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  1. Home
  2. / Video

Benchmark Indexes Lower but Retail Shares Rally

Retail shares rally as Gap reports top- and bottom-line beats for the fiscal third quarter.
By ANDERS KEITZ Nov 17, 2017 | 12:12 PM EST
Stocks quotes in this article: TSLA, JBHT, FOXA, GPS, VZ, CMCSA, DIS

The benchmark U.S. indexes were all lower with the Nasdaq retreating from a closing record set on Thursday. Retail shares, however, were rallying after better-than-expected earnings from Gap Inc. (GPS) .

The retailer reported its fourth consecutive quarter of same-store sales growth. During the fiscal third quarter, same-store sales jumped 3%. Earnings of 58 cents a share exceeded estimates of 54 cents, and sales of $3.84 billion surpassed expectations.

Gap also increased its full-year earnings guidance to $2.08 to $2.12 to share, up from $2.02 to $2.10.

Shares of Twenty-First Century Fox (FOXA) jumped higher following reports that Comcast Corp. (CMCSA) and Verizon Communications Inc. (VZ) have expressed interest in acquiring assets from the Rupert Murdoch-founded media conglomerate. Similar to Disney (DIS) , those two are interested in buying some of Fox's assets including its movie studio and cable business. 

Comcast is a holding in Jim Cramer's Action Alerts PLUS Charitable Trust Portfolio. Want to be alerted before Cramer buys or sells CMCSA? Learn more now.

Tesla Inc. (TSLA)  shares were moving higher after CEO Elon Musk unveiled on Thursday a new electric-powered semi tractor-trailer truck. Trucking company J.B. Hunt Transport Services Inc. (JBHT) announced on Friday that it placed a reservation for "multiple" Tesla Semi tractor-trailer trucks.

Musk also made a surprise announcement of a new roadster that he said would be the fastest production car ever, with a top speed of 250 mph.

Watch More with TheStreet:

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TAGS: Investing | Video | Automobile Components | Retail | Media | Consumer Services | Fundamental Analysis | Consumer Staples | Mergers and Acquisitions | Earnings | Midday Bell

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