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*Nasdaq FSI: *Deficient: Issuer Failed to Meet NASDAQ Continued Listing Requirements

Consumer Discretionary : Textiles, Apparel & Luxury Goods | Small Cap Value
Based in New Zealand
Company profile

Naked Brand Group Limited is a intimate apparel and swimwear company. The Company designs, manufactures and markets a portfolio of brands, catering to a broad cross-section of consumers and market segments. Its Brands include Naked, Bendon, Bendon Man, Davenport, Evollove, Fayreform, Hickory, Lovable, Pleasure State, Heidi Klum Intimates, Heidi Klum Man, and Heidi Klum Swim. The Company’s products are available in over 44 countries worldwide through around 6,000 retail doors. The Company’s brands are distributed through department stores, specialty stores, independent boutiques and third-party e-commerce sites globally, including Macy’s, Nordstrom, Saks Fifth Avenue, Harrods, Selfridges, and Amazon.

Closing Price
Day's Change
-0.0276 (-4.78%)
B/A Size
Day's High
Day's Low

10-day average volume:

Dow closes above 35,000, stocks book second straight week of gains after retail sales beat expectations

4:39 pm ET October 15, 2021 (MarketWatch)

By Christine Idzelis and Mark DeCambre

Alcoa shares soar 15.2% after upbeat results, buybacks

U.S. stocks closed higher Friday, with major benchmarks booking a second straight week of gains, as quarterly results from Goldman Sachs and better-than-expected U.S. September retail sales helped fuel buying on Wall Street.

How did stock indexes trade?

On Thursday, the Dow rose 535 points, or 1.56%, to 34913, the biggest one-day point and percentage gain since July 20. The S&P 500 increased 74 points, or 1.71%, to 4438, its best day since early March, while the Nasdaq Composite gained 252 points, or 1.73%, to 14823, its best day since May.

All three major U.S. stock-market benchmarks posted a second straight week of gains. The Dow saw a weekly gain of 1.6%, while the S&P 500 advanced 1.8% and the Nasdaq rose 2.2%.

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What drove the market?

U.S. stock investors maintained a bullish stance Friday after a report on September retail sales indicated that Americans are spending enough money to sustain an economic recovery from the pandemic, even if consumers are paying more to do so.

Retail sales climbed 0.7% last month, the government said Friday. Economists polled by The Wall Street Journal had forecast a 0.2% decline.

"That's a big surprise," said Jim Smigiel, chief investment officer at SEI, in a phone interview Friday. After the spread of the delta variant of the coronavirus led to a rise in COVID-19 cases, "people are ready to get back in the mix and they're doing that voting with their dollars," he said.

While sales rose in most major categories last month, consumer sentiment in October has slipped. A reading of consumer sentiment from the University of Michigan fell to 71.4 this month, from 72.8 in September.

"Consumer sentiment dropped again, and the survey pointed to many worries on consumers' minds that will continue to dim the pace of consumer spending into 2022," wrote Robert Frick, corporate economist with Navy Federal Credit Union, in a daily note. However, he said that the jump in consumer spending and an increase in savings were mitigating factors to the dour outlook held by many Americans.

"The concerns are real, but so is the excess $1 trillion saved from stimulus and lack of spending during the shutdown, and so is the pent-up demand to spend across the board as the economy reopens," Frick wrote.

Stock indexes have been trending up as Wall Street cheers a batch of third-quarter earnings reports that are beating expectations, including those from banks Morgan Stanley (MS), Bank of America (BAC), Citigroup (C) and Wells Fargo (WFC).

On Friday, Goldman Sachs (GS)reported third-quarter net income of $5.28 billion, or $14.93 a share, compared with $3.23 billion, or $8.98 a share, in the year-ago period. Goldman's stock rose 3.8% Friday, with the Dow component's rally helping to buoy the price-weighted index.

Banks are viewed as bellwethers of economic health so their outperformance and outlooks from executives can embolden optimistic investors.

"The big macro theme is the reopening of the economy," said Smigiel. "We're seeing a reflection of increased activity."

Next week will see a number of big names reporting across several sectors, including Johnson & Johnson (JNJ), Netflix (NFLX), Tesla (TSLA), Intel (INTC) and Chipotle Mexican Grill (CMG).

"There's quite a long runway for the U.S. economy," said Shawn Snyder, head of investment strategy at Citigroup's U.S. consumer wealth management division, in a phone interview Friday. "It should continue to grow for the next couple of years."

Which companies were in focus?

How did other assets trade?

--Barbara Kollmeyer contributed to this article.

-Christine Idzelis


(END) Dow Jones Newswires

October 15, 2021 16:39 ET (20:39 GMT)

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