U.S. shares stepped higher today as European equities regained ground and bond markets stabilized. The S&P 500 (INDEXSP:.INX) gained 0.7 percent to 2,112 at 11:32 a.m. in New York. The 30-company Dow Jones Industrial Average (INDEXDJX:.DJI) gained 0.8 percent to 18,210, while the tech-heavy Nasdaq Composite (INDEXNASDAQ:.IXIC) advanced 0.9 percent to 5,027. Most followed shares included Kohl’s, Shake Shack, Children’s Place, Crocs, J.C. Penney, Perry Ellis, Cosi, Manchester United, Puma Biotechnology, and Cisco Systems.
In consumer shares, Kohl’s (NYSE:KSS) fell 11 percent to $66.21 after the department store operator reported quarterly same-store sales that fell short of market expectations, weakened by colder-than-usual weather in February. Same-store sales rose 1.4 percent in the period ended May 2, but lagged behind analysts’ expectation for a 2.6 percent rise, according research firm Consensus Metrix.
Shake Shack (NYSE:SHAK) rose 6.3 percent to $72.67 after the hamburger chain boosted its full-year revenue forecast.
Children's Place (NASDAQ:PLCE) fell 1.1 percent to $67.07 as first-quarter sales fell to $405 million from $410 million a year earlier. The company raised its outlook as earnings increased over the same period last year. Same-store sales rose 0.7 percent for the fourth consecutive quarter of growth.
Crocs (NASDAQ:CROX) jumped 5.1 percent to $15.29. Piper Jaffray upgraded the stock to "overweight" from "neutral," pointing to expectations of increase in operating margin to the low double-digits and management's increased focus on clogs. Jaffray also raised its price target to $17 from $13.
J.C. Penney (NYSE:JCP) slumped 3.9 percent to $8.37 as the department-store chain cut its first-quarter loss in almost half on lower expenses and an uptick in sales. The retailer also raised its financial projections for the year. But sales remain $1 billion below their level four years earlier.
Perry Ellis International (NASDAQ:PERY) jumped 8.4 percent to $26.04 after the apparel company raised its earnings guidance as wider margins led to better-than-expected first-quarter results.
Cosi (NASDAQ:COSI) gave up 6.5 percent to $2.05 as the fast casual chain reported a loss of $0.12 per share, narrowing the $0.17 loss from the same period last year. Revenue came in at $17.9 million, below $18.4 million in the year-ago period. Comparable store sales rose 4.4 percent in company-owned stores, while franchises saw a decrease of 2.7 percent.
Manchester United (NYSE:MANU) rose 1.5 percent to $15.80 even as the world’s biggest soccer club swung to a loss in its March quarter, as one of the team’s worst seasons in more than two decades continued to dent broadcasting and match-day revenue.
In other stocks, Puma Biotechnology (NYSE:PBYI), a development stage biopharmaceutical company, sank 19 percent to $169.51 on disappointing results from a study of the company's breast cancer drug. Details from a late-stage trial of its experimental breast cancer pill showed that it improved disease-free survival for certain patients only by 2.3 percent.
Cisco Systems (NASDAQ:CSCO) fell 0.1 percent to $29.38 after the company topped estimates but said spending by telecom customers was not going to improve in the near future.