The solar eclipse took center stage on Monday, but Wall Street still found time to trade, and real estate led the way forward with a 1.1% gain. The broader markets were a bit more mixed, with the S&P 500 Index and Dow Jones Industrial Average up 0.1% apiece, but the Nasdaq Composite falling behind by 0.1%.
While the second-quarter earnings season is starting to wind down, Coty Inc (NYSE:COTY) is among a few companies on the move Tuesday following the release of corporate results. Meanwhile, Macy’s Inc (NYSE:M) and Tronc Inc (NASDAQ:TRNC) have announced some important initiatives.
Here’s what you should know heading into the day:
Macy’s Inc (M)
Macy’s unveiled a restructuring plan last night that includes shedding a small swath of its workforce and a key management addition.
The retailer said it is cutting 100 jobs as part of a merging of its planning, merchandising and private-label division into one department. Macy’s hopes the move will breathe new life to its brick-and-mortar stores.
However, Macy’s is also making a move to improve its e-commerce operations by adding Hal Lawton — formerly the eBay Inc (NASDAQ:EBAY) senior vice president of North America — as company president. The company also announced “the strengthening of its consumer insights and data analytics capabilities.”
“Hal Lawton has deep expertise at the intersection of retail and technology, a diverse set of business experiences that give him a unique perspective, and a track record of successfully driving a change agenda at scale,” Macy’s CEO Jeff Gennette said in a press release. “I’m thrilled that he has chosen to join Macy’s.”
M stock is up roughly 2% in Tuesday’s premarket trade.
Tronc Inc (TRNC)
News publisher Tronc has also made a change in management.
Ross Levinsohn has been named publisher and CEO of Tronc’s Los Angeles Times, which has been struggling to keep up with the demands of the digital age.
Levinsohn has plenty of experience in media and technology, as interim CEO at Yahoo! and as a Fox Interative Media executive, aiding the company’s 2005 acquisition of MySpace.
“We believe his long-standing ties to Southern California and passion for news, coupled with his deep experience in technology and media, make him uniquely qualified to accelerate our growth across the entire company,” said Justin Dearborn on Levinsohn, Tronc CEO.
The new LA Times publisher will replace Davan Maharaj, who held the role of publisher and editor with the paper since 2016. Jim Kirk, previously with the Chicago Sun-Times, will be the interim editor as the publication begins the search for a new editor in chief.
TRNC shares are trading flat this morning.
Coty Inc (COTY)
COTY stock is on the decline following a disappointing fiscal fourth-quarter earnings report.
The company’s net loss ballooned from $31 million (9 cents per share) a year ago to $304.8 million (41 cents per share). On an adjusted basis, a flat quarter missed Wall Street estimates for a 9-cent-per-share profit.
On the upside, revenues exploded to $2.24 billion, more than double the year-ago period and better than a consensus estimate of $2.17 billion.
The company generated $50.8 million in operating cash flow, down from $56.1 million in Q4 2016.
For the year, Coty’s revenues expanded by 76% to $7.6 billion, though that translated into a net loss of $422.2 million — a flip from 2016’s $156.9 million profit.
COTY shares are off 3% this morning.
