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MARKETS LIVE BLOG:

STOCKS RISE, LED BY STELLAR ALPHABET, MICROSOFT RESULTS

Chevron, Exxon under pressure as falling natural gas prices hit earnings

Tapestry stock rises on its profit outlook amid slowdown in luxury purchases

Yahoo Finance

The Yahoo Finance Live team discusses Tapestry's stock rise despite slowdown in luxury purchases.

Video Transcript

BRAD SMITH: We're also tracking shares of bags, heels, and bags today. Tapestry is jumping after the company raised its profit outlook, despite a slowdown of luxury purchases in the US. The Coach handbagmaker saw demand rebound in China and saw overall net sales climb 5%. You talk about some of the rebound and companies in retail, and perhaps this could be or offer at least a little bit of a precursor to the rest of some of the retail earnings that are still set to come. How they're navigating a consumer in China that is ready or where they had cited pent up demand, and if that is actually carrying through right now as it is for Tapestry.

JULIE HYMAN: Yeah, it does seem to be. So we've got Coach, we've got Kate Spade, and we've got Stuart Weitzman--

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BRAD SMITH: Suart Weitzman, yeah.

JULIE HYMAN: --that are the three main. The China sales were up about 20% in constant currency. So that is really to what the company is attributing the beat this quarter. And it says revenue is gonna be about $6.7 billion for its annual forecast. It's the second time it's raised its forecast for the full year over the past three months, so just ratcheting up expectations. And as we look to the read through for retail, I think, obviously, the read through would be to the higher end of retail, to China exposed retail as well. So we're gonna be watching those types of companies very closely.

BRAD SMITH: I mean, I almost even bought some Tiffany Air Force 1s during the first quarter.

JULIE HYMAN: Really?

BRAD SMITH: Yeah.

JULIE HYMAN: Well, that's more of an LVMH play.

BRAD SMITH: LVMH, yeah.

JULIE HYMAN: And Nike for that matter.

BRAD SMITH: But the high end, I would say.

JULIE HYMAN: Right.

BRAD SMITH: Right, is what I--

JULIE HYMAN: Nothing but high end for Bradley.

BRAD SMITH: Nah, I mean, look, man, I still shop anywhere. I was at Target yesterday.