Shares of retailers and other consumer-services companies were mixed.
Wendy’s shares rose after the burger chain posted quarterly profit growth.
Walt Disney declined after the entertainment conglomerate reported a retreat in third-quarter profit and said it would start its own streaming service from 2019 onwards, a shift from its strategy of licensing content to Netflix.
Analysts at one brokerage said luxury retailer Michael Kors has joined a rarefied group of “buyable brands” on the stock market, which also includes Nike and Coach. “After a series of downward revisions, Michael Kors is poised to have its first upward revision since 2014,” said analysts at Nomura Securities. Michael Kors now fits with Nomura’s strategy of “buying brands over boxes” — or big-box stores.
-By Rob Curran, firstname.lastname@example.org
(END) Dow Jones Newswires
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August 09, 2017 17:25 ET (21:25 GMT)