On Wednesday, Shares of American Eagle Outfitters, Inc. (NYSE:AEO), lost -7.50% to $16.90, despite earnings beat.
American Eagle Outfitters appeared to hit that target after tweaking its clothing design and same-store sales jumped 11 percent in the second quarter. The teen-focused retailer topped both the profit and revenue expectations of Wall Street, according to AP.
Yet the company’s expectations for the next quarter overshadowed all of its recent success and shares tumbled 8 percent amid a broad market sell-off Wednesday.
American Eagle projected mid-single digit enhances in same-store sales for the current quarter. That is a key guide to a retailer’s health because it strips away the volatility of newly opened or closed stores. AP reports.
American Eagle Outfitters, Inc. operates as a retailer of apparel and accessories in the United States and internationally. The company’s stores offers denims, pants, shorts, sweaters, fleece, outerwear, graphic T-shirts, footwear, and accessories for 15 to 25 year old men and women under the American Eagle Outfitters brand name; and intimates and personal care products for women the aerie brand name.
Shares of Yum! Brands, Inc. (NYSE:YUM), inclined 2.24% to $86.09, during its last trading session.
Yum Brands Inc declared on Tuesday new leadership for its China division as investor activists lobby for the owner of the KFC and Pizza Hut brands to spin off that business, which is its biggest driver of revenue and profit, according to Reuters.
Yum said company veteran Micky Pant, 60, would replace retiring Sam Su, 63, as chief executive of the China division. Reuters Reports
Su, who has been with Yum for 26 years, was instrumental in making Yum the biggest Western restaurant chain in China. Reuters added.
YUM! Brands, Inc., together with its auxiliaries, operates quick service restaurants. It operates in five segments: YUM China, YUM India, the KFC Division, the Pizza Hut Division, and the Taco Bell Division. The company develops, operates, franchises, and licenses a system of restaurants, which prepare, package, and sell various food items.
Finally, Linn Energy, LLC (NASDAQ:LINE), ended its last trade with -10.42% loss, and closed at $2.58, hitting its lowest level, as the U.S. oil price tumbled to a fresh six-year low on Wednesday on the latest sign of a glut in crude supplies, according to WSJ.
The benchmark crude-oil price in the U.S. slid 4.3% to $40.80 a barrel, the lowest settlement on the New York Mercantile Exchange since March 2009. Brent, the global benchmark, lost $1.65, or 3.4%, to $47.16 a barrel on ICE Futures Europe, the lowest settlement since Jan. 13. WSJ Reports
American oil prices are predictable to average less than $50 per barrel throughout 2015 after the US government’s official watchdog lowered its forecast for the next two years.
The Energy Information Administration (EIA) - part of the Department of Energy - has said that West Texas Intermediate blend crude will trade at around $49 per barrel in 2015 and recover only slightly to $54 per barrel in 2016. This is a $6 and $8 revision on its previous forecasts amid an ongoing slump in prices.
Linn Energy, LLC, an independent oil and natural gas company, acquires and develops oil and natural gas properties in the Unites States. Its properties are located in the Rockies, the Hugoton Basin, California, east Texas and north Louisiana, the Mid-Continent, the Permian Basin, Michigan/Illinois, and south Texas.
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