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BUSINESSWednesday 9 March 2016

Stocks pull back, breaking a winning streak for the S&P 500

BERNARD CONDON Trader Benedict Willis works on the floor of the New York Stock Exchange, Tuesday, March 8, 2016. er, as weak global demand
AP Business Writer Stocks fell broadly on Tuesday as investors around the world fled risky bets on worrisome trade and a business shutdown
NEW YORK (AP) — Stocks data out of China and a slump in the price of crude oil. during the Lunar New Year
fell broadly on Tuesday as holiday combined to de-
investors around the world (AP Photo/Richard Drew) press sales. Customs data
fled risky bets on worrisome also showed imports fell 14
trade data out of Chi- asked Mizuho Securities er this year, U.S. stocks have ried that the climb was not percent.
na and a slump in the price Chief Economist Steven been generally climbing as sustainable given trouble In overseas trading, nearly
of crude oil. Ricchiuto. “There is no ac- data on hiring, construction overseas, and the drop in every major market fell. Ja-
Investors dumped stocks celeration in growth.” spending and manufac- oil and Chinese trade data pan’s Nikkei 225 dropped
from the start of trading, The Dow Jones industrial turing suggested the U.S. pushed many of them to 0.8 percent and South Ko-
then picked up their sell- average fell 109.85 points, might be able to buck a sell. rea’s Kospi lost 0.6 percent.
ing near the close. Seven or 0.6 percent, to 16,964.10. slowdown abroad. The S&P “We’re overbought,” Stone In Europe, France’s CAC
of the 10 industry sectors The S&P 500 fell 22.50 points, 500 is up 10 percent from said. “People are taking 40, Germany’s DAX and
of the Standard and Poor’s or 1.1 percent, to 1,979.26. mid-February. some profits off of the larg- Britain’s FTSE 100 each fell
500 dropped, putting an The Nasdaq composite But Chief Investment Offi- er run-up from the low.” 0.9 percent.
end to a five-day winning gave up 59.43 points, or 1.3 cer Bill Stone of PNC Asset China’s report showed ex- Investors are looking ahead
streak for that index. Trea- percent, to 4,648.82. Management Group said ports plunged 25 percent in to a policy announcement
sury bonds rose sharply as After dropping sharply earli- investors have been wor- February from a year earli- from the European Central
investors sought safety. Bank on Thursday. Further
Oil prices have been ris- stimulus moves are expect-
ing from 13-year lows in ed, but its unprecedented
the recent weeks, but re- program of buying bonds
versed course Tuesday with and driving interest rates
a nearly 4 percent drop in into negative territory has
U.S. crude. Energy stocks had mixed results so far.
were hammered. Murphy Among U.S. stocks mak-
Oil plunged 15 percent and ing big moves on Tuesday,
oil rig operator Transocean hamburger chain Shake
lost 10 percent. Shack plunged $5, or 12
A report overnight from Chi- percent, to $37.23 after de-
na showing that exports livering quarterly results and
and imports had dropped an outlook that disappoint-
last month helped revive ed investors.
fears that a slowdown Urban Outfitters jumped
in China could hurt the $4.53, or 16 percent, to
slowly strengthening U.S. $32.69. Late Monday, the
economy. retailer reported strong
“Where is the global growth earnings during the holiday
going to come from?” season.q

Dick’s 4Q stung by warmer-than-usual winter weather

CORAOPOLIS, Pa. (AP) — mance missed Wall Street’s the sporting goods retail- earned $129 million, or share on revenue of $7.27
Dick’s Sporting Goods fis- view as warmer-than-usual er’s sales. It also provided $1.13 per share. A year ear- billion.
cal fourth-quarter perfor- winter weather crimped guidance below analysts’ lier it earned $155.5 million, Going forward, Dick’s fore-
estimates. or $1.30 per share. sees fiscal 2016 earnings in
Open House The stock dropped more The latest results were be- a range of approximately
than 5 percent in morning low the $1.15 per share that $2.85 to $3 per share. Ana-
Reduced to Price $245.000 trading Tuesday. analysts polled by Zacks lysts surveyed by FactSet
Many people are won- Investment Research pre- are looking for $3.23 per
Must Sell Now dering how Dick’s will fare dicted. share. Sales at stores open
now that rival Sports Au- Revenue rose to $2.24 bil- at least a year are expect-
Aruba Palms Realtors, N.V. invites you to a: thority has filed for Chap- lion from $2.16 billion, but ed to be about flat to up 2
Wine & Cheese Open House! ter 11 bankruptcy protec- Zacks’ analysts expected percent.
tion. Last week privately higher revenue of $2.28 bil- The company expects a
Thursday, March 3, 2016 from 4 to 5:30 p.m. held Sports Authority an- lion. first-quarter profit of about
at: nounced its bankruptcy fil- Dick’s said that sales at 48 cents to 50 cents per
ing, saying that it planned stores open at least a year, share, with same-store sales
Cunuku Abao 139, behind Elmar Hato to close or sell about a third a key gauge of a retailer’s approximately flat to up 1
WE'LL PICK YOU UP! of its 463 stores. health, fell 2.5 percent in percent. FactSet analysts
The Shops at Sand. #1 Dick’s may be able to take the quarter due to unsea- predict a profit of 54 cents
advantage by grabbing sonably warm weather. At per share.
Yrausquin Blvd. 370 | Palm Beach, Aruba some of the customers that its namesake stores, the fig- Shares of Dick’s Sporting
O ce: +(297) 280-0339 | Mobile: +(297) 593-4551 / + (297) 561-1108 had gone to Sports Author- ure dropped 2.5 percent, Goods Inc. fell $2.25, or 5.2
ity stores that are going to while at Golf Galaxy sales percent, to $42.09 in morn-
From U.S./Canada: O ce: +1 877-586-8962 be closed. at stores open at least a ing trading. Its shares are
www.arubapalmsrealtors.com www.facebook.com/ArubaPalmsRealtors For the period ended Jan. year declined 5.8 percent. down 25 percent so far this
30, the Coraopolis, Penn- The chain posted a full-year year.q
sylvania-based company adjusted profit of $2.87 per