Nordstrom said it is reorganizing its top management structure and streamlining operations to revive growth at its discount chain Rack. The fashion retailer said it has centralized customer strategy under one leader and consolidated store operations for Nordstrom and Rack to improve operating efficiency. Rack same store sales fell 5% in the fourth quarter and dropped 8% in the third quarter 2021.
JWN
U.S. stocks opened higher and German Chancellor said Western nations are set to impose additional sanctions on Russia this week. In Asian markets, Hong Kong index surged 2% led by a surge in Chinese tech stocks after China proposed to remove a key audit requirement for the U.S. listed companies. European markets also extended gains.
BABA
BABA
Investors bid up stocks on the first day of April and second quarter after facing worst return in the previous quarter in two years. A decline in oil price below $100 a barrel and a sustained recovery in the job market also helped the sentiment. 2-year at 2.448% closed above 10-year bond yield. Energy stocks were on the defensive after leading other sectors in the first quarter with 33% surge.
GM TM F AAPL DE
GM TM F AAPL DE
Crude oil continued its slide for the seventh trading session in a row after many European nations, Canada, Japan, and South Korea agreed to join the United States in releasing more oil to the market. The International Energy Agency, an association of western countries said today. West Texas crude oil future price dipped below $100 a barrel in New York trading.
CVX XOM
CVX XOM
Five Below, Inc, the deep discount retailer reported December quarter sales increased 16% to $996.3 million from a year ago period and net income rose 13.1% to $140.2 million. Diluted earnings per share also increased 13% to $2.49 from $2.20 in a year ago period. In the first quarter the retailer anticipates diluted earnings per share between 54 cents and 61 cents.
FIVE
FIVE
H&R Block said December 2021 quarter revenues increased 12% to $159 million from a year ago and net loss shrank to $190.6 million from $255.8 million. Loss per share declined to $1.09 from $1.38 on 5.7% shrink to 173.3 million after the company repurchased 6.6 million shares in the quarter.
HRB
HRB
U.S. indexes slid on the final day of the quarter led by 2.4% decline in tech heavy Nasdaq. Popular indexes delivered worst quarterly performance in two years with S&P falling 5% and Nasdaq dropping 9.4%. Bond market also delivered worst quarter after inflation worries gripped investors and 2-year and 10-year bond yields matched at 2.34%.
AAPL WBA GME XOM AMD
AAPL WBA GME XOM AMD
Volatile oil prices turned lower after reports suggested that the U.S. is preparing to release at least one million barrels of oil a day for the next six months to stem the rising prices. OPEC and its allies agreed to a small increase of output by 432,000 barrels a day and reminded that the prices are decided by markets in New York and London.
XOM CVX HES
XOM CVX HES
Stock rally fizzled after 4 days of gains in the U.S. and Europe and crude oil prices rebounded $2 a barrel on both coasts of Atlantic. European Union is preparing to impose additional stringent sanctions on Russian individuals and corporations and emergency arrangements for natural gas supply interruptions. Bond market yields also signal more economic pain ahead.
Citigroup agreed to sell its retail banking, wealth management unit, credit card business, and back office operations for $1.6 billion. The lender will continue its institutional business as a part of plan to exit from 13 countries announced previously. Axis Bank will acquire 3 million new customers, 21 branches, and 3,600 employees in a deal that is expected to close in a year.
C
C
lululemon athletica reported fourth quarter total revenues increased 23% to $2.1 billion on growth of 21% in North America and 35% in international sales. Total comparable store sales increased 32%. The retailer added 22 new stores in the quarter totaling 574. Net income increased to $434 million from $329.8 million and earnings per share rose to $3.36 from $2.52.
LULU
LULU