Earnings slump drives market rout hit by Macy’s and Disney
The Dow fell nearly 220 points and the S&P 500 slipped about 1 amid weak earnings from Macy’s and a Disney miss. Macy’s down 15.2 percent and Disney down 4 percent fueled fears of weak consumer demand and a contracting first-quarter earnings outlook. Analysts say a rebound requires firmer earnings, stable oil and a weaker dollar, plus improving manufacturing data.
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Bank of America Dominates Aggressive SigFig Portfolios
In late April, Bank of America ranked as the most-bought stock within aggressive SigFig portfolios holding 50 to 70 percent in equities. The insight highlights BAC's prominence among investors using SigFig tracking services.
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How we're performing USA's portfolio allocation by risk
Data from SigFig shows more than half a million investors nationwide with total assets of about $200 billion manage portfolios online. The page notes SigFig analysis and lists 5 day and 6 month averages along with largest holding and activity highlights such as most bought and most sold.
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Disney and Fossil Fall Short as Earnings Miss Trails Watch Wearables
The media giant Disney reported second quarter earnings and revenue below estimates though gains from Star Wars and Disney resorts helped offset flat TV revenue. Fossil posted disappointing results and a weaker outlook as wearables and smartphones reduce traditional watch demand. A federal judge issued a temporary injunction blocking the merger of Office Depot and Staples after FTC objections.
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Fossil and the wristwear disruption battle
Fossil, known for watches and accessories, faces stiff competition from Fitbit Apple Samsung and Microsoft as consumers seek smart features. After paying 236 million for Misfit last year the company struggles to adapt with watch demand shifting to wearable tech. Shares fell 28 percent to about 28 after another weak quarter with profit down 87 percent to 12 cents and revenue at 660 million. Analysts remain pessimistic about a near term recovery.
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Fitbit
Apple
Samsung
Microsoft
Staples Office Depot merger deal ends. stocks plunge
Staples and Office Depot saw shares fall sharply after a federal judge blocked their 6.3 billion merger. The FTC argued the deal would harm competition in the office supplies market, prompting the breakup fee and termination terms. Regulators and executives voiced mixed reactions as the companies reassess next steps.
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