Australia markets open in 4 hours 34 minutes
  • ALL ORDS

    6,762.40
    +71.00 (+1.06%)
     
  • AUD/USD

    0.6952
    +0.0053 (+0.77%)
     
  • ASX 200

    6,578.70
    +50.30 (+0.77%)
     
  • OIL

    107.06
    +2.79 (+2.68%)
     
  • GOLD

    1,828.10
    -1.70 (-0.09%)
     
  • BTC-AUD

    30,653.56
    -112.57 (-0.37%)
     
  • CMC Crypto 200

    462.12
    +8.22 (+1.81%)
     
  • Oops!
    Something went wrong.
    Please try again later.
  • Oops!
    Something went wrong.
    Please try again later.
  • Oops!
    Something went wrong.
    Please try again later.
  • Oops!
    Something went wrong.
    Please try again later.
  • Oops!
    Something went wrong.
    Please try again later.
  • Oops!
    Something went wrong.
    Please try again later.
  • Oops!
    Something went wrong.
    Please try again later.
  • Oops!
    Something went wrong.
    Please try again later.

Retail stocks mixed after Dick’s Sporting Goods cuts outlook

In this article:
  • Oops!
    Something went wrong.
    Please try again later.
  • Oops!
    Something went wrong.
    Please try again later.
  • Oops!
    Something went wrong.
    Please try again later.
  • Oops!
    Something went wrong.
    Please try again later.
  • Oops!
    Something went wrong.
    Please try again later.
  • Oops!
    Something went wrong.
    Please try again later.
  • Oops!
    Something went wrong.
    Please try again later.
  • Oops!
    Something went wrong.
    Please try again later.

Apparel stocks like Kohl's and Nordstrom are among the biggest leaders in the retail sector while Dick's Sporting Goods is among the laggards after cutting its 2022 outlook.

Video transcript

JARED BLIKRE: Welcome back, and we still have markets in an uptrend in the early going here. And I've got to get to some breaking news, excuse me, on Kohl's. And now, shares have been halted for volatility. We're going to take a look at them with Ines Ferre in just a second here. But I have a headline from Reuters. There's a potential that Kohl's buyers are ready to make lower bids amid this market downturn and other factors. So we don't have any details or too many details just yet. But Ines Ferre over there at the monitor, and let's take a look at Kohl's and some of the other retail stocks that you're keeping an eye on today.

INES FERRE: Yeah, Jared, and Kohl's up 9% before it was halted for volatility, right now sitting above $39 a share. And yesterday, actually, Kohl's was down when some of the retailers and some of the apparel stocks were down so over the last two days, definitely with that 9% uptick that we just saw erasing those losses from yesterday.

Taking a look also at some other retailers, we are looking at Dick's Sporting Goods. That's a two-day chart. But intraday, you can see down more than 2%, coming off of the lows of the session after Dick's reported its quarterly results in some disappointing outlook. Taking a look also at where we're at with the sectors right now, we are seeing XLE, energy, consumer discretionary, that are gaining. Consumer staples and real estate that is in the red.

And I also want to mention what's happening with some of the homebuilders, because we did get the report from the quarterly results from Toll Brothers. And I'm just checking to see where that homebuilder chart is. And it looks like it's right here. Toll, Toll up more than 4% after the company beat on the top and the bottom line. Third quarter guidance, so coming in a little bit light of expectations.

The company did say that it is seeing some moderation. Its foot traffic is slowing, has seen some slowdown in the month of May. Its web traffic also some slowdown. The luxury builder also saying that its affordable luxury is doing worse than its luxury. 20% of sales still in cash. But certainly, this uptick that we've seen, of course, with mortgage rates starting to have an impact when it comes to the housing market.

And also, keep in mind that when you see slowdown in housing, you're also looking at a slowdown with consumer discretionary, because this does affect-- if you're not going to buy a house, you're not buying a dishwasher, you're not buying furniture, et cetera.

JULIE HYMAN: Yes, very good point. And of course, we had those new home sales yesterday showing that 16.6% drop month over month, which certainly has implications for Toll Brothers. Thank you so--

Our goal is to create a safe and engaging place for users to connect over interests and passions. In order to improve our community experience, we are temporarily suspending article commenting