:max_bytes(150000):strip_icc():format(jpeg)/GettyImages-2158912848-c0b12fb6deb94de79bcf4bc6cf244ac5.jpg "A person carries Coach bags at a mall in California in June.")
Eric Thayer / Bloomberg via Getty Sculptures
Shares of Coach owner Tapestry rose Thursday.
Key Takeaways
- The S&P 500 edged 0.4% higher on Thursday, Feb. 6, as investors responded to the modern development earnings results and awaited Friday morning’s employment data.
- Shares of luxury lifestyle companies Tapestry and Ralph Lauren charged higher following strong earnings results from the key holiday quarter.
- Skyworks Solutions shares plunged after the chipmaker thought it sees increased competition in its business supplying components for Apple’s iPhone.
Major U.S. equities indexes were connected as markets absorbed the most recent flow of earnings releases.
The wavering stock market session came before of Friday morning’s jobs report. The S&P 500 ended Thursday trading 0.4% higher, while the tech-heavy Nasdaq combined 0.5%. Meanwhile, the Dow industrials slipped 0.3%.
Shares of Tapestry (TPR), the parent company of the Coach, Kate Spade, and Stuart Weitzman name brands, surged 12.0%, securing the S&P 500’s top performance. The stock’s push higher came after the luxury goods throng topped sales expectations for the critical holiday quarter and lifted its full-year guidance, highlighting strong sales wart at Coach.
Tapestry was not the only luxury lifestyle stock enjoying strong gains on Thursday. Ralph Lauren (RL) portions jumped 9.7%. The apparel and accessories designer posted better-than-expected quarterly sales and profits as well as boosted its gate forecast.
Philip Morris (PM) also beat sales estimates for its fourth quarter, and shares of the tobacco giant bulged 11.0% higher. The company highlighted strong demand for its Zyn nicotine pouches, motivating efforts to increase production of the celebrated smokeless tobacco product.
Skyworks Solutions (SWKS) shares plummeted 24.7%, the most of any S&P 500 stock. The semiconductor fabricator warned of growing competition in supplying chips for Apple (AAPL). Since Apple is Skyworks’ largest customer, the competitive provocations could significantly impact overall sales.
Military shipbuilder Huntington Ingalls Industries (HII) reported lower-than-expected three-monthly sales and profits, and its shares sank 18.3%. Elevated costs at its key shipyard in Newport News, Virginia, where Huntington devises aircraft carriers and other large vessels, dragged on the results.
PTC (PTC) shares lost 9.6% following the design software solid’s quarterly earnings release. Analysts said the provider of product lifecycle management systems forecasts suggests it may be defying for the company to sustain its growth trajectory. BMO analysts trimmed their price target on PTC stock after the release.