Stock Market News: lululemon Goes Lower; Constellation Shrinks Its Wine Deal
The stock market gained ground on Thursday morning, and as we've seen numerous times before, the source of the good news came from the trade front. President Trump made an encouraging comment about the prospects for a resolution to the trade dispute between the U.S. and China, and investors took that as a positive sign. As of 11 a.m. EST, the Dow Jones Industrial Average (DJINDICES: ^DJI) was up 223 points to 28,134. The S&P 500 (SNPINDEX: ^GSPC) climbed 26 points to 3,168, and the Nasdaq Composite (NASDAQINDEX: ^IXIC) picked up 66 points to 8,720.
On the earnings front, lululemon athletica (NASDAQ: LULU) reported its latest quarterly results, and investors weren't entirely happy with what the yoga apparel retailer had to say. Meanwhile, Constellation Brands (NYSE: STZ) decided to renegotiate a proposed sale of some of its brands in the hopes of winning regulatory approval.
Shares of Lululemon Athletica fell 5% after the athleisure retail giant reported its third-quarter financial results. As we've seen with many companies during this earnings season, past performance for the retailer looked strong, but guidance for the near-term future didn't live up to shareholders' expectations.
Source Fool.com
