Wall Street is lower amid a flurry of lackluster earnings reports from the retail sector
Stocks are lower this afternoon, as retail earnings take center stage. Disappointing sales figures from some of the sector's biggest names are in focus, while traders await more broad-market insight from the Federal Reserve in the latest meeting minutes. At last glance, the Dow Jones Industrial Average (DJIA), Nasdaq Composite (IXIC), and S&P 500 Index (SPX) are lower, with the latter two benchmarks set to snap five-day winning streaks.
Continue reading for more on today's market, including:
- Retail stock blitzed by options bears.
- AI stock upgraded after job cuts.
- Plus, three retail earnings reports you should know about.
Options traders are blasting Best Buy Co Inc (NYSE:BBY), after the electronics retailer posted third-quarter sales that fell short of Wall Street's expectations a miss that is overshadowing a raised full-year outlook. So far, 12,000 calls and 15,000 puts have been exchanged, volume that's six times the average intraday amount. New positions are being bought to open at the most popular contract, the January 19, 2024 60 put. Year over year, Best Buy stock is down 6.3%.
Shares of retailer Burlington Stores Inc( NYSE:BURL) are up 19.6% at $163.48 this afternoon, near the top of the New York Stock Exchange (NYSE) after the company's better-than-expected third-quarter results. In 2023, BURL is now up more than 191%.
Another retail stock, Abercrombie & Fitch Co (NYSE:ANF), is trading near the bottom of the NYSE, even after the company reported better-than-expected earnings and revenue for the third quarter. Last seen down 5.5% at $68.31, ANF is nearly 190% higher year to date.