PVH Cozies Up To S&P 500-Best Gains As Outlook, Business Update Shine
The three major averages have essentially traded sideways since we last touched based. The Nasdaq Composite still sits 0.4% lower, "leading" today's losses.A look inside the S&P 500 shows that the best gains come out of high-end retail holding company PVH Corp (PVH 107.04, +8.10, +8.2%). Owner of such brands as Tommy Hilfiger, IZOD, and Van Heusen announced this morning an updated outlook for its upcoming fourth quarter report. In short, the updated outlook moved the company's expectations above current market expectations, part of the impetus behind today's higher bias in the stock. Additionally, PVH announced certain strategic changes at its Calvin Klein business including the closure of its 654 Madison Avenue store in spring 2019. The CK team plans a "digital-first" approach which will transform CK under a new name, design approach, and creative direction.On the flip side of the S&P 500, one of the worse off names is Dominion Energy (D 69.71, -2.19, -3.1%). The stock is getting hit primarily on a sell side downgrade; specifically, BofA/Merrill lowered their recommendation on the name to an "Underperform" from a "Neutral" citing midstream growth concerns.