Home Business VF Corp Trades Lower While Reporting Positive Earnings

VF Corp Trades Lower While Reporting Positive Earnings

When you purchase through our sponsored links, we may earn a commission. By using this website you agree to our T&Cs.

Commenting on VF Corp’s earnings and today’s trading Gorilla Trades strategist Ken Berman said:

Q3 2020 hedge fund letters, conferences and more

Despite Reporting Positives Earnings, VF Corp Trades Lower

The major indices are all trading modestly higher following a strong opening rally in stocks, as bulls are eyeing the first positive session in four days on Wall Street. European assets bounced back following yesterday’s scary selloff, but investors remain on the edge due to the worrisome COVID reports from France, Italy, and Spain and the uptick in the number of U.S. cases. While most of this morning’s earnings reports were positive the market’s reaction was lackluster, and most reporting firms are trading lower at midday, with VF Corp (VFC, – 3.0%) being the biggest name.

In economic news, the retail sales report provided a sizable bullish surprise as both headline and core sales beat expectations, jumping higher by 1.9% and 1.5% respectively. Industrial production missed the consensus estimate, but as the Michigan consumer sentiment number was also higher-than-expected, bulls can be delighted by today’s reports. Growth sensitive stocks are having a day thanks to the positive numbers, even though there hasn’t been meaningful progress in the ongoing stimulus talks.

Market Wrap

Dow: 28,726, + 232 or 0.8%

S&P 500: 3,500 + 17 or 0.5%

Nasdaq: 11,737, + 23 or 0.2%

Russell 2000: 1,641, + 2 or 0.1%

Market breadth has been relatively weak this morning as small-caps are taking a breather following yesterday’s rally, with the number of advancing issues roughly matching decliners on the NYSE at midday. Only 10 stocks hit new 52-week lows on the NYSE and the Nasdaq, while 145 stocks hit new 52-week highs. The major indices have been spiked below their daily VWAPs (Volume-Weighted Average Price) following a bullish start to the session, hinting at a possible intraday trend reversal. Healthcare stocks, industrials, and consumer-related issues have been leading today’s rally, with financials also showing promising signs in early trading, and only the real estate and energy sectors lagging clearly behind the broader market, which is great news for bulls for the afternoon session. Stay tuned!

Our Editorial Standards

At ValueWalk, we’re committed to providing accurate, research-backed information. Our editors go above and beyond to ensure our content is trustworthy and transparent.

Gorilla Trades
Editor
Business

Chinese Stocks Jump on Promise of “Moderately Loose” Monetary Policy

David Moadel16 hours

The newly-announced measures mark a significant tonal shift in Chinese monetary policy Shares of Alibaba (NYSE:BABA), JD.com (NASDAQ:JD), Baidu (NASDAQ:BIDU), and other Chinese stocks rallied sharply Monday morning after the Chinese government announced stimulus measures to...

Want Financial Guidance Sent Straight to You?

  • Pop your email in the box, and you'll receive bi-weekly emails from ValueWalk.
  • We never send spam — only the latest financial news and guides to help you take charge of your financial future.