Markets kept a steady pace at open on Monday spurred somewhat by optimism over last week's US jobs data, signs of global economic growth and a rosy anticipated outlook for second half earnings to keep pace with the first half of the year across many sectors.
Indexes notched up with the S&P 500 up +3.32 points or 0.15% while the Nasdaq boosted by technology stocks gained +28.15 points or +0.38%. However, the Dow slipped -0.03%.
Materials nonferrous metals, paper and coal were among today's leading industry groups. While apparel retailers and food retailers and wholesales saw declines of -2.91% and -1.56% respectively.
- Dow 21,409 -0.03%
- S&P 500 2,427 +0.09%
- Nasdaq 6,176 +0.38%
- Russell 2000 1,409 -0.41%
- NYSE Composite 11,760 +0.06%
- Gold 1,213.8 +0.35%
- Oil WTI $46.88 +0.34%
- 10-Year Treasury Yield 2.36% 0.046
Abercrombie & Fitch going it alone, share price plunges
The youth-oriented retailer's share price plunged -21.13% to close at $9.59 after it announced Monday morning that it "terminated discussions regarding a potential transaction".
Abercrombie & Fitch executive chairman of the board, Arthur Martinez, in a statement that confirmed there would be no buyer, declared the company's course would be to stick to "the rigorous execution of [its] business plan".
The resultant battering sent A&F stock below $10 price line since 2000 as investors sold off causing volumes to mushroom to 27 mn shares.
Retail in general suffered a rout in today's trading. Competitors such as Urban Outfitters fell -3.59% and American Eagle Outfitters also slid down -3.76%.