FashionUnited Top 100 Index closed down Wednesday,hitting the 1,185.75 after dropped 15.09% and coping with rocketing oil prices and amidst struggles within apparel sector to find a cheaper alternative to cotton.
After exhilarating days with Dior, LVMH and Bulgari as main characters, Burberry is back into the public discussion as thought to be in the buying spot of LVMH, or so the stock market thinks. Shares in the British brand rose four per cent as soon as the French luxury conglomerate acquired jewellery brand Bulgari Tuesday, as analysts predicted it could be the next label to be snapped up. Its share price rose 42p to £12 a share this week, the Telegraph reports, valuing the company at £5.2 billion.
Asian stocks rose today after the Japanese machinery orders rose more that previously expected, while oil prices fell slightly, increasing investors’ optimism about the global recovery, increasing demand on higher yielding assets. Nikkei 225 rose today by 0.61% or 64.31 points closing at 10589.50. From 225 shares, 154 advanced, 52 declined and 19 unchanged. Sectors leading the incline were consumer goods that gained 10.88 points and consumer goods that gained 10.57 points. Among the shares that advanced Fast Retailing Co topped the list by rising by 1.11% and closing at 12760 yen.
At the other shore of the Pacific, American Eagle Outfitters Inc.'s fourth-quarter earnings rose 47%, beating its revised estimate, as cost cuts offset lower sales. Among stocks in focus, American Eagle Outfitters climbed 5.5% after its fourth-quarter earnings rose 47%, beating its revised estimate, as cost cuts offset lower sales. The teen-apparel retailer also confirmed it is looking for a new chief executive. The teen-apparel retailer also confirmed it is looking for a new chief executive, as reported by The Wall Street Journal on Tuesday, just about to report how its fourth quarter total sales decreased 4% to $916 million from $956 million last year. Comparable store sales declined 7% compared to rise of 5% in last year. Net income in the quarter rose 9.5% to $87.0 million or 44 cents per share compared to $59.3 million or 28 cents per share a year ago. For the full year revenue increased 1% to $2.97 billion from $2.94 billion a prior year. Comparable store sales fell 1%, compared to a fall of 4% in last year. Net income for the year grew 4.7% to $140.6 million or 70 cents per diluted share compared to $169.0 million or 81 cents per diluted share a year ago.
In similar mood, competitor Aeropostale Inc. said it plans to expand into Asia with an agreement to open about 25 stores across Singapore, Malaysia and Indonesia over the next five years. The teen-apparel retailer said it had reached a licensing pact with Montreal PTE Ltd., a joint venture between Apparel Group LLC and Jay Gee Melwani Group, to open the stores. The first one is slated to open in Singapore later this year. Its stocks were at the rise during the midday trading, rising over 1.2%.
By the end of this edition, U.S. stocks wobbled between slim losses and gains Wednesday as uncertainty over the balance of power in Libya kept the U.S. market searching for direction on the anniversary of the bull market's start. The Dow Jones Industrial Average edged up 12 points, or 0.1%, to 12,226.