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Pre-Market Report: Weaker Global Markets amid Dented Sentiment

PART:
1 2 3 4 5 6 7
Part 5
Pre-Market Report: Weaker Global Markets amid Dented Sentiment PART 5 OF 7

L Brands Was the S&P 500’s Top Loser on July 6

Top losers

The top losers in the S&P 500 on July 6, 2017, were:

  • L Brands (LB) fell 14.1%.
  • Patterson Companies (PDCO) fell 6.9%.
  • Under Armour (UAA) fell 6.7%.
  • Under Armour Inc Class C Comm (UA) fell 6.4%.
  • Mallinckrodt Plc Ordinary Share (MNK) fell 4.9%.

L Brands Was the S&amp;P 500’s Top Loser on July 6

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L Brands

L Brands was the top loser in the S&P 500 on Thursday. L Brands fell on July 6 due to weaker-than-expected sales numbers for June. L Brands owns major brands Victoria’s Secret and Bath & Body Works.

According to the report released by L Brands, net sales in June fell 6% to $1.21 billion—lower than net sales of $1.296 billion in June 2016. Same-store sales numbers also disappointed the market. L Brands registered a 9% year-over-year decline in same-store sales in June—a bigger decline in same-store sales than analysts’ forecast of a 7% decline.

One of the major reasons behind the decline in L Brands’ net sales in 1H17 was its decision to exit the swim and apparel business to focus on profitable segments. Victoria’s Secret saw its sales fall 17% in June.

After pulling back on July 5, L Brands opened lower on July 6 and fell as the day progressed. L Brands fell 14.1% to $46.49—the lowest close in three months.

In the next part, we’ll discuss how the US dollar and US Treasuries performed in the early hours on July 7.

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