Entrepreneur Index™ and Victoria's Secret Shares Fall as Trade Concerns Affect MarketL Brands was down more then seven percent on Wednesday.
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Only 12 of 60 stocks on theEntrepreneur Index™had gains today with just one rising more than one percent.
Stock prices fell sharply again as the major indexes head toward their first month in the red this year. The Dow and S&P 500 indexes were down 0.87 percent and 0.69 percent respectively while the Nasdaq Composite fell 0.79 percent. The Entrepreneur Index™ lost 1.1 percent on the day with weakness across all sectors of the market.
Trade concerns and their uncertain impact on slowing global economies continued to reduce investors' appetite for equity risk.
Apparel manufacturers have been particularly hard-hit as many companies source products from China.L Brands, makers of Victoria's Secret lingerie, fell 7.06 percent, the biggest decline on the Entrepreneur Index™ today.Under Armour Inc.(-3.1 percent) andRalph Lauren Corp.(-1.88 percent) were also down sharply.
肉类生产商Tyson Foodscompetito后下降了5.02%r Hormel Foods reported mixed financial results yesterday. Hormel warned that the potential spread of African swine fever could have a significant impact on the company's financials. Tyson Foods management raised the same red flag three weeks ago in an earnings conference call. Tyson shares are still up 42.9 percent on the year. Fellow food-makerJ.M. Smucker Companywas also down 2.21 percent today.
Retailers in general were weak as fears of a slowing economy intensify.Bed Bath & Beyond(-3.38 percent) had the biggest loss in the sector.Gap Inc.(-2.53 percent),Costco Wholesale Corp.(-2.28 percent) andDollar Tree Inc.(-2.0 percent) were also down.
All nine REITs on the Entrepreneur Index™ were down today. As usual, mall-operatorMacerich Company该行业的最大跌幅,下跌5.9percent. The stock is down 14.2 percent this year and 32.9 percent in the last twelve months.Kimco Realty Corp.(-2.7 percent) andSimon Property Group(-2.46 percent) were also down sharply.
Thetechnologysector fared only slightly better than the rest of the market, but twelve of thirteen tech stocks on the Entrepreneur Index™ were down on the day.NVIDIACorp. (-2.09 percent) andTripAdvisor Inc.(-2.04 percent) had the biggest losses. Chip-makerAnalog Devices, down more than fifteen percent this month, had the only gain in the sector, rising 1.03 percent.
Other significant losses on the index includedAlexion Pharmaceuticals(-2.96 percent), hospital operatorUniversal Health Services(-2.38 percent) andAdobe Systems Inc.(-1.92 percent).
Gains on the index were modest. Pest-control companyRollins Inc. was up 0.93 percent and asset managerFranklin Resourcesgained 0.92 percent. Fedex Corp. (0.71 percent) andCapital One Financial(0.78 percent) were also up.
TheEntrepreneur Index™collects the top 60 publicly traded companies founded and run by entrepreneurs. The entrepreneurial spirit is a valuable asset for any business, and this index recognizes its importance, no matter how much a company has grown. These inspirational businesses can be tracked in real time onEntrepreneur.com.
