Publish date:

Midday Report: Caterpillar Warns of Soft 2017 Sales; Under Armour Slumps

U.S. stocks were once again in the red after a choppy morning Tuesday as a sales warning from Under Armour dragged down other apparel stocks.

U.S. stocks were once again in the red after a choppy morning Tuesday after a sales warning from Under Armour (UA) - Get Report dragged down other apparel stocks. Calvin Klein parent PVH Corp (PVH) - Get Report , Ralph Lauren (RL) - Get Report and Hanesbrands (HBI) - Get Report followed Under Armour lower. Visa (V) - Get Report moved lower despite a jump in quarterly profit driven by an increase in credit card spending. Growth was also partly attributed to its purchase of Visa Europe.  Caterpillar (CAT) - Get Report has warned that soft sales could continue next year. The manufacturing equipment company said it expects little growth over fiscal 2017 after a challenging 2016. Consumer confidence fell back in October, though remained at a level indicative of healthy spending. Confidence in current conditions and expectations both mellowed. Analysts expect the end of the election season to boost sentiment in coming months.

TST Recommends