Stocks pulled mildly lower Wednesday, a day after the S&P 500's first close above 2,000.» Read More
NEW YORK, Aug 27- U.S. stocks were little changed on Wednesday, holding near record highs on a day of light volume, though a number of retail stocks traded heavily after reporting results. Both Tiffany& Co and apparel retailer Express Inc rose after posting quarterly revenue that topped expectations and raising their full-year profit views.
Both Tiffany& Co and Express Inc rose after posting second-quarter revenue that topped expectations and raising their full-year profit views. On the downside, Chico's FAS Inc fell 3.2 percent to $15.51 after its results. Best Buy Co Inc was the S&P 500' s biggest percentage gainer, up 5 percent at $31.28, rebounding from a drop of 6.8 percent on Tuesday.
*Americas, Asia-Pacific sales growth buoys results. Aug 27- Upscale jeweler Tiffany& Co raised its full-year profit forecast for a second time following a better-than-expected rise in quarterly profit, driven by strong sales and higher prices for its high-end jewelry in the Americas, its biggest market.
*S&P 500 coming off first close above 2,000. NEW YORK, Aug 27- U.S. stocks were flat on Wednesday as investors found few reasons to extend a rally that has taken indexes to repeated records, even though market valuations were not seen as unduly stretched.
Paul Swinand, Morningstar retail analyst, and Edward Yruma, KeyBanc Capital Markets, weigh in on Tiffany's earnings in U.S. and Europe, and the management transition.
Tiffany& Co. rose 4 percent after the jewelry company reported earnings that were well ahead of what analysts were expecting. The S&P 500 edged up a point to 2,001 as of 9:35 a.m. Wednesday. Germany's DAX gained 0.1 percent and France's CAC-40 rose 0.2 percent.
The "Squawk on the Street" news team discusses Tiffany's Q2 earnings beat. The retailer cited an increase in worldwide net sales largely in the Americas and Asia-Pacific regions.
*Upswing seen as intact but volume has been light. NEW YORK, Aug 27- U.S. stock index futures pointed to a flat open on Wednesday, as investors found few reasons to keep buying after a rally that has taken indexes to repeated records, even as there was little seen on the horizon that could derail the rally.
Wall Street looked set to open higher on Wednesday, after the S&P 500 closed above 2,000 for the first time.
Some of the names on the move ahead of the open.
Aug 27- Upscale jeweler Tiffany& Co raised its full-year profit forecast for a second time following a better-than-expected quarterly profit, driven by strong sales in the Americas and Asia-Pacific regions. Same-store sales in the Asia Pacific region grew 7 percent, driven by strong demand in Greater China and Australia.
NEW YORK— Tiffany& Co. on Wednesday reported earnings of $124.1 million in its fiscal second quarter. The average estimate of analysts surveyed by Zacks Investment Research was for earnings of 86 cents per share. Analysts expected $989.6 million, according to Zacks.
Dana Telsey, Telsey Advisory Group CEO, breaks down the luxury retailers second quarter numbers and provides her takes on the outlook for retail.
Aug 27- Upscale jeweler Tiffany& Co reported a 16 percent rise in quarterly profit as sales grew strongly in the Americas and the Asia-Pacific region. The company's net income rose to $124.1 million, or 96 cents per share, in the second quarter ended July 31, from $106.8 million, or 83 cents per share, a year earlier.
*Upswing seen as intact, but volume has been light. NEW YORK, Aug 27- U.S. stock index futures were slightly higher on Wednesday, suggesting the market's recent upswing that has taken indexes to repeated records, was set to continue with little on the horizon to derail the rally. Federal Reserve stimulus and the conflict between Ukraine and Russia.
Brian Nagel, senior equity research analyst at Oppenheimer & Co., discusses Tiffany's ahead of earnings and says there¿s further upside for the stock.
Trading volume was light ahead of the Labor Day holiday weekend. KEEPING SCORE: The S&P 500 fell a point to 1,998 as of 12:19 p.m. Eastern. THE QUOTE: Trading volumes were "extraordinarily light," as many people in the financial sector traditionally take time off the last week of August, said Lawrence Creatura, portfolio manager at Federated Investors.
Wall Street is trading on what it thinks might happen in September. But a key to what's been working on markets in the last several days is Europe.
Hong Kong's Causeway Bay may lose its crown as a slowdown in mainland tourists hits store sales, paving the way for its first drop in a decade.
*Hong Kong rents facing first fall in a decade- CBRE. Hong Kong shop store rents stood at around HK $4,331 per square foot in the first quarter- about 25 percent higher than those in New York and almost triple similar rents in Paris, the world's second and third most expensive cities for retailers respectively, according to property services firm CBRE.