Dull session downgraded most stocks

Wednesday, 13 April 2011

The FashionUnited Top 100 Index closed down to 1189.77 on Tuesday, losing 5.94 points. The international fashion benchmark has lost its leading position in relation with other indexes such as the Chinese Hang Seng, which was slightly above it, or the Dow Jones that currently leads the international indexes chart.

In a quite dull session, and in terms of relative performance and according to Zacks Investment, Under Armour ranked first with a gain of 2.69%; VF Corp scored second with a gain of 2.08%; and Warnaco owned the third position with a gain of 1.78%. Phillips-Van Heusen followed with a gain of 1.44% and Polo Ralph Lauren rounded out the top five with a gain of 0.71%.

Buckle was one of Tuesday's notable stocks on the rise, up 0.4% to $44.38. The S&P was trading 0.8% lower to 1,314 and the Dow Jones Industrial Average also performed 0.9% lower to 12,265. Good news as well for Columbia Sportswear since equities research analysts at Bank of America Merrill Lynch upgraded its shares from a “neutral” rating to a “buy” rating in a research note to investors on Monday. The analysts currently have a $70.00 price target on the stock.

Elsewhere, Lululemon Athletica was fractionally lower, with the stock showing little reaction to a new "underweight" rating from Barclays. Equities research analysts at Barclays Capital also rated shares of American Eagle Outfitters a “Equal Weight” rating in a research note released to investors yesterday.

But Wall Street was not the only stock exchange viewing general losses as Asian stocks fell to the lowest in a month after the IMF downgraded Japan’s and US’s economic outlook, while the new earthquake that struck Japan on Monday renewed fears over Fukushima Nuclear crisis after the government raised the severity level to 7 from 5. Consequently, Fast Retailing fell by 1.34% closing at 11740 yen

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