NEW YORK (
) -- Retailers are in the red following some disappointing earnings results.
The S&P Retail Index is off 1.5% to 405.48 in afternoon trading, pulled down by big movers like
Coach is falling 4.9% to $35.60 after it reported
Nonetheless, this was still the luxury handbag and accessories maker's first gain in comparable sales since September 2008. Coach also saw a 11% increase in profit to $241 million, or 75 cents a share.
eBay is sinking 2.5% to $22.50 ahead of its earnings announcement after the bell today. The company is looking for earnings of between 38 cents to 40 cents a share on an adjusted basis, and revenue of $2.2 billion to $2.3 billion.
Analysts predict earnings of 40 cents a share on revenue of $2.28 billion.
is dropping 3.8% to $29.80 after it was downgraded by J.P. Morgan to neutral from overweight. The financial firm said the stock has been outperforming in recent months and there is little upside left.
"Fundamentally, Big Lots remains one of the best-positioned retailers in our coverage group today, and we're cognizant that with the downgrade today, we run the risk of leaving some money on the table," J.P. Morgan wrote in a note.. "But with that said, for us the BIG story has always been about expectations -- buy the stock when it is low and sell the stock when it is high -- and hence our move to neutral today."
Other notable decliners include
, which is sinking 4.4% to $101.28,
, which is decreasing 3.7% to $20.39,
, which is losing 3.7% to $31.53 and
, which is declining 4.2% to $6.40.
The grocery sector is one of the only groups in the green, with
up 1% to $21.27,
climbing 2.6% to $22.45 and
advancing 2.6% to $15.20.
is also rising, by 1.6% to $34.62 in afternoon trading.
-- Reported by Jeanine Poggi in New York.
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