Markets seesawed today as oil started strong but turned negative in afternoon trading. The back and forth activity created above average volume but no real progress was made by either side. The S&P gained 2 (0.15%). The Nasdaq was slightly weaker today but managed to gain 5 (0.12%) by the close, and the Dow posted an 82 point gain (0.50%) After creating all kinds of excitement on Monday due to a positive earnings release, shares of Alphabet (GOOG ) have declined almost $100, losing another $19 (-2.61%) today. The decline means that Apple once again retakes the title of world's most valuable public company. News this week has been light for GOOG, but Wednesday the head of search, Amit Singhal announced he will be leaving the company. Technical traders note the support of the $700 area.
Bad news for retail stocks as Kohl's (KSS ) plunged 18.81% today after cutting its 2015 profit forecast. The drop today takes the stock to new 52 week lows on well above average volume. The department store chain lowered its full year earnings outlook ahead of its earnings announcement due to weak sales in the holiday quarter. Kohl's said sluggish demand for winter products is weighing on results. The company is scheduled to report fourth-quarter earnings on February 25th.
In other retail news, Ralph Lauren (RL ) lost a whopping 22.16% today after the luxury retailer announced it is cutting its annual forecast. Today's decline pushes Ralph Lauren well below 52 week lows. Ralph Lauren's newly appointed CEO Stefan Larsson said in the company's earnings release that he is "conducting an extensive assessment into all aspects of the company." Ralph Lauren is in the middle of a reorganization effort that will cut $110 million in yearly costs by the end of 2017. Technical traders note that because of the strength of today's declines on both Kohls and Ralph Lauren, it will likely be some time before a significant recovery.