Diamonds and Dogs
Defense contractors Lockheed Martin (LMT) rose 3.5% while Northrop Drumlin (NOC) rose 4.3% on Wall Street today following the terrorist attacks in France over the weekend. The French president, Francois Hollande announced that his country would increase security forces and freeze job cuts in defense through 2019 in response to the attacks, which killed at least 129 and wounded hundreds more. Hollande also indicated that he will prioritize spending on security. "France is at war," said President Hollande, over the weekend in which he vowed that France will lead a "pitiless" war on ISIS. "The acts committed on Friday night in Paris and at the stadium are an act of war."
Dillard's is the latest victim in the retail space. Dillard's (DDS) fell over 6% to a two year low after missing earnings and revenue forecasts for the third quarter. Earnings fell 8.5% to $1.19 per share, short of consensus views by a penny, as revenue dropped 1.8% to $1.47 billion. Analysts had expected $1.49 billion in sales. Same store sales fell 4% for the third quarter. Dillard's disappointing results following the disappointing results from last week's from Macy's, Fossil, and Nordstrom. Consumers seem to be still spending money, but more online. October retail sales from the Commerce Department fell short of expectations last week with a mere 0.1% gain, while Amazon and other online retailers logged a 7.1% climb.