Here’s a look at some of the stocks the Yahoo Finance team will be watching for you today. Retail tops our list.
Nordstrom (JWN) shares fell Friday morning. Even though the high-end department store chain beat on earnings and revenue for the third quarter, same store sales fell more than expected on weakness at its off-price Rack brand. However, its online sales showed strong growth. The Nordstrom family hopes to find the financing it needs to take the department store private in the new year.
JCPenney (JCP) shares were up sharply. The struggling retailer’s quarterly results were not as bad as Wall Street feared. Penney’s reporting a bigger-than-expected increase in same-store sales and a narrower-than-expected loss. The company’s CEO cited “aggressive actions to clear slow-moving inventory” for the boost. Analysts continue to monitor store closures and expect more to come.
Alibaba (BABA) is gearing up for its massive Single’s Day shopping event on Saturday, but all the hype is leaving some consumers fatigued. The Chinese e-commerce giant has been pushing pre-orders and promotions but a Chinese survey said less than 65% of the consumers polled said they would participate this year versus 84% in 2015. Last year, BABA’s sales hit nearly $18 billion. That’s $5 billion more than American consumers spent in the four days after Thanksgiving.
Hertz (HTZ) shares were in the fast lane in early trading. The car rental company posted a beat on its top and bottom lines for the third quarter. However it warned that the company is entering a period of weak demand and plans to reduce its fleet of rentals. The CEO told investors to expect higher spending as Hertz invests in long term growth.