US stocks rise as Tiffany jumps

GMT 19:30 2015 Wednesday ,27 May

Arab Today, arab today US stocks rise as Tiffany jumps

US stocks
New York - AFP

US stocks rose solidly early Wednesday, recovering some of the prior day's losses as good earnings from Tiffany offset a disappointing report from Michael Kors.

About 30 minutes into trade, the Dow Jones Industrial Average was at 18,140.50, up 98.96 points (0.55 percent).

The broad-based S&P 500 added 10.87 (0.52 percent) at 2,115.07, while the tech-rich Nasdaq Composite Index advanced 31.07 (0.62 percent) to 5,063.82.

Jewelry retailer Tiffany vaulted 11.2 percent higher as first-quarter earnings translated to 81 cents per share, much higher than the 70 cents projected by analysts.

But women's apparel and accessory seller Michael Kors slumped 19.4 percent after projecting full-year sales of just $4.7-$4.8 billion, below the $5.05 billion analyst estimate.

US stocks fell more than one percent on Tuesday on a strengthening dollar.

Tobacco giant Reynolds American jumped 2.1 percent as it received approval from antitrust regulators at the US Federal Trade Commission to acquire Lorillard. Lorillard rose 1.0 percent.

Packaged meat company Hormel Foods rose 2.8 percent after announcing it will acquire privately held organic prepared meat company Applegate Farms for $775 million.

Workday, which provides cloud computing services in finance and human resources, fell 9.5 percent as it reported a $61.6 million loss for the quarter ending April 30. Jefferies said the results showed slowing growth, with billings increasing 31 percent compared with 69 percent last year.

Bond prices dipped. The yield on the 10-year US Treasury rose to 2.15 percent from 2.14 percent Tuesday, while the 30-year advanced to 2.90 percent from 2.89 percent. Bond prices and yields move inversely.


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