- Akira Ito
- 27 Nov, 2024
- Tokyo
Stock market indexes in Tokyo edged lower for the second day in a row, and the yen rebounded.
The Nikkei 225 stock average declined 1% and the broader Topix index dropped 1.2% as investors debated the Bank of Japan's move next month.
The yen strengthened 0.5% to 152.26 against the U.S. dollar amid speculation that the Bank of Japan may raise interest rates again at the end of its two-day policy meeting on December 19.
A stronger yen dampens the profit outlook for Japan's export-driven companies, and about 40% of the listed companies in Japan have more than 10% of sales originating in foreign markets.
Investors are looking forward to the release of Tokyo area inflation data on Friday, and the capital region's inflation is generally seen as a bellwether trend for the national inflation.
Japan Stock Movers
The Nikkei 225 Stock Average decreased 1% to 38,064.41, and the broader Topix index fell 1.2% to 2,658.34.
Volatile tech stocks led the decliners in Wednesday's trading in Tokyo.
Advantest Corp. declined 3.7% to ¥8,502.0, Tokyo Electron decreased 1.9% to ¥22,205.0, Disco Corp. advanced 1% to ¥41,800.0, and Softbank Corp. eased 0.1% to ¥191.30.
Keisei Electric Railway Co. Ltd. jumped 4.6% to ¥4,634.0, and Oriental Land increased 3.2% to ¥3,547.0 after an activist investor took a stake in the railway company.
Automobile stocks faced selling pressure for the second day in a row amid worries of rising trade tensions with the U.S. and growing competition from Chinese electric vehicles.
Toyota Motor decreased 3.5% to ¥2,573.50, Honda Motor fell 2.7% to ¥1,297.0, Nissan Motor plunged 4.7% to ¥373.70, and Mitsubishi Motors Corp. eased 4.7% to ¥404.50.
Nissan Chemical declined 3.2% to ¥5,302.0, and Mitsubishi Chemical Group fell 5.5% to ¥795.90.
- Akira Ito
- 27 Nov, 2024
- Tokyo
Stock market indexes in Tokyo edged lower for the second day in a row, and the yen rebounded.
The Nikkei 225 stock average declined 1% and the broader Topix index dropped 1.2% as investors debated the Bank of Japan's move next month.
The yen strengthened 0.5% to 152.26 against the U.S. dollar amid speculation that the Bank of Japan may raise interest rates again at the end of its two-day policy meeting on December 19.
A stronger yen dampens the profit outlook for Japan's export-driven companies, and about 40% of the listed companies in Japan have more than 10% of sales originating in foreign markets.
Investors are looking forward to the release of Tokyo area inflation data on Friday, and the capital region's inflation is generally seen as a bellwether trend for the national inflation.
Japan Stock Movers
The Nikkei 225 Stock Average decreased 1% to 38,064.41, and the broader Topix index fell 1.2% to 2,658.34.
Volatile tech stocks led the decliners in Wednesday's trading in Tokyo.
Advantest Corp. declined 3.7% to ¥8,502.0, Tokyo Electron decreased 1.9% to ¥22,205.0, Disco Corp. advanced 1% to ¥41,800.0, and Softbank Corp. eased 0.1% to ¥191.30.
Keisei Electric Railway Co. Ltd. jumped 4.6% to ¥4,634.0, and Oriental Land increased 3.2% to ¥3,547.0 after an activist investor took a stake in the railway company.
Automobile stocks faced selling pressure for the second day in a row amid worries of rising trade tensions with the U.S. and growing competition from Chinese electric vehicles.
Toyota Motor decreased 3.5% to ¥2,573.50, Honda Motor fell 2.7% to ¥1,297.0, Nissan Motor plunged 4.7% to ¥373.70, and Mitsubishi Motors Corp. eased 4.7% to ¥404.50.
Nissan Chemical declined 3.2% to ¥5,302.0, and Mitsubishi Chemical Group fell 5.5% to ¥795.90.
- Li Chen
- 27 Nov, 2024
- Hong Kong
Market sentiment in China and Hong Kong recovered after profit decline at large companies slowed in October.
The Hang Seng index increased 0.4%, and the CSI 300 index gained 0.9% following the release of industrial profits updates at large Chinese companies.
Profits at large industrial Chinese companies declined 10% from a year ago in October to 5,868.04 billion, the National Bureau of Statistics reported Wednesday.
The annual profit decline slowed from a 27% fall in the previous month, amid uneven economic recovery, a depressed property market, and weak consumer demand.
In the first ten months of the year to October, profit decline accelerated to 4.3% from 3.5% in the previous period.
Profits at the state-owned companies declined 8.2% from a 6.5% fall in the period between January and September, while at the private sector companies, they fell at a much slower pace of 1.3% from 9.6% in the period ending in September.
China Stock Movers
The Hang Seng index increased 0.4% to 19,239.85, and the CSI 300 index advanced 0.9% to 3,875.78.
Chow Tai Fook Jewellery Group Ltd. increased 5.4% to HK $7.23, and the retailer announced a stock repurchase plan of up to HK $2 billion or $257 million.
Record gold prices negatively impacted the demand for high-end jewelry. Same-store sales were down 25.4% at mainland China locations and fell 30.8% in Hong Kong and Macau.
The retailer said revenue in the six-month period to September declined 20% to HK $39.4 billion from $49.5 billion, net income attributable to shareholders fell 22% to HK $2.5 billion from HK $4.5 billion, and diluted earnings per share decreased to 25 HK cents from 46 HK cents a year ago.
The company lowered its interim dividend to HK 20 cents from HK 25 cents a year ago.
Meituan increased 2.7% to HK $168.70 ahead of the company's financial results on Friday, and the shopping platform operator extended year-to-date gains to 112%.
Real estate developers in mainland China and Hong Kong traded mixed but retained a downward bias amid a lack of catalyst.
China Vanke decreased 0.7% to HK $6.04, China Resources Land fell and edged up 0.9% to HK $22.85, New World Development edged up 1% to $6.79, Sun Hung Kai Properties advanced 1.3% to $76.65, and Henderson Land increased 1% to HK $24.50.
S.F. Holding Co. Ltd. edged up a fraction to HK $34.45 after the express delivery company priced its initial public offering at HK $34.30 per share and sold 170 million shares.
China's largest courier company raised HK $5.83 billion, the second largest listing in Hong Kong this year, and the company eyes international expansion.
- Li Chen
- 27 Nov, 2024
- Hong Kong
Market sentiment in China and Hong Kong recovered after profit decline at large companies slowed in October.
The Hang Seng index increased 0.4%, and the CSI 300 index gained 0.9% following the release of industrial profits updates at large Chinese companies.
Profits at large industrial Chinese companies declined 10% from a year ago in October to 5,868.04 billion, the National Bureau of Statistics reported Wednesday.
The annual profit decline slowed from a 27% fall in the previous month, amid uneven economic recovery, a depressed property market, and weak consumer demand.
In the first ten months of the year to October, profit decline accelerated to 4.3% from 3.5% in the previous period.
Profits at the state-owned companies declined 8.2% from a 6.5% fall in the period between January and September, while at the private sector companies, they fell at a much slower pace of 1.3% from 9.6% in the period ending in September.
China Stock Movers
The Hang Seng index increased 0.4% to 19,239.85, and the CSI 300 index advanced 0.9% to 3,875.78.
Chow Tai Fook Jewellery Group Ltd. increased 5.4% to HK $7.23, and the retailer announced a stock repurchase plan of up to HK $2 billion or $257 million.
Record gold prices negatively impacted the demand for high-end jewelry. Same-store sales were down 25.4% at mainland China locations and fell 30.8% in Hong Kong and Macau.
The retailer said revenue in the first six months declined 20% to HK $39.4 billion from $49.5 billion, net income attributable to shareholders fell 22% to HK $2.5 billion from HK $4.5 billion, and diluted earnings per share decreased to 25 HK cents from 46 HK cents a year ago.
The company lowered its interim dividend to HK 20 cents from HK 25 cents a year ago.
Meituan increased 2.7% to HK $168.70 ahead of the company's financial results on Friday, and the shopping platform operator extended year-to-date gains to 112%.
Real estate developers in mainland China and Hong Kong traded mixed but retained a downward bias amid a lack of catalyst.
China Vanke decreased 0.7% to HK $6.04, China Resources Land fell and edged up 0.9% to HK $22.85, New World Development edged up 1% to $6.79, Sun Hung Kai Properties advanced 1.3% to $76.65, and Henderson Land increased 1% to HK $24.50.
- Arun Goswami
- 27 Nov, 2024
- Mumbai
Stocks in Mumbai lacked direction in early trading as investors reviewed the latest corporate updates.
The Sensex index increased 0.2% to 80,020.44, and the Nifty index edged down 0.1% to 24,184.0.
Market indexes have struggled to shake off weakness over the last five weeks amid an outflow of foreign funds, but steady inflows of funds from domestic investors have muted the negative impact.
In addition, the sharp fall in crude oil prices over the last nine trading sessions has trimmed the market decline as Israel and Hezbollah are nearing a ceasefire agreement.
Crude oil prices have dropped more than 20% from their peak of $86.64 in May and traded at a two-year low in international markets.
Despite the volatile market conditions over the last three weeks, the Sensex and the Nifty have advanced more than 11% in the year so far as of the close of Tuesday.
India Stock Movers
Siemens Ltd. decreased 1.3% to ₹7,255.0 after the engineering and equipment company reported its quarterly results.
Consolidated net income in the fiscal third quarter ending in September increased to ₹830.7 crore from ₹571.3 crore a year ago.
UltraTech Cement declined 3.3% to ₹11,110.85, and Kesoram Industries dropped 2.7% to ₹212.84 after the National Company Law Tribunal approved the merger plan of two companies.
NTPC Green is set to commence its trading on exchanges today after the company priced its initial public offering towards the upper end of the filing range at ₹108 per share and raised ₹10,000 crore.
Angel One Ltd. increased 4.8% to ₹2,935.0, and the company received an approval from the SEBI to launch its mutual funds business.
Nippon Life India Asset Management advanced 1.7% to ₹705.85, and the company acquired two commercial properties at One Lodha Place located in the Lower Parel area in Mumbai, according to the filings with the city's registration authority.
Devyani International Ltd. declined 0.2% to ₹166.45, and Sreejit Madhavan Nair, chief executive of its Costa Coffee operations, submitted his resignation effective January 8, 2025.
Kamalajeet Bedi will assume the role of CEO of Costa Coffee and the airport business.
- Arun Goswami
- 27 Nov, 2024
- Mumbai
Stocks in Mumbai lacked direction in early trading as investors reviewed the latest corporate updates.
The Sensex index increased 0.2% to 80,020.44, and the Nifty index edged down 0.1% to 24,184.0.
Market indexes have struggled to shake off weakness over the last five weeks amid an outflow of foreign funds, but steady inflows of funds from domestic investors have muted the negative impact.
In addition, the sharp fall in crude oil prices over the last nine trading sessions has trimmed the market decline as Israel and Hezbollah are nearing a ceasefire agreement.
Crude oil prices have dropped more than 20% from their peak of $86.64 in May and traded at a two-year low in international markets.
Despite the volatile market conditions over the last three weeks, the Sensex and the Nifty have advanced more than 11% in the year so far as of the close of Tuesday.
India Stock Movers
Siemens Ltd. decreased 1.3% to ₹7,255.0 after the engineering and equipment company reported its quarterly results.
Consolidated net income in the fiscal third quarter ending in September increased to ₹830.7 crore from ₹571.3 crore a year ago.
UltraTech Cement declined 3.3% to ₹11,110.85, and Kesoram Industries dropped 2.7% to ₹212.84 after the National Company Law Tribunal approved the merger plan of two companies.
NTPC Green is set to commence its trading on exchanges today after the company priced its initial public offering towards the upper end of the filing range at ₹108 per share and raised ₹10,000 crore.
Angel One Ltd. increased 4.8% to ₹2,935.0, and the company received an approval from the SEBI to launch its mutual funds business.
Nippon Life India Asset Management advanced 1.7% to ₹705.85, and the company acquired two commercial properties at One Lodha Place located in the Lower Parel area in Mumbai, according to the filings with the city's registration authority.
Devyani International Ltd. declined 0.2% to ₹166.45, and Sreejit Madhavan Nair, chief executive of its Costa Coffee operations, submitted his resignation effective January 8, 2025.
Kamalajeet Bedi will assume the role of CEO of Costa Coffee and the airport business.
- Brian Turner
- 26 Nov, 2024
- Washington, D.C.
New home sales in October dropped 17.3% from the previous month following the surge in mortgage rates, according to the latest report from the U.S. Census Bureau.
New home sales dropped to an annual rate of 610,000 from the unrevised 738,000 and fell at the fastest pace since 2013 and fell to the lowest level since October 2022, after two hurricanes, Helene and Milton, impacted housing activities.
New home sales dropped 9.3% from a year ago, driven by a 19.7% plunge in sales in the South.
New home sales in the Northeast soared 35.3% from a year ago to 46,000, in the Midwest jumped 15.9% to 73,000, declined 1.3% to 152,000 and in the South plunged 19.7% to 339,000.
Home prices in the month increased, despite the decline in sales.
The median home price increased to $437,300, and the average home price rose to $545,800, an increase of $11,000 from the previous month, respectively.
rising mortgage rates and elevated home prices are also keeping buyers away from the market, and new homes are taking longer to sell.
The seasonally-adjusted estimate of new houses for sale at the end of October was 481,000, representing a supply of 9.5 months at the current sales rate, higher than 7.9 months of supply a year ago and 7.7 months of supply in the previous month.
- Brian Turner
- 26 Nov, 2024
- Washington, D.C.
New home sales in October dropped 17.3% from the previous month following the surge in mortgage rates, according to the latest report from the U.S. Census Bureau.
New home sales dropped to an annual rate of 610,000 from the unrevised 738,000 and fell at the fastest pace since 2013 and fell to the lowest level since October 2022, after two hurricanes, Helene and Milton, impacted housing activities.
New home sales dropped 9.3% from a year ago, driven by a 19.7% plunge in sales in the South.
New home sales in the Northeast soared 35.3% from a year ago to 46,000, in the Midwest jumped 15.9% to 73,000, declined 1.3% to 152,000 and in the South plunged 19.7% to 339,000.
Home prices in the month increased, despite the decline in sales.
The median home price increased to $437,300, and the average home price rose to $545,800, an increase of $11,000 from the previous month, respectively.
rising mortgage rates and elevated home prices are also keeping buyers away from the market, and new homes are taking longer to sell.
The seasonally-adjusted estimate of new houses for sale at the end of October was 481,000, representing a supply of 9.5 months at the current sales rate, higher than 7.9 months of supply a year ago and 7.7 months of supply in the previous month.
- Alexander Garcia
- 26 Nov, 2024
- Miami
Wall Street indexes wavered as investors ignored the latest threat of higher tariffs and looked forward to the start of the holiday season sales.
The S&P 500 index increased 0.2% and the Nasdaq Composite advanced 0.4% after leading specialty retailers reported mixed quarterly results.
Abercrombie & Fitch estimated strong sales growth in the coming holiday season, and Dick's Sporting Goods lifted its annual earnings outlook after comparable same-store sales accelerated in the third quarter.
On Wall Street, the Dow, the S&P 500 index, and the Russell 2000 notched fresh new highs as positive investor sentiment supported the latest rebound in the market.
New home sales in October dropped 17.3% from the previous month following the surge in mortgage rates, according to the latest report from the U.S. Census Bureau.
New home sales dropped to an annual rate of 610,000 from the unrevised 738,000 and fell at the fastest pace since 2013 and fell to the lowest level since October 2022, after two hurricanes, Helene and Milton, impacted housing activities.
New home sales dropped 9.3% from a year ago, driven by a 19.7% plunge in sales in the South.
Home prices in the month increased, despite the decline in sales.
The median home price increased to $437,300, and the average home price rose to $545,800, an increase of $11,000 from the previous month, respectively.
U.S. Indexes and Treasury Yields
The S&P 500 index increased 0.2% to 5,996.34, the Nasdaq Composite rose 0.4% to 19,122.41, and the Russell 2000 index inched lower 0.8% to 2,432.72.
The yield on 2-year Treasury notes edged lower to 4.26%, 10-year Treasury notes inched lower to 4.29%, and 30-year Treasury bonds decreased to 4.49%.
WTI crude oil increased $0.61 to $68.33 a barrel, and natural gas prices edged up 2 cents to $3.46 a thermal unit.
Gold increased by $15.53 to $2,626.777 an ounce, and silver advanced by $0.35 to $30.46.
The dollar index, which weighs the US currency against a basket of foreign currencies, edged lower to 107.08.
U.S. Stock Movers
Abercrombie & Fitch declined 5.2% to $146.41 after the specialty apparel retailer reported third quarter results.
Revenue in the fiscal third quarter ending on October 28 increased 14% to $1.20 billion from $1.05 billion, net income advanced to $131.97 million from $96.5 million, and diluted earnings per share edged higher to $2.50 from $1.83 a year ago.
Comparable same-store sales in the quarter soared 16%, and the retailer revised fourth quarter sales growth to between 5% and 7%.
The apparel retailer also lifted its full-year sales outlook to between 14% and 15%, from the previous estimated range between 12% and 13%.
The current annual sales outlook includes an adverse impact from the loss of 120 basis points from the loss of an extra week in 2023.
Best Buy Company declined 5.4% to $88.0 after the consumer electronics retailer reported weaker-than-estimated revenue and earnings in the third quarter.
Revenue in the fiscal third quarter ending on November 2 declined to $9.44 billion from $9.75 billion, net income increased to $273 million from $263 million, and diluted earnings per share rose to $1.26 from $1.21 a year earlier.
Comparable domestic same-store store sales declined to 2.8% from 7.3%, and the retailer adjusted its full-year comparable sales estimate to decline in the range of 2.5% and 3.% from the previous estimated range of decline between 3.0% and 1.5%.
The company also lowered its full-year sales range to between $41.1 billion and $41.5 billion, from the previous guidance between $41.3 billion and $41.9 billion.
Dick's Sporting Goods jumped 8.4% to $233.24 after the outdoor goods retailer posed strong third quarter earnings and lifted its annual outlook, driven by demand improvement during the back-to-school shopping season.
Revenue in the fiscal third quarter ending on November 2 increased 0.5% to $3.06 billion from $3.04 billion, net income advanced 13% to $228 million from $201 million, and diluted earnings per share rose 15% to $2.75 from $2.39 a year earlier.
Comparable same-store sales in the quarter accelerated to 4.2% from 1.9% a year ago, and the company raised comparable sales growth guidance for the full-year to a range of 3.6% to 4.2% from the previous range between $2.5% and 3.5%.
The company also raised full-year 2024 earnings per diluted share guidance to a range of $13.65 to 13.95, up from the previously estimated range between $13.55 and $13.90.
Kohl's Corp. declined 18% to $14.97 after the department store operator said its chief executive Tom Kingsbury would step down.
Ashley Buchanan, chief executive of crafts store chain The Michal's Companies, will replace Kingsbury effective January 15.
Zoom Video Communication decreased 5% to $84.57 after the video communication company reported fiscal fourth quarter earnings that met investor expectations.
European Markets Face Stronger Headwinds Amid Trade and Geopolitical Tensions
European stock markets headed lower amid rising investor anxiety surrounding economic outlook, geopolitical tensions, and political instability in the region.
Benchmark indexes in Paris, Frankfurt, Milan, and London edged down as investors focused on a growing list of negative factors building in the background.
Political parties ramped up their campaigns in Germany as far-right parties aggressively seek a change of leadership.
France's Le Pen Party leader promised to bring down the minority government if changes are not made in the budget bill discussed in the parliament.
The party is opposing pension reform as lawmakers struggle to lower the government deficit and meet the European Union guidelines by 2027.
Moreover, rising trade tensions with the U.S. contributed to the market gloom after president-elect Donald Trump reiterated his commitment to impose 25% tariffs on all goods shipped from Mexico and Canada and an additional tariff of 10% on shipments from China.
On the campaign trail, Trump also had threatened to levy punitive tariffs on European goods, targeting vehicles manufactured in the region and agricultural products.
In addition, investor sentiment was dented after a survey of private businesses last week showed a weak business environment and a decline in export orders.
Europe Indexes and Yields
The DAX index decreased by 0.6% to 19,295.98; the CAC-40 index fell by 0.9% to 7,194.51; and the FTSE 100 index eased by 0.4% to 8,258.61.
The yield on 10-year German bonds edged lower to 2.20%, French bonds inched down to 3.02%, the UK gilts edged lower to 4.36%, and Italian bonds increased to 3.46%.
The euro edged higher to $1.05; the British pound inched up to $1.25; and the U.S. dollar strengthened to 88.53 Swiss cents.
Brent crude increased $0.68 to $72.42 a barrel, and the Dutch TTF natural gas rose by €1.33 to €46.56 per MWh.
Europe Stock Movers
Automobile stocks dived for the third week in a row amid growing prospects of higher U.S. tariffs on luxury vehicles shipped from the European Union.
Mercedes-Benz Group declined 1.4% to €52.11, BMW AG fell 1.5% to €68.24, Volkswagen AG dropped 2.6% to €80.24, and Renault SA decreased 1% to €39.52.
UniCredit SpA increased 0.4% to €36.30 after the Italian bank made an unsolicited €10.1 billion bid to acquire the rival Banco BPM.
Telecom Plus PLC dropped 3.4% to €20.60 despite the energy utility and telecom company reporting an increase in half-year pre-tax profit and reiterating its full-year outlook.
Halfords Group soared 11.9% to 144.66 pence after the UK-based automobile and motorcycle retailer reported higher-than-expected profit in the first half.
Profit in the interim period ending on September 27 increased to £21.3 million, and analysts estimated the company to achieve a £29 million profit for the full year.
The vehicle dealer said it plans to increase its retail location footprint to 40 stores from the current 22 stores but did not specify the time period.
Nikkei 225 and Topix In Tokyo Halt 2-Day Rally Amid Worries of Rising Trade Tensions
Sentiment in Tokyo soured, and benchmark indexes traded down, reversing gains of the previous two sessions.
The Nikkei 225 stock average fell 1.4%, and the broader Topix index fell 1.5% as investors worried about the U.S. trade policy uncertainty and rising geopolitical tensions.
Japan exports about 18% of its goods to China, and the worsening economic outlook in the second-largest economy has kept investor sentiment negative.
Moreover, the next U.S. administration is likely to increase tariffs on all imported goods, including products made in Japan and made by Japan in Asia and Mexico and Canada.
Rising trade barriers, export controls, and escalation of tariffs are likely to provide additional headwinds to export-driven companies in Japan and dampen overall economic growth.
Japan, with heavy reliance on exports to China, remains vulnerable to economic volatility and slowdown in the second-largest economy.
On the economic front, investors are looking forward to the release of Tokyo area inflation data on Friday, and the region's trend is generally indicative of the broader patterns in Japan.
Japan Stock Movers
The Nikkei 225 Stock Average decreased 1.4% to 38,247.44, and the broader Topix index fell 1.5%.
Volatile tech stocks led the decliners, and semiconductor equipment stocks topped the chart.
Tokyo Electron decreased 2.7% to ¥22,510.0, Advantest Corp. fell 4.4% to ¥8,827.0, Lasertec declined 5.7% to ¥16,670.0, and Disco Corp. eased 3.3% to ¥41,340.0.
Keisei Electric Railway Co. Ltd. increased 1.5% and extended two-day gains to over 15% after an activist investor took a stake in the company, which could force the company to boost shareholder return.
East Japan Railway decreased 0.6% to ¥2,824.50, West Japan Railway added 0.1%, and Oriental Land eased 1.1% to ¥3,440.0.
Haseko Corp rose 2.2% to ¥1,980.0, Daiwa House decreased 0.1% to ¥4,651.0, and Sekisui House edged down 0.1% to ¥3,586.0.
Toyota Motor declined 1% to ¥2,667.50, Honda Motor fell 1.9% to ¥1,333.0, and Nissan Motor dropped 3.6% to ¥392.10.
China Investors Discount Trump Threats of Punitive Tariffs, Stock Indexes Move Higher
Stock market indexes in China and Hong Kong advanced as investors looked beyond brewing tariff wars with the U.S. and the European Union.
The Hang Seng index increased 0.4%, and the CSI 300 index edged higher by 0.35% as investors debated the scope and depth of potential U.S. tariffs on goods shipped from China.
Investors are taking a wait-and-see approach with the potential increase in U.S. tariffs and diversifying their manufacturing base to minimize the impact.
Chinese automakers are ramping up production in Thailand, Vietnam, Mexico, and Hungary, as manufacturing companies are shifting more assembly operations to overseas locations.
The supply chain elongation trend has been in place since 2018, when the U.S. imposed punitive tariffs for the first time, only to see exports from China surge over the next six years.
China's exports to the U.S. are set to surpass $560 billion in 2024 from $479 billion in 2018, despite rising trade barriers, punitive tariffs, and export controls, according to data available from the U.S. and Chinese government agencies.
The U.S. tariffs so far have increased operating costs for businesses and living expenses for households and contributed to keeping U.S. inflation at elevated levels.
China Stock Movers
The Hang Seng index increased 0.4% to 19,244.63, and the mainland China-focused CSI 300 index gained 0.4% to 3,861.81.
Baidu jumped 5.2% to HK $81.90, and the search company is set to launch trial operations for its autonomous ride-hailing operation in Hong Kong as early as this month.
Meituan advanced 2.7% to HK $166.40 ahead of the company's quarterly results on Friday.
Investors are hoping that the online delivery platform operator is likely to report a three-fold surge in its profit.
CNSIG Anhui Hongsifang Fertilizer soared more than 15-fold to 129.34 yuan on the first day of trading in Shanghai.
The fertilizer company placed 50 million shares in its initial public offering priced at 7.98 yuan per share.
India Indexes Extend 3-Day Gains After Crude Oil and Gold Prices Weaken
Stocks in Mumbai traded higher following a sharp decline in crude oil and gold prices in international markets.
The Sensex index increased 0.3% to 80,363.24, and the Nifty index edged up 0.3% to 24,302.85.
Crude oil prices in London and New York dropped more than $3 a barrel on reports that Israel's military and Hezbollah are nearing a ceasefire agreement as early as this week.
The ceasefire agreement could lower tensions in the Middle East and risks of supply disruptions in the region.
Texas crude oil prices edged down 0.4% to $69.20 in New York, and Brent crude oil fell 0.5% to $73.30 a barrel in London.
Gold approached $2,600 an ounce in New York but rebounded to $2,630.39 an ounce in Asian trading, following the reports of a ceasefire agreement in the Middle East and the resurgent U.S. dollar.
U.S. President-elect Donald Trump said starting his first day in office he plans to impose 25% tariffs on all shipments from Mexico and Canada and additional 10% tariffs on goods from China.
India Stock Movers
Hindustan Unilever increased 1.2% to ₹2,474.95 after the company's board approved spinning off its ice cream business as a separate listed company.
Vedanta decreased 0.2% to ₹444.50, and the resource company is likely to access the international bond market next week to raise as much as $500 million.
The bond offering will test the high-yield market's appetite for Indian offerings following the U.S. allegations of bribery and fraud schemes against the Adani Group.
Interglobe Aviation gained 0.7% to ₹4,274.50, and the airline struck a deal with Japan Airlines, which will provide access to 18 destinations in India.
Edelweiss Financial Services advanced 2.2% to ₹108.10, and the financial service company is looking to sell a minority stake in its mutual fund company.
Ashoka Buildcon inched higher 3.8% to ₹242.0, and the company won a project worth ₹1,391 crore to build a road in West Bengal from the National Highways Authority of India.
KEC International traded higher by 0.5% to ₹1,055.50 after the company won two new orders totaling 1,114 crore in several of its business segments.
- Alexander Garcia
- 26 Nov, 2024
- Miami
Wall Street indexes wavered as investors ignored the latest threat of higher tariffs and looked forward to the start of the holiday season sales.
The S&P 500 index increased 0.2% and the Nasdaq Composite advanced 0.4% after leading specialty retailers reported mixed quarterly results.
Abercrombie & Fitch estimated strong sales growth in the coming holiday season, and Dick's Sporting Goods lifted its annual earnings outlook after comparable same-store sales accelerated in the third quarter.
On Wall Street, the Dow, the S&P 500 index, and the Russell 2000 notched fresh new highs as positive investor sentiment supported the latest rebound in the market.
New home sales in October dropped 17.3% from the previous month following the surge in mortgage rates, according to the latest report from the U.S. Census Bureau.
New home sales dropped to an annual rate of 610,000 from the unrevised 738,000 and fell at the fastest pace since 2013 and fell to the lowest level since October 2022, after two hurricanes, Helene and Milton, impacted housing activities.
New home sales dropped 9.3% from a year ago, driven by a 19.7% plunge in sales in the South.
Home prices in the month increased, despite the decline in sales.
The median home price increased to $437,300, and the average home price rose to $545,800, an increase of $11,000 from the previous month, respectively.
U.S. Indexes and Treasury Yields
The S&P 500 index increased 0.2% to 5,996.34, the Nasdaq Composite rose 0.4% to 19,122.41, and the Russell 2000 index inched lower 0.8% to 2,432.72.
The yield on 2-year Treasury notes edged lower to 4.26%, 10-year Treasury notes inched lower to 4.29%, and 30-year Treasury bonds decreased to 4.49%.
WTI crude oil increased $0.61 to $68.33 a barrel, and natural gas prices edged up 2 cents to $3.46 a thermal unit.
Gold increased by $15.53 to $2,626.777 an ounce, and silver advanced by $0.35 to $30.46.
The dollar index, which weighs the US currency against a basket of foreign currencies, edged lower to 107.08.
U.S. Stock Movers
Abercrombie & Fitch declined 5.2% to $146.41 after the specialty apparel retailer reported third quarter results.
Revenue in the fiscal third quarter ending on October 28 increased 14% to $1.20 billion from $1.05 billion, net income advanced to $131.97 million from $96.5 million, and diluted earnings per share edged higher to $2.50 from $1.83 a year ago.
Comparable same-store sales in the quarter soared 16%, and the retailer revised fourth quarter sales growth to between 5% and 7%.
The apparel retailer also lifted its full-year sales outlook to between 14% and 15%, from the previous estimated range between 12% and 13%.
The current annual sales outlook includes an adverse impact from the loss of 120 basis points from the loss of an extra week in 2023.
Best Buy Company declined 5.4% to $88.0 after the consumer electronics retailer reported weaker-than-estimated revenue and earnings in the third quarter.
Revenue in the fiscal third quarter ending on November 2 declined to $9.44 billion from $9.75 billion, net income increased to $273 million from $263 million, and diluted earnings per share rose to $1.26 from $1.21 a year earlier.
Comparable domestic same-store store sales declined to 2.8% from 7.3%, and the retailer adjusted its full-year comparable sales estimate to decline in the range of 2.5% and 3.% from the previous estimated range of decline between 3.0% and 1.5%.
The company also lowered its full-year sales range to between $41.1 billion and $41.5 billion, from the previous guidance between $41.3 billion and $41.9 billion.
Dick's Sporting Goods jumped 8.4% to $233.24 after the outdoor goods retailer posed strong third quarter earnings and lifted its annual outlook, driven by demand improvement during the back-to-school shopping season.
Revenue in the fiscal third quarter ending on November 2 increased 0.5% to $3.06 billion from $3.04 billion, net income advanced 13% to $228 million from $201 million, and diluted earnings per share rose 15% to $2.75 from $2.39 a year earlier.
Comparable same-store sales in the quarter accelerated to 4.2% from 1.9% a year ago, and the company raised comparable sales growth guidance for the full-year to a range of 3.6% to 4.2% from the previous range between $2.5% and 3.5%.
The company also raised full-year 2024 earnings per diluted share guidance to a range of $13.65 to 13.95, up from the previously estimated range between $13.55 and $13.90.
Kohl's Corp. declined 18% to $14.97 after the department store operator said its chief executive Tom Kingsbury would step down.
Ashley Buchanan, chief executive of crafts store chain The Michal's Companies, will replace Kingsbury effective January 15.
Zoom Video Communication decreased 5% to $84.57 after the video communication company reported fiscal fourth quarter earnings that met investor expectations.
European Markets Face Stronger Headwinds Amid Trade and Geopolitical Tensions
European stock markets headed lower amid rising investor anxiety surrounding economic outlook, geopolitical tensions, and political instability in the region.
Benchmark indexes in Paris, Frankfurt, Milan, and London edged down as investors focused on a growing list of negative factors building in the background.
Political parties ramped up their campaigns in Germany as far-right parties aggressively seek a change of leadership.
France's Le Pen Party leader promised to bring down the minority government if changes are not made in the budget bill discussed in the parliament.
The party is opposing pension reform as lawmakers struggle to lower the government deficit and meet the European Union guidelines by 2027.
Moreover, rising trade tensions with the U.S. contributed to the market gloom after president-elect Donald Trump reiterated his commitment to impose 25% tariffs on all goods shipped from Mexico and Canada and an additional tariff of 10% on shipments from China.
On the campaign trail, Trump also had threatened to levy punitive tariffs on European goods, targeting vehicles manufactured in the region and agricultural products.
In addition, investor sentiment was dented after a survey of private businesses last week showed a weak business environment and a decline in export orders.
Europe Indexes and Yields
The DAX index decreased by 0.6% to 19,295.98; the CAC-40 index fell by 0.9% to 7,194.51; and the FTSE 100 index eased by 0.4% to 8,258.61.
The yield on 10-year German bonds edged lower to 2.20%, French bonds inched down to 3.02%, the UK gilts edged lower to 4.36%, and Italian bonds increased to 3.46%.
The euro edged higher to $1.05; the British pound inched up to $1.25; and the U.S. dollar strengthened to 88.53 Swiss cents.
Brent crude increased $0.68 to $72.42 a barrel, and the Dutch TTF natural gas rose by €1.33 to €46.56 per MWh.
Europe Stock Movers
Automobile stocks dived for the third week in a row amid growing prospects of higher U.S. tariffs on luxury vehicles shipped from the European Union.
Mercedes-Benz Group declined 1.4% to €52.11, BMW AG fell 1.5% to €68.24, Volkswagen AG dropped 2.6% to €80.24, and Renault SA decreased 1% to €39.52.
UniCredit SpA increased 0.4% to €36.30 after the Italian bank made an unsolicited €10.1 billion bid to acquire the rival Banco BPM.
Telecom Plus PLC dropped 3.4% to €20.60 despite the energy utility and telecom company reporting an increase in half-year pre-tax profit and reiterating its full-year outlook.
Halfords Group soared 11.9% to 144.66 pence after the UK-based automobile and motorcycle retailer reported higher-than-expected profit in the first half.
Profit in the interim period ending on September 27 increased to £21.3 million, and analysts estimated the company to achieve a £29 million profit for the full year.
The vehicle dealer said it plans to increase its retail location footprint to 40 stores from the current 22 stores but did not specify the time period.
Nikkei 225 and Topix In Tokyo Halt 2-Day Rally Amid Worries of Rising Trade Tensions
Sentiment in Tokyo soured, and benchmark indexes traded down, reversing gains of the previous two sessions.
The Nikkei 225 stock average fell 1.4%, and the broader Topix index fell 1.5% as investors worried about the U.S. trade policy uncertainty and rising geopolitical tensions.
Japan exports about 18% of its goods to China, and the worsening economic outlook in the second-largest economy has kept investor sentiment negative.
Moreover, the next U.S. administration is likely to increase tariffs on all imported goods, including products made in Japan and made by Japan in Asia and Mexico and Canada.
Rising trade barriers, export controls, and escalation of tariffs are likely to provide additional headwinds to export-driven companies in Japan and dampen overall economic growth.
Japan, with heavy reliance on exports to China, remains vulnerable to economic volatility and slowdown in the second-largest economy.
On the economic front, investors are looking forward to the release of Tokyo area inflation data on Friday, and the region's trend is generally indicative of the broader patterns in Japan.
Japan Stock Movers
The Nikkei 225 Stock Average decreased 1.4% to 38,247.44, and the broader Topix index fell 1.5%.
Volatile tech stocks led the decliners, and semiconductor equipment stocks topped the chart.
Tokyo Electron decreased 2.7% to ¥22,510.0, Advantest Corp. fell 4.4% to ¥8,827.0, Lasertec declined 5.7% to ¥16,670.0, and Disco Corp. eased 3.3% to ¥41,340.0.
Keisei Electric Railway Co. Ltd. increased 1.5% and extended two-day gains to over 15% after an activist investor took a stake in the company, which could force the company to boost shareholder return.
East Japan Railway decreased 0.6% to ¥2,824.50, West Japan Railway added 0.1%, and Oriental Land eased 1.1% to ¥3,440.0.
Haseko Corp rose 2.2% to ¥1,980.0, Daiwa House decreased 0.1% to ¥4,651.0, and Sekisui House edged down 0.1% to ¥3,586.0.
Toyota Motor declined 1% to ¥2,667.50, Honda Motor fell 1.9% to ¥1,333.0, and Nissan Motor dropped 3.6% to ¥392.10.
China Investors Discount Trump Threats of Punitive Tariffs, Stock Indexes Move Higher
Stock market indexes in China and Hong Kong advanced as investors looked beyond brewing tariff wars with the U.S. and the European Union.
The Hang Seng index increased 0.4%, and the CSI 300 index edged higher by 0.35% as investors debated the scope and depth of potential U.S. tariffs on goods shipped from China.
Investors are taking a wait-and-see approach with the potential increase in U.S. tariffs and diversifying their manufacturing base to minimize the impact.
Chinese automakers are ramping up production in Thailand, Vietnam, Mexico, and Hungary, as manufacturing companies are shifting more assembly operations to overseas locations.
The supply chain elongation trend has been in place since 2018, when the U.S. imposed punitive tariffs for the first time, only to see exports from China surge over the next six years.
China's exports to the U.S. are set to surpass $560 billion in 2024 from $479 billion in 2018, despite rising trade barriers, punitive tariffs, and export controls, according to data available from the U.S. and Chinese government agencies.
The U.S. tariffs so far have increased operating costs for businesses and living expenses for households and contributed to keeping U.S. inflation at elevated levels.
China Stock Movers
The Hang Seng index increased 0.4% to 19,244.63, and the mainland China-focused CSI 300 index gained 0.4% to 3,861.81.
Baidu jumped 5.2% to HK $81.90, and the search company is set to launch trial operations for its autonomous ride-hailing operation in Hong Kong as early as this month.
Meituan advanced 2.7% to HK $166.40 ahead of the company's quarterly results on Friday.
Investors are hoping that the online delivery platform operator is likely to report a three-fold surge in its profit.
CNSIG Anhui Hongsifang Fertilizer soared more than 15-fold to 129.34 yuan on the first day of trading in Shanghai.
The fertilizer company placed 50 million shares in its initial public offering priced at 7.98 yuan per share.
India Indexes Extend 3-Day Gains After Crude Oil and Gold Prices Weaken
Stocks in Mumbai traded higher following a sharp decline in crude oil and gold prices in international markets.
The Sensex index increased 0.3% to 80,363.24, and the Nifty index edged up 0.3% to 24,302.85.
Crude oil prices in London and New York dropped more than $3 a barrel on reports that Israel's military and Hezbollah are nearing a ceasefire agreement as early as this week.
The ceasefire agreement could lower tensions in the Middle East and risks of supply disruptions in the region.
Texas crude oil prices edged down 0.4% to $69.20 in New York, and Brent crude oil fell 0.5% to $73.30 a barrel in London.
Gold approached $2,600 an ounce in New York but rebounded to $2,630.39 an ounce in Asian trading, following the reports of a ceasefire agreement in the Middle East and the resurgent U.S. dollar.
U.S. President-elect Donald Trump said starting his first day in office he plans to impose 25% tariffs on all shipments from Mexico and Canada and additional 10% tariffs on goods from China.
India Stock Movers
Hindustan Unilever increased 1.2% to ₹2,474.95 after the company's board approved spinning off its ice cream business as a separate listed company.
Vedanta decreased 0.2% to ₹444.50, and the resource company is likely to access the international bond market next week to raise as much as $500 million.
The bond offering will test the high-yield market's appetite for Indian offerings following the U.S. allegations of bribery and fraud schemes against the Adani Group.
Interglobe Aviation gained 0.7% to ₹4,274.50, and the airline struck a deal with Japan Airlines, which will provide access to 18 destinations in India.
Edelweiss Financial Services advanced 2.2% to ₹108.10, and the financial service company is looking to sell a minority stake in its mutual fund company.
Ashoka Buildcon inched higher 3.8% to ₹242.0, and the company won a project worth ₹1,391 crore to build a road in West Bengal from the National Highways Authority of India.
KEC International traded higher by 0.5% to ₹1,055.50 after the company won two new orders totaling 1,114 crore in several of its business segments.
- Barry Adams
- 26 Nov, 2024
- New York City
Stock market indexes wavered on Wall Street as investors ignored the latest threat of higher tariffs.
The S&P 500 index increased 0.2% and the Nasdaq Composite advanced 0.4% after leading specialty retailers reported mixed quarterly results.
Abercrombie & Fitch estimated strong sales growth in the coming holiday season, and Dick's Sporting Goods lifted its annual earnings outlook after comparable same-store sales accelerated in the third quarter.
On Wall Street, the Dow, the S&P 500 index, and the Russell 2000 notched fresh new highs as positive investor sentiment supported the latest rebound in the market.
New home sales in October dropped 17.3% from the previous month following the surge in mortgage rates, according to the latest report from the U.S. Census Bureau.
New home sales dropped to an annual rate of 610,000 from the unrevised 738,000 and fell at the fastest pace since 2013 and fell to the lowest level since 2022, after two hurricanes, Helene and Milton, struck in the month.
New home sales dropped 9.3% from a year ago, driven by a 19.7% plunge in sales in the South.
Home prices in the month increased, despite the decline in sales.
The median home price increased to $437,300, and the average home price rose to $545,800, an increase of $11,000 from the previous month, respectively.
U.S. Indexes and Treasury Yields
The S&P 500 index increased 0.2% to 5,996.34, the Nasdaq Composite rose 0.4% to 19,122.41, and the Russell 2000 index inched lower 0.8% to 2,432.72.
The yield on 2-year Treasury notes edged lower to 4.26%, 10-year Treasury notes inched lower to 4.29%, and 30-year Treasury bonds decreased to 4.49%.
WTI crude oil increased $0.69 to $69.56 a barrel, and natural gas prices edged up 1 cent to $3.44 a thermal unit.
Gold decreased by $19.02 to $2,629.47 an ounce, and silver advanced by $0.39 to $30.50.
The dollar index, which weighs the US currency against a basket of foreign currencies, edged lower to 106.77.
U.S. Stock Movers
Abercrombie & Fitch declined 5.2% to $146.41 after the specialty apparel retailer reported third quarter results.
Revenue in the fiscal third quarter ending on October 28 increased 14% to $1.20 billion from $1.05 billion, net income advanced to $131.97 million from $96.5 million, and diluted earnings per share edged higher to $2.50 from $1.83 a year ago.
Comparable same-store sales in the quarter soared 16%, and the retailer revised fourth quarter sales growth to between 5% and 7%.
The apparel retailer also lifted its full-year sales outlook to between 14% and 15%, from the previous estimated range between 12% and 13%.
The current annual sales outlook includes an adverse impact from the loss of 120 basis points from the loss of an extra week in 2023.
Best Buy Company declined 5.4% to $88.0 after the consumer electronics retailer reported weaker-than-estimated revenue and earnings in the third quarter.
Revenue in the fiscal third quarter ending on November 2 declined to $9.44 billion from $9.75 billion, net income increased to $273 million from $263 million, and diluted earnings per share rose to $1.26 from $1.21 a year earlier.
Comparable domestic same-store store sales declined to 2.8% from 7.3%, and the retailer adjusted its full-year comparable sales estimate to decline in the range of 2.5% and 3.% from the previous estimated range of decline between 3.0% and 1.5%.
The company also lowered its full-year sales range to between $41.1 billion and $41.5 billion, from the previous guidance between $41.3 billion and $41.9 billion.
Dick's Sporting Goods jumped 8.4% to $233.24 after the outdoor goods retailer posed strong third quarter earnings and lifted its annual outlook, driven by demand improvement during the back-to-school shopping season.
Revenue in the fiscal third quarter ending on November 2 increased 0.5% to $3.06 billion from $3.04 billion, net income advanced 13% to $228 million from $201 million, and diluted earnings per share rose 15% to $2.75 from $2.39 a year earlier.
Comparable same-store sales in the quarter accelerated to 4.2% from 1.9% a year ago, and the company raised comparable sales growth guidance for the full-year to a range of 3.6% to 4.2% from the previous range between $2.5% and 3.5%.
The company also raised full-year 2024 earnings per diluted share guidance to a range of $13.65 to 13.95, up from the previously estimated range between $13.55 and $13.90.
Kohl's Corp. declined 18% to $14.97 after the department store operator said its chief executive Tom Kingsbury would step down.
Ashley Buchanan, chief executive of crafts store chain The Michal's Companies, will replace Kingsbury effective January 15.
Zoom Video Communication decreased 5% to $84.57 after the video communication company reported fiscal fourth quarter earnings that met investor expectations.
- Scott Peters
- 26 Nov, 2024
- New York City
Abercrombie & Fitch declined 5.2% to $146.41 after the specialty apparel retailer reported third quarter results.
Revenue in the fiscal third quarter ending on October 28 increased 14% to $1.20 billion from $1.05 billion, net income advanced to $131.97 million from $96.5 million, and diluted earnings per share edged higher to $2.50 from $1.83 a year ago.
Comparable same-store sales in the quarter soared 16%, and the retailer revised fourth quarter sales growth to between 5% and 7%.
The apparel retailer also lifted its full-year sales outlook to between 14% and 15%, from the previous estimated range between 12% and 13%.
The current annual sales outlook increase includes an adverse impact from the loss of 120 basis points from the loss of an extra week in 2023.
Best Buy Company declined 5.4% to $88.0 after the consumer electronics retailer reported weaker-than-estimated revenue and earnings in the third quarter.
Revenue in the fiscal third quarter ending on November 2 declined to $9.44 billion from $9.75 billion, net income increased to $273 million from $263 million, and diluted earnings per share rose to $1.26 from $1.21 a year earlier.
Comparable domestic same-store store sales declined to 2.8% from 7.3%, and the retailer adjusted its full-year comparable sales estimate to decline in the range of 2.5% and 3.% from the previous estimated range of decline between 3.0% and 1.5%.
The company also lowered its full-year sales range to between $41.1 billion and $41.5 billion, from the previous guidance between $41.3 billion and $41.9 billion.
Dick's Sporting Goods jumped 8.4% to $233.24 after the outdoor goods retailer posted strong third quarter earnings and lifted its annual outlook, driven by demand improvement during the back-to-school shopping season.
Revenue in the fiscal third quarter ending on November 2 increased 0.5% to $3.06 billion from $3.04 billion, net income advanced 13% to $228 million from $201 million, and diluted earnings per share rose 15% to $2.75 from $2.39 a year earlier.
Comparable same-store sales in the quarter accelerated to 4.2% from 1.9% a year ago, and the company raised comparable sales growth guidance for the full-year to a range of 3.6% to 4.2% from the previous range between $2.5% and 3.5%.
The company also raised full-year 2024 earnings per diluted share guidance to a range of $13.65 to 13.95, up from the previously estimated range between $13.55 and $13.90.
Kohl's Corp. declined 18% to $14.97 after the department store operator said its chief executive Tom Kingsbury would step down.
Ashley Buchanan, chief executive of crafts store chain The Michal's Companies, will replace Kingsbury effective January 15.
Zoom Video Communication decreased 5% to $84.57 after the video communication company reported fiscal fourth quarter earnings that met investor expectations.
- Scott Peters
- 26 Nov, 2024
- New York City
Abercrombie & Fitch declined 5.2% to $146.41 after the specialty apparel retailer reported third quarter results.
Revenue in the fiscal third quarter ending on October 28 increased 14% to $1.20 billion from $1.05 billion, net income advanced to $131.97 million from $96.5 million, and diluted earnings per share edged higher to $2.50 from $1.83 a year ago.
Comparable same-store sales in the quarter soared 16%, and the retailer revised fourth quarter sales growth to between 5% and 7%.
The apparel retailer also lifted its full-year sales outlook to between 14% and 15%, from the previous estimated range between 12% and 13%.
The current annual sales outlook increase includes an adverse impact from the loss of 120 basis points from the loss of an extra week in 2023.
Best Buy Company declined 5.4% to $88.0 after the consumer electronics retailer reported weaker-than-estimated revenue and earnings in the third quarter.
Revenue in the fiscal third quarter ending on November 2 declined to $9.44 billion from $9.75 billion, net income increased to $273 million from $263 million, and diluted earnings per share rose to $1.26 from $1.21 a year earlier.
Comparable domestic same-store store sales declined to 2.8% from 7.3%, and the retailer adjusted its full-year comparable sales estimate to decline in the range of 2.5% and 3.% from the previous estimated range of decline between 3.0% and 1.5%.
The company also lowered its full-year sales range to between $41.1 billion and $41.5 billion, from the previous guidance between $41.3 billion and $41.9 billion.
Dick's Sporting Goods jumped 8.4% to $233.24 after the outdoor goods retailer posed strong third quarter earnings and lifted its annual outlook, driven by demand improvement during the back-to-school shopping season.
Revenue in the fiscal third quarter ending on November 2 increased 0.5% to $3.06 billion from $3.04 billion, net income advanced 13% to $228 million from $201 million, and diluted earnings per share rose 15% to $2.75 from $2.39 a year earlier.
Comparable same-store sales in the quarter accelerated to 4.2% from 1.9% a year ago, and the company raised comparable sales growth guidance for the full-year to a range of 3.6% to 4.2% from the previous range between $2.5% and 3.5%.
The company also raised full-year 2024 earnings per diluted share guidance to a range of $13.65 to 13.95, up from the previously estimated range between $13.55 and $13.90.
Kohl's Corp. declined 18% to $14.97 after the department store operator said its chief executive Tom Kingsbury would step down.
Ashley Buchanan, chief executive of crafts store chain The Michal's Companies, will replace Kingsbury effective January 15.
Zoom Video Communication decreased 5% to $84.57 after the video communication company reported fiscal fourth quarter earnings that met investor expectations.