Even with better economic data, the market is betting the Fed will cut rates by 50 basis points in July, after dovish comments from two Fed officials.Market Insiderread more
Iran on Friday denied President Donald Trump's assertion that the U.S. Navy has destroyed one of its drones, saying all of its unmanned planes were safe.Politicsread more
Regional stability, oil prices and potential for war will all depend on what Iran does with its nuclear program in the event of the deal's termination.World Politicsread more
Boeing will take a nearly $5 billion charge in the second quarter to compensate 737 Max customers as the planes remain grounded.Airlinesread more
Earlier, Williams delivered a speech at the annual meeting of the Central Bank Research Association in which he said, "It's better to take preventative measures than to wait...The Fedread more
Market researcher James Bianco believes it's crucial to get a half point cut at the next Federal Reserve meeting.Trading Nationread more
The base version of the sports car will punch out 495 horsepower, 40 more than the seventh-generation car and enough to launch it from 0 to 60 in "less than three seconds"...Autosread more
President Trump said he's looking at the JEDI contract that will be awarded to Microsoft or Amazon.Technologyread more
Taiwanese President Tsai Ing-wen is expected to stop over in the U.S. on Friday on her way back from visiting diplomatic allies in the Caribbean, a move that's sure to make...China Politicsread more
Animation fans and Kyoto residents gathered at the site of Japan's worst mass killing in 18 years on Friday, offering flowers and prayers for the 33 people who died in an...Asia Newsread more
Libra and bitcoin are different in a lot of ways, from the technology behind them to the way they're used.Technologyread more
Stitch Fix shares tanked as the number of active users for its online personal styling service fell short of estimates in the fiscal fourth quarter, the company said after the bell on Monday.
Its stock was still tumbling more than 20 percent in premarket trading on Tuesday, following a huge runup so far this year. As of Monday's market close, Stitch Fix shares have climbed more than 70 percent in 2018. The online styling service just went public last November.
While its quarterly revenue missed analysts' expectations, earnings came out on top. Stitch Fix said net income for the period ended July 28 was $18.2 million, or 18 cents a share, compared with a loss of $4.5 million, or losses of 18 cents a share, one year ago. Analysts were calling for earnings per share of 4 cents, based on a survey by Thomson Reuters.
Revenue climbed 23 percent from the same period last year to $318.3 million, short of the $319 million that analysts were expecting. Stitch Fix had been calling for sales to fall within a range of $310 million to $320 million.
Stitch Fix said active clients grew 25 percent from a year ago to 2.7 million by the end of the fiscal fourth quarter, while analysts were calling for 2.81 million, according to StreetAccount.
Stitch Fix also on Monday announced its expansion into the U.K., which is expected to happen by the end of next year.
"We believe our ability to create a uniquely personalized shopping experience is something that will resonate with consumers and brands outside of the U.S.," CEO Katrina Lake said in a statement.
In the previous quarter, the company announced it would be rolling out a version of its online styling service for kids. The company has been looking for ways to diversify its sources of revenue while managing investments. The company has also started to scale its men's and plus-size businesses but has said those divisions still have lower gross margins than women's.
Stitch Fix is calling for sales of $354 million to $360 million in the first quarter and $1.47 billion to $1.53 billion for the full year. Analysts have been calling for sales of $359.2 million for the current quarter and $1.48 billion for fiscal 2019.
Stitch Fix has a market cap of roughly $4.4 billion.