The markets finished the week on a good note as the economic numbers from this morning pushed all the major indices higher on the day. The Dow 30 added 71, the S&P 500 jumped 9, and the Nasdaq 100 gained 22. Monday the US markets will be closed to celebrate the Labor Day holiday. Traders return Tuesday to manufacturing numbers.
Lululemon (LULU ) shares had a rough day today losing 10.55% The yoga-gear maker provided a disappointing outlook for the current quarter after revenue for the second quarter came in just a bit below estimates.On the bright side, sales were up nearly 14% from a year ago and earnings per share matched forecasts. The decline today wiped out over 3 months of gains for the stock and trading volume was well above average.
VeriFone (PAY ) fell to a new low today, losing 16.37% after the maker of terminals for electronic payments cut its earnings outlook for the current quarter, and the year. The announcement comes after revenue for its fiscal third quarter missed estimates. Sales fell more than 3% from a year ago.
Smith & Wesson (SWHC ) raised its earnings and revenue outlook for the year after the gun marker reported a beat on both its top and bottom lines for its fiscal first quarter. Sales jumped 40% from a year ago. This didn't matter to investors though as the stock saw a decline of over 6% with above average selling pressure. Shares remain in the upper end of the years range for now.
Gap (GPS ) announced weaker-than-expected same-store sales in August as it saw sales continue to decline in its namesake and Banana Republic brands. Shares lost 2.57% today and continued their week long losing stretch. Trading volume was light though for the day.
