Page 25 - ARUBA TODAY

BUSINESS Friday 12 May 2017
A25

Disappointing retail earnings drag on US stocks; oil rises

By ALEX VEIGA declined, sliding $3.80, or
AP Business Writer 7.6 percent, to $46.21.
Disappointing quarterly The department store
results from Macy’s, Kohl’s chain reported its results
and other big department after the close of regular
store chains put investors trading.
in a selling mood Thursday, “It’s definitely a discourag-
sending U.S. stocks mod- ing sign, the reports we got
estly lower. from Macy’s and Kohl’s,”
Stocks in the consumer dis- said Lindsey Bell, invest-
cretionary sector, which ment strategist at CFRA.
includes many retailers, “The retailers that are more
slumped the most. Ma- levered to apparel are go-
cy’s plunged 14 percent. ing to have a tough quar-
Kohl’s, Dillard’s and Nord- ter.”
strom also fell sharply. J.C. Penney is due to report
“Those retail numbers are quarterly results on Friday.
weighing on the market,” Wal-Mart Stores, Target,
said Quincy Krosby, mar- Home Depot and other big
ket strategist at Prudential retailers do so next week.
Financial. “Macy’s (results) Despite the sluggish results
came in well below what from some department
the market had expected store chains, corporate
and that has basically put Trader Peter Costa, center, works on the floor of the New York Stock Exchange, Wednesday. Dis- results for the first three
appointing quarterly results from Macy’s, Kohl’s and other big department store chains put inves-
a cloud over the brick- tors in a selling mood Thursday, sending U.S. stocks modestly lower. months of the year have
and-mortar retail across (AP Photo/Richard Drew) been mostly positive.
the board.” percent, to 2,394.44. The dex dropped 9.39 points, or of Wall Street’s forecasts. With about 89 percent of
Banks and real estate com- Dow Jones industrial aver- 0.7 percent, to 1,390.20. The stock was the biggest companies in the S&P 500
panies were also big de- age lost 23.69 points, or 0.1 Only the Nasdaq is on track decliner in the S&P 500, slid- index having reported
cliners. Consumer goods, percent, to 20,919.42. The to end the week with a ing $4.99 to $24.35. results so far, 51 percent
health care and utilities Nasdaq composite de- gain. Dillard’s and Kohl’s report- have turned in better-
stocks eked out small gains. clined 13.18 points, or 0.2 The disappointing earnings ed revenue that was be- than-expected earnings
Three stocks fell for every percent, to 6,115.96, a day from retailers set the major low what analysts were ex- and revenue, according
two that rose on the New after closing at another all- stock indexes on a down- pecting. Dillard’s slumped to CFRA Research. Tech-
York Stock Exchange. Oil time high. ward trajectory early on $10.13, or 17.5 percent, to nology, financials and ma-
prices rose. Small-company stocks fell Thursday. $47.77. Kohl’s fell $3.16, or terials companies have
The Standard & Poor’s 500 more than the rest of the Macy’s tumbled 17 per- 7.8 percent, to $37.16. posted the biggest earn-
index fell 5.19 points, or 0.2 market. The Russell 200 in- cent after its results fell short Shares in Nordstrom also ings growth.q

Netflix plans to hire hundreds for
a new Amsterdam customer hub

THE HAGUE, Netherlands production, “Osmosis,” ex-
(AP) — Streaming service pected to begin produc-
Netflix says it will hire 400 tion in 2018. The company
staff for its new Amsterdam- says that more than 400
based European customer people will work at its new
service headquarters and Amsterdam customer ser-
plans to announce at least vice hub by the end of
six new original European 2018, serving 11 countries in
projects before the end of Europe. Netflix co-founder
2017. and CEO Reed Hastings
Netflix said Thursday that says in a statement that Eu-
the first new series, “Dogs of rope “is a creative center
Berlin,” will be written, pro- for great storytelling that
duced and shot in Germa- resonates around the world
ny and will launch in 2018. and we continue to invest
The second is a French in European content.”q