Stocks close mostly lower as weak industrials sector offsets tech rally – MarketWatch

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Investors bid up Facebook Inc. shares after strong earnings.

U.S. stocks closed mostly lower Thursday as manufacturing-related sectors logged big losses, offsetting a rally in social-media shares. A double-digit decline in 3M Co.’s stock following disappointing earnings also weighed on the blue-chip Dow.

How did benchmarks fare?

The Dow Jones Industrial Average DJIA, -0.51% bounced off earlier lows but still fell 134.97 points, or 0.5%, to 26,462.08. The S&P 500 index SPX, -0.04% shed 1.08 points to 2,926.17, with industrials and materials sectors leading the decline while the tech-centric Nasdaq Composite COMP, +0.21% rose 16.67 points, or 0.2%, to 8,118.68.

See: Stock markets are ringing up records and bonds are rallying too

What drove the market?

Guidance from U.S. companies on the state of the economy and the business climate helped to underpin a mostly steady advance for equity markets so far this week, but mounting signs of economic weakness from Europe to Australia have cast a shadow over markets.

Major global exporter South Korea was one of the most recent indicators of a pullback in expansion as the Asian country’s first-quarter gross domestic product shrank by 0.3%, marking its worst performance in more than a decade. The data came a day after a reading of consumer prices in Australia remained flat in the first quarter, increasing expectations for a rate cut from the Reserve Bank of Australia.

The spate of weakness has prompted central banks, including the Reserve Bank of Australia, the Bank of Canada and the Bank of Japan, to adopt more dovish stances, which has, in turn, pushed the U.S. dollar to a roughly two-year high.

In the U.S., a parade of earnings rolled on, with 3M MMM, -12.95% , notably, driving early market action after the diversified industrial giant slashed its full-year 2019 guidance and said it would cut 2,000 jobs. 3M’s stock skidded 13%.

The number of Americans who applied for first-time jobless benefits surged to 230,000 in the week ended April 20, up from 193,000 during the previous week, and above the 201,000 expected by economists polled by MarketWatch.

Orders for durable goods rose by 2.7% in March, the largest one-month increase since last summer, the Commerce Department said.

A key measure of business investment, core durable orders, rose 1.3% in March, the third straight monthly increase.

National vacancy rates for rental homes remained steady at 7% in the first quarter of 2019, compared with the previous three months, while vacancy rates for homeowner housing fell 0.1%, according to the Commerce Department.

What were strategists saying?

“It’s been a solid week for earnings, but with expectations being so low, companies that beat earnings aren’t being rewarded as much as companies that miss forecasts are getting smacked,” said J.J. Kinahan, chief market strategist at TD Ameritrade.

The market is in an uptrend with its bullish patterns intact, said Frank Cappelleri, a strategist at Instinet LLC. “Over the last week not much has changed: The market continues to rally — little by little — taking a cue from positive market happenings and ignoring the negative headlines.”

Read: Why tech stocks can continue to lead the S&P 500 higher, in two charts

What stocks were in focus?

Facebook Inc. FB, +5.85% shares gained 5.9% after the social-media company reported revenue and profit that topped Wall Street estimates. However, Facebook did set aside some $3 billion for a potential regulatory fine related to its handling of client data.

Shares of Microsoft Corp. MSFT, +3.31%  rose 3.3% on solid fiscal third-quarter results, helping the company join the $1 trillion market-cap club.

Tesla Inc. TSLA, -4.26%  fell 4.3% after the electric-car maker produced a wider-than-expected quarterly loss.

Opinion: Elon Musk keeps moving Tesla’s finish line

Shares of Xilinix Inc. XLNX, -17.08% slumped 17% after the chip maker beat lowered expectations for fiscal fourth-quarter earnings and revenue. The stock has risen 64% year-to-date.

Southwest Airlines Co. LUV, +0.79%  rose 0.8% after the air carrier reported first-quarter earnings that beat expectations and the company raised its unit costs outlook.

Shares of Altria Group Inc. MO, -6.03%  retreated 6% after its first-quarter report.

Comcast Corp. CMCSA, +2.58% climbed 2.6% after the media company reported first-quarter earnings that topped estimates but fell short of revenue expectations.

Hershey Co.’s stock HSY, +4.59% rose 4.6% after the chocolate-and-snacks company reported first-quarter results that exceeded Wall Street estimates for profit and revenue.

United Parcel Service Inc. UPS, -8.13%  shares skidded 8.1% after the delivery company reported quarterly results that disappointed Wall Street on earnings and revenue.

How did other markets perform?

The Shanghai Composite SHCOMP, -2.43%  lost 2.2% and the CSI 300 Index 000300, -2.19%  gave up 2.2%, while the Stoxx Europe 600 index SXXP, -0.21% was down 0.2%.

Gold prices GCM9, -0.02% settled slightly higher while the ICE Dollar Index DXY, +0.12% was generally flat.

—Mark DeCambre contributed to this report

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AMZN – Amazon Air launches daily service to Omaha, Nebraska

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KSS – Kohl's Responds to Director Nominations from Macellum Advisors; Company Reaffirms Commitment to Maximize Value for All Shareholders

MENOMONEE FALLS, Wis.–(BUSINESS WIRE)–Kohl’s Corporation (NYSE:KSS) (“Kohl’s” or the “Company”) today issued the following statement regarding Macellum Advisors GP, LLC’s (“Macellum”) announcement of its nomination of directors for election to the Kohl’s Board of Directors (the “Board”) at the Company’s 2022 Annual Meeting of Shareholders (the “2022 Annual Meeting”):

Kohl’s believes Macellum’s effort to take control of the Board is unjustified and counterproductive. Kohl’s appointed two of Macellum’s designees, along with an additional mutually agreed upon designee, to its Board pursuant to the 2021 settlement agreement with Macellum and certain other shareholders. All members of the Kohl’s Board, other than its CEO, are independent.

Macellum’s claim that Kohl’s Board is not equipped to evaluate sale opportunities is groundless. The Board designated its Finance Committee, which is comprised entirely of independent directors, was formed pursuant to the settlement with Macellum and includes one of Macellum’s 2021 designees, to lead the review of any expressions of interest. Additionally, the Company and the Board have engaged financial advisors, including Goldman Sachs and PJT Partners, and have asked Goldman Sachs to engage with interested parties.

Furthermore, Macellum’s claim to be “disappointed and shocked” by Kohl’s rejection of the previously disclosed expressions of interest is disingenuous. Macellum has on multiple occasions stated publicly that Kohl’s is worth “at least $100 per share.”

Finally, Macellum’s comments on the Board’s adoption of a limited-duration shareholder rights plan are misleading. The Board adopted the rights plan to protect shareholder value by ensuring that the Board can conduct an orderly review of any expressions of interest and by preventing any person or group from gaining control of Kohl’s through open market accumulation.

The rights plan does not preclude the Board from considering any offers that recognize the value of the Company. Macellum itself publicly acknowledged on February 4 that the shareholder rights plan Kohl’s adopted is “still a stop, look and listen mechanism.” As demonstrated by Macellum’s latest announcement, the rights plan also does not impact shareholders’ ability to initiate a proxy contest.

The Board reaffirms its commitment to maximizing the long-term value of the Company. It will continue to pursue all reasonable opportunities to drive value, consistent with its fiduciary obligations.

Our strategy is delivering results.

As we previously announced, based on our performance in 2021, we are positioned to exceed our key 2023 financial goals two years ahead of plan. Our work to fundamentally restructure the business allowed us to achieve a nine-year high operating margin in Q3, and record Q3 earnings per share, positioning us to achieve significantly enhanced profitability going forward. These results reflect our strategic focus on transforming the operating model and making Kohl’s the leading omnichannel destination for the active and casual lifestyle.

We are optimistic about significant value creation in both the near and long term as a result of our transformational strategy. As one example, we have rolled out 200 Sephora at Kohl’s shops to date and expect to launch an additional 650 shops in the next two years, including over 400 in 2022. As we noted in our 2021 third quarter earnings, we are seeing an incremental mid-single-digit lift to store sales where we have opened Sephora at Kohl’s shops, and more than 25% of Sephora at Kohl’s shoppers are new to Kohl’s.

Kohl’s looks forward to sharing additional details on the progress against its growth strategy as well as an updated financial framework and capital allocation strategy at the previously announced Investor Day on March 7, 2022.

Shareholders are not required to take any action at this time.

The Board will present its recommendation regarding director nominees in Kohl’s definitive proxy statement and other materials, to be filed with the U.S. Securities and Exchange Commission and made available to all shareholders eligible to vote at the 2022 Annual Meeting. The Company will announce details regarding the 2022 Annual Meeting in due course.

Cautionary Statement Regarding Forward-Looking Information

This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward looking statements include information concerning the Board’s review of expressions of interest and the Company’s business strategies, plans, and objectives. The Company intends forward-looking terminology such as “believes,” “expects,” “may,” “will,” “should,” “anticipates,” “plans,” or similar expressions to identify forward-looking statements. Such statements are subject to certain risks and uncertainties, which could cause the Company’s actual results to differ materially from those anticipated by the forward-looking statements. You should understand that these forward-looking statements are not guarantees of strategic action, performance, or results. These risks and uncertainties include, but are not limited to, risks described more fully in Item 1A in the Company’s Annual Report on Form 10-K, which is expressly incorporated herein by reference, and other factors as may periodically be described in the Company’s filings with the SEC. Forward-looking statements relate to the date initially made, and Kohl’s undertakes no obligation to update them.

Important Shareholder Information and Where You Can Find It

Kohl’s intends to file a proxy statement and BLUE proxy card with the SEC in connection with the solicitation of proxies for Kohl’s 2022 Annual Meeting of Shareholders (the “Proxy Statement” and such meeting the “2022 Annual Meeting”). Kohl’s, its directors and certain of its executive officers will be participants in the solicitation of proxies from shareholders in respect of the 2022 Annual Meeting. Information regarding the names of Kohl’s directors and executive officers and their respective interests in Kohl’s by security holdings or otherwise is set forth in Kohl’s proxy statement for the 2021 Annual Meeting of Shareholders, filed with the SEC on March 19, 2021 (the “2021 Proxy Statement”) and in Kohl’s Current Report on Form 8-K, filed with the SEC on April 14, 2021 (together with the 2021 Proxy Statement, the “2021 Filings”). To the extent holdings of such participants in Kohl’s securities have changed since the amounts described in the 2021 Filings or were otherwise not included, such changes or amounts have been reflected on Initial Statements of Beneficial Ownership on Form 3 or Statements of Change in Ownership on Form 4 filed with the SEC or will be filed within the time period specified by Section 16 of the Securities Exchange Act of 1934, as amended, and the regulations thereunder. Additional information is available in Kohl’s Quarterly Reports on Form 10-Q for the first three quarters of the fiscal year ended January 29, 2022 filed with the SEC on June 3, 2021, September 2, 2021 and December 2, 2021, respectively. Details concerning the nominees of Kohl’s Board of Directors for election at the 2022 Annual Meeting will be included in the Proxy Statement. BEFORE MAKING ANY VOTING DECISION, INVESTORS AND SHAREHOLDERS OF KOHL’S ARE URGED TO READ ALL RELEVANT DOCUMENTS FILED WITH OR FURNISHED TO THE SEC, INCLUDING KOHL’S DEFINITIVE PROXY STATEMENT, ANY SUPPLEMENTS THERETO AND THE ACCOMPANYING BLUE PROXY CARD BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION. Investors and shareholders will be able to obtain a copy of the definitive Proxy Statement and other documents filed by Kohl’s free of charge from the SEC’s website, Copies will also be available at no charge on the Kohl’s website at

About Kohl’s

Kohl’s (NYSE: KSS) is a leading omnichannel retailer. With more than 1,100 stores in 49 states and the online convenience of and the Kohl’s App, Kohl’s offers amazing national and exclusive brands at incredible savings for families nationwide. Kohl’s is uniquely positioned to deliver against its strategy and its vision to be the most trusted retailer of choice for the active and casual lifestyle. Kohl’s is committed to progress in its diversity and inclusion pledges, and the company’s environmental, social and corporate governance (ESG) stewardship. For a list of store locations or to shop online, visit For more information about Kohl’s impact in the community or how to join our winning team, visit or follow @KohlsNews on Twitter.

PBI – Pitney Bowes Recognized as One of America's Best Large Employers 2022 by Forbes Magazine

STAMFORD, Conn.–(BUSINESS WIRE)–Pitney Bowes (NYSE:PBI), a global shipping and mailing company that provides technology, logistics, and financial services, has been named one of America’s Best Large Employers for 2022 by Forbes magazine. This is the third year the company has been included in the rankings.

“Our people are the heart of our business. They are the ones that make Pitney Bowes a great place to work,” said Marc B. Lautenbach, President and CEO. “We are extremely honored to be included among the best employers in America. It reinforces Pitney Bowes reputation as a company that provides excellent employment opportunities, and more importantly the reservoir of good will that exists between the company and the people that work here.”

America’s Best Employers 2022 were identified in an independent survey taken by approximately 60,000 American employees working for companies with more than 1,000 workers in the United States. In total, 1,000 employers were recognized across 25 different industry sectors. The list is divided into two rankings: 500 large and 500 midsize employers. The evaluation was based on direct and indirect recommendations from respondents who were asked to rate their willingness to recommend their own employer to friends and family.

Pitney Bowes 2021 engagement survey results showed 84% of Pitney Bowes employees would recommend Pitney Bowes as a good place to work.

Other recognitions by Forbes include World’s Best Employers 2021, America’s Best Employers for Women 2021 and Best Employers for Diversity 2021. Early this year, Pitney Bowes earned a 100 score on the Human Rights Campaign Foundation’s 2022 Corporate Equality Index for the second consecutive year and was named to Bloomberg’s Gender-Equality Index (GEI) 2022.

To learn more about what makes Pitney Bowes a Best Employer visit

About Pitney Bowes

Pitney Bowes (NYSE:PBI) is a global shipping and mailing company that provides technology, logistics, and financial services to more than 90 percent of the Fortune 500. Small business, retail, enterprise, and government clients around the world rely on Pitney Bowes to remove the complexity of sending mail and parcels. For the latest news, corporate announcements and financial results visit For additional information visit Pitney Bowes at