Urban Outfitters, JPMorgan: S&P Gainers
The S&P 500 ticked up 0.64 points, or 0.05%, to close at 1,316.63.
Shares of Urban Outfitters rose 7.42% to $28.10. After Monday's closing bell, the specialty fashion retailer reported a first-quarter profit that was higher than Wall Street's consensus estimate.
Urban Outfitters' first-quarter earnings were $34 million, or 23 cents a share, down from year-earlier earnings of $38.6 million, or 23 cents a share.
Revenue in the quarter rose almost 9% to $568.9 million from $524 million a year earlier.
Urban Outfitters' stock trades at an estimated price-to-earnings ratio for next year of 15.58X; the average for apparel retailers is 13.67X. For comparison, American Eagle Outfitters(AEO) has a lower forward P/E of 14.62X.
The stock has risen 1.96% year to date.
JPMorgan shares increased 4.61% to $34.01. The stock posted a gain on Tuesday despite news of a Commodities Futures Trading Commission investigation into the more than $2 billion trading loss the bank recently disclosed related to credit derivatives.
JPMorgan's stock trades at a forward P/E of 6.28X; the average among its peers is 7.21X. For comparison, Goldman Sachs(GS) has a higher forward P/E of 7.37X.
Thirty of the 40 analysts who cover JPMorgan rate it a buy. Eight analysts give the stock a hold rating and two rate it at sell.
The stock has risen 2.29% year to date but it's down more than 20% since announcing the massive trading loss on May 10.
--Written by Alexandra Zendrian in New York.
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