We knew the markets probably weren’t going to respond well to the tariffs, but the breadth and depth of them provoked a virtual instant selloff in aftermarket trading yesterday.
Contemporary clothing brand Guess (NYSE:GES) reported Q4 CY2024 results topping the market’s revenue expectations, with sales up 4.6% year on year to $932.3 million. Guidance for next quarter’s revenue was better than expected at $631.3 million at the midpoint, 0.8% above analysts’ estimates. Its non-GAAP profit of $1.48 per share was 7.6% above analysts’ consensus estimates.
GameStop Corp (NYSE:GME) shares are trading higher in Thursday’s after-hours session after a regulatory filing showed CEO Ryan Cohen increased his stake in the company.
Stocks suffered a steep selloff today, as investors grappled with the potential long-term and global consequences of President Trump's sweeping tariff initiatives.
One thing is clear from yesterday’s “Liberation Day” tariff announcement –the market has decided that there is pretty much no way to spin it as a positive.
Shares of parcel delivery company UPS (NYSE:UPS)
fell 8.7% in the afternoon session after President Trump announced "reciprocal tariffs" on all US imports, set at a minimum rate of 10%. From clothing brands and electronics makers to the e-commerce sites that move their goods, companies built on global supply chains took the biggest hit.
Stocks with heavy exposure to Asia were especially hard-hit, as the new tariffs threatened the growth and profits of firms with factories in the region. Vietnam, central to many companies' production plans, faced a 46% tariff. Cambodia and Indonesia were also in the crosshairs, with tariff rates of 49% and 32%. These measures could significantly erode the competitiveness of goods produced in those regions. For example, reduced production volumes would negatively affect the sales growth of all companies benefiting from these manufacturing hubs.
Shares of outerwear manufacturer Columbia Sportswear (NASDAQ:COLM)
fell 13% in the afternoon session after President Trump announced "reciprocal tariffs" on all US imports, set at a minimum rate of 10%.
