Diamonds and Dogs
Shoes are back. Shoe retailer, DSW (DSW) is up 22% following better than expected earnings. The company beat estimates by 9 cents as sales rose 3.2% year over year to $680.4 million. The Board of Directors approved a new $500 million share repurchase authorization, in addition to the Company's remaining $33 million in its current authorization. The downside, even with the 22% jump, the stock is back to where it stood on August 8th.
Momo lost its momentum. The Chinese social media website reported better than expected earnings with revenue growth of 215%. The company also raised guidance for the next quarter, but Wall Street was unimpressed as the stock dropped 18% back to the support level from May and June. The good news is the stock is still up around 100% year to date.