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U.S. stocks are edging higher Friday morning as technology companies and
banks make gains. While retailers are mostly higher, jewelry chain Tiffany and
Hibbett Sports are both falling after investors were disappointed with their
quarterly reports and forecasts. The S&P 500 has slipped for four days in a
row and is down 1 percent this week. The
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KEEPING SCORE: The S&P 500 index gained 9
points, or 0.3 percent, to 2,756 as of 10 a.m. Eastern time. The Dow Jones
industrial average added 79 points, or 0.3 percent, to 24,953. The Nasdaq
composite climbed 22 points, or 0.3 percent, to 7,503. The Russell 2000 index
of smaller-company stocks was unchanged at 1,576. The Total Investment & Insurance Solutions
LOOKING GOOD: Ulta Beauty climbed $12.42, or
6 percent, to $218.56 after the beauty products retailer's fourth quarter
report. Software maker Adobe reported results that beat analysts' forecasts and
rose $9.24, or 4.2 percent, to $228.15.
GEM STONED: Tiffany dropped $6.95, or 6.8
percent, to $95.76 after it reported weaker sales than analysts expected. Its
forecast for the current year was also below what investors were looking for.
Also sinking was Hibbett Sports, which posted a smaller profit than analysts
had hoped for and also forecast disappointing sales. The stock gave up $2.37,
or 10.7 percent, to $20.13.
OVERSTOCK SINKS: Online discount retailer
Overstock.com said profit margins have fallen hard because of competition with
Wayfair, and CEO Patrick Byrne said the company will "respond in
kind," meaning Overstock will try to ramp up its growth and will be willing
to lose money to achieve that goal. The stock dropped $4.55, or 9.4 percent, to
$43.65 while Wayfair lost $5.06, or 6 percent, to $78.90. The Total Investment & Insurance
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INDICATORS: The Federal Reserve said factory
output continued to rise as companies in the U.S. produced more cars, computers
and furniture. It reported that manufacturing output rose 1.2 percent in
February after three months of weak results. Factory output has increased 2.5
percent over the last year.
The Commerce Department said homebuilders
started work on fewer apartment buildings in February, and that caused overall
housing starts to drop 7 percent. Builders have shifted their efforts to
single-family homes recently as the economy has improved. The Total Investment & Insurance
Solutions
OIL: Benchmark U.S. crude was little changed
at $61.20 a barrel in New York. Brent crude, used to price international oils,
lost 10 cents to $65 a barrel in London.
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BONDS: Bond prices fell. The yield on the
10-year Treasury note rose to 2.85 percent from 2.83 percent. The Total Investment & Insurance
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CURRENCIES: The dollar declined to 106.04 yen
from 106.24 yen. The euro fell to $1.2286 from $1.2303. The Total Investment & Insurance Solutions
OVERSEAS: The German
DAX, Britain's FTSE and the CAC 40 in France all edge up 0.1 percent. Japan's
Nikkei 225 fell 0.6 percent while South Korea's Kospi edged 0.1 percent higher
and Hong Kong's Hang Seng index dipped 0.1 percent..The Total Investment
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