Dow fell 26, decliners over advancers 3-1 & NAZ sank 26. The MLP index dropped 3+ to the 453s, continuing its sideways trading for almost a year, & the REIT index lost a fraction in the272s. Junk bond funds did little & Treasuries slid back. Oil & gold gained today.
AMJ (Alerian MLP Index tracking fund)
Photo: Bloomberg
Ralph Lauren posted fiscal Q3 profit that surpassed estimates as demand from North American department stores boosted sales. EPS rose to $2.57 from $2.31 a year earlier. The estimate was for $2.51. The company has been expanding lines of luxury handbags, watches & fine jewelry to broaden its brand beyond polo shirts & casual wear. Revenue increased 9.2% to $2.02B, helped by an approximately 14% increase in sales to other retailers. Analysts estimated $2.01B. Revenue in the year thru Mar will increase 7%, the high end of its previous company forecast. The company is continuing to expand into new categories & is introducing a Polo line for women later this year. It also is expanding its Ricky handbag line, President Jackwyn Nemerov said. Sales at company stores gained 6.4% to $1.13B. Excluding the effect of foreign-currency exchange-rate fluctuations, sales at stores open at least a year rose 2%. Revenue in fiscal 2015 will rise at a high single-digit percentage rate, CFO Chris Peterson said. Momentum will be sustained by Ralph Lauren’s planned new flagship stores, e-commerce operations & new products. Nemerov credited market-share gains in North America for the better-than-expected qtr that defied a tough environment for apparel retailers. The stock lost 2.53.
Ralph Lauren Profit Tops Estimates
Some House Reps (the strongest opponents of raising the debt limit without conditions) say they won’t try to stop Speaker Boehner from pushing a bill thru if it’s the only way to avoid default. “I’m not going to be particularly critical” of leaders bringing up such a measure if it’s needed, Steve King said yesterday. “I’m just not going to vote for a debt ceiling increase.” House Reps’ demand to roll back parts of the Obamacare law as part of a measure to increase the debt ceiling contributed to a partial gov shutdown in Oct. Boehner later called that a “predictable disaster,” & party members say they won’t let the US default on its obligations. “I’d like to do something substantive, but I also know that we’re just going through the motions,” said Justin Amash, a Tea Party-backed Republican from Mich who has resisted debt-limit increases. “If we’re going to get there anyway, we might as well just get there.” A suspension of the federal debt limit is scheduled to expire on Fri. Reps so far have been unable to garner enough support for a bill that would seek to extract spending or policy concessions in exchange for raising the cap. Boehner said yesterday that his members have “a lot of opinions about how to deal with the debt limit,” though “no decisions have been made.” An extension of gov borrowing authority without conditions is an option because “the speaker has made it clear the debt ceiling is going to be raised” & “economically, he’s right,” Oklahoma Rep Tom Cole, a Boehner ally, said.
House Republicans’ Debt Indecision May Lead to Clean Vote
After an inconsequential rise rise yesterday, stocks continue to drift lower. While there is no massive selling, the momentum is clearly down. YTD the Dow dropped almost 1.2K. Bad winter weather is hurting large segments in the economy. Guidance from retailers when they report earnings shortly will be cautious at best. The intl arena does not look pretty with more indications that China is having a tough time lifting the global economy which needs help.
Dow Jones Industrials
AMJ (Alerian MLP Index tracking fund)
Treasury yields:
U.S. 3-month |
0.05% | |
U.S. 2-year |
0.31% | |
U.S. 10-year |
2.64% |
| CLH14.NYM | ...Crude Oil Mar 14 | ...97.60 |  ...0.41 | (0.4%) |
| GCH14.CMX | ...Gold Mar 14 | .....1,258.60 | ...7.40 | (0.6%) |
Photo: Bloomberg
Companies added fewer workers than projected in Jan as
colder-than-normal weather limited progress in the job market. The 175K
increase followed a revised 227K rise in Dec that was weaker
than initially reported, according to the ADP Research Institute. The projection called for an advance of 185K. Businesses
took on fewer workers as inclement weather gripped much of the nation & kept some shoppers from venturing out to stores & auto
dealerships. Manufacturers,
builders & other goods-producing industries increased headcount by
16K. Employment in construction rose 25K, while factories lost
12K jobs. The decline in manufacturing
employment was the first since Jul. Payrolls at service providers advanced by 160K (largely low paying jobs). Professional & business services contributed the most to growth among all service industries. Companies
employing 500 or more workers added 34K jobs. Medium-sized
businesses, with 50-499 employees, took on 66K workers & small
companies increased payrolls by 75K (again, tend to be low paying jobs).
Ralph Lauren posted fiscal Q3 profit that surpassed estimates as demand from North American department stores boosted sales. EPS rose to $2.57 from $2.31 a year earlier. The estimate was for $2.51. The company has been expanding lines of luxury handbags, watches & fine jewelry to broaden its brand beyond polo shirts & casual wear. Revenue increased 9.2% to $2.02B, helped by an approximately 14% increase in sales to other retailers. Analysts estimated $2.01B. Revenue in the year thru Mar will increase 7%, the high end of its previous company forecast. The company is continuing to expand into new categories & is introducing a Polo line for women later this year. It also is expanding its Ricky handbag line, President Jackwyn Nemerov said. Sales at company stores gained 6.4% to $1.13B. Excluding the effect of foreign-currency exchange-rate fluctuations, sales at stores open at least a year rose 2%. Revenue in fiscal 2015 will rise at a high single-digit percentage rate, CFO Chris Peterson said. Momentum will be sustained by Ralph Lauren’s planned new flagship stores, e-commerce operations & new products. Nemerov credited market-share gains in North America for the better-than-expected qtr that defied a tough environment for apparel retailers. The stock lost 2.53.
Ralph Lauren Profit Tops Estimates
Ralph Lauren (RL)
Some House Reps (the strongest opponents of raising the debt limit without conditions) say they won’t try to stop Speaker Boehner from pushing a bill thru if it’s the only way to avoid default. “I’m not going to be particularly critical” of leaders bringing up such a measure if it’s needed, Steve King said yesterday. “I’m just not going to vote for a debt ceiling increase.” House Reps’ demand to roll back parts of the Obamacare law as part of a measure to increase the debt ceiling contributed to a partial gov shutdown in Oct. Boehner later called that a “predictable disaster,” & party members say they won’t let the US default on its obligations. “I’d like to do something substantive, but I also know that we’re just going through the motions,” said Justin Amash, a Tea Party-backed Republican from Mich who has resisted debt-limit increases. “If we’re going to get there anyway, we might as well just get there.” A suspension of the federal debt limit is scheduled to expire on Fri. Reps so far have been unable to garner enough support for a bill that would seek to extract spending or policy concessions in exchange for raising the cap. Boehner said yesterday that his members have “a lot of opinions about how to deal with the debt limit,” though “no decisions have been made.” An extension of gov borrowing authority without conditions is an option because “the speaker has made it clear the debt ceiling is going to be raised” & “economically, he’s right,” Oklahoma Rep Tom Cole, a Boehner ally, said.
House Republicans’ Debt Indecision May Lead to Clean Vote
After an inconsequential rise rise yesterday, stocks continue to drift lower. While there is no massive selling, the momentum is clearly down. YTD the Dow dropped almost 1.2K. Bad winter weather is hurting large segments in the economy. Guidance from retailers when they report earnings shortly will be cautious at best. The intl arena does not look pretty with more indications that China is having a tough time lifting the global economy which needs help.
Dow Jones Industrials
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