Men's Wearhouse (NYSE: MWH), and GameStop (NYSE: GME) all reporting results. Target saw first-quarter profits jump 18%, as same-store sales rose 4.3%. Earnings per share rose to 75 cents from 65 cents in 4Q06, an increase of 8%. Target's credit card was also a major profit center, adding $143 million in pretax earnings. Bull Market Report subscribers can read our report on Target's earnings in today's edition.
Men's Wearhouse saw an earnings increase of 49.1%, as sales rose 14.2%. Another growth indicator -- tuxedo rentals in its Men's Wearhouse stores, which accounts for 12% of its revenue stream -- jumped 34.2%. The company also saw benefits from its acquisition of After Hours Formalwear, which analysts expect to bring increased value and revenue to the company.
GameStop also released higher-than-expected earnings today, topping the charts at 111% net earnings growth. The company saw total sales grow 23%, with same-store sales increasing 15.3%, bolstered by the release of next generation hardware such as Sony's (NYSE: SNE) Playstation3 and Nintendo's Wii. A strong game market also helped. The stock fell -4.9%, though, as investors were disappointed with Q2 guidance.
In other news, Alcan (NYSE: AL) rejected a bid made by Alcoa (NYSE: AA). Both companies' stocks rose on the news. Meanwhile, Payless Shoe Source (NYSE: PSS) moved forward in its attempt to purchase Stride Rite shoes, and Boston-based women's health companies Hologic (Nasdaq: HOLX) and Cytyc (Nasdaq: CYTC) agreed to merge.
By the BullMarket.com Staff
posted by Stock Administrator @ 9:08 PM
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