Stock Market Today: Tiffany's Holiday and Infosys' Strong Quarter
Although we don't believe in timing the market or panicking over market movements, we do like to keep an eye on big changes -- just in case they're material to our investing thesis.
Expect a strong start to the stock market today, as the Dow Jones Industrial Average gained 60 points in premarket trading. Investors got a mixed picture on the health of the jobs market this morning, as the Bureau of Labor Statistics announced that the unemployment rate dove to 6.7% last month, but only 74,000 jobs were created. Economists had expected the unemployment rate to hold steady at 7%, with closer to 200,000 jobs added to the economy. Here's an updated look at the trend in those figures over the last few months.
Meanwhile, news is breaking this morning on a few stocks that could see heavy trading in today's session, including Tiffany , Infosys , and Abercrombie & Fitch .
Tiffany this morning announced solid results for the holiday season. Revenue grew by 8% overall, as each of Tiffany's global markets improved. Comparable-store sales rose by a strong 7% in the critical Americas region, and the retailer even managed 3% growth in Europe. Tiffany was also able to boost sales of its statement and fine jewelry, which should help push profit margin higher for the quarter. Looking ahead, Tiffany affirmed its profit outlook for the rest of the fiscal year, saying it expects adjusted earnings to come in at $3.70 a share. The stock is unchanged in premarket trading.
Infosys today reported results for its fiscal fourth quarter. The tech services provider booked sales of $2.1 billion, in line with the Street's expectations. Profit came in at $0.81 a share, higher than the $0.75 that analysts were targeting. Infosys is seeing signs of a rebound in the information technolgy services industry as more of its clients are choosing to invest in new projects. That extra spending should help sales grow by as much as 12% this year, the company said. Infosys' stock is up 3% in premarket trading.
Finally, things aren't as dire as many investors feared at Abercrombie & Fitch. The clothing retailer's shares are spiking after it boosted its outlook for the holiday quarter last night. Down by just 6% through the holiday season, sales are tracking ahead of management's expectations. Abercrombie's results are getting a lift by strength in its online orders, which are up 25% through the first nine weeks of the quarter. Thanks to the better-than-expected numbers so far, the retailer raised its full-year earnings outlook by 10%, to $1.60 a share. Abercrombie's stock is up 15% in premarket trading.
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The article Stock Market Today: Tiffany's Holiday and Infosys' Strong Quarter originally appeared on Fool.com.Fool contributor Demitrios Kalogeropoulos has no position in any stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.
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