The British pound plunged and investors were not impressed with the September jobs report, which sent U.S. equities slightly lower to end the week.
The S&P 500 fell 0.33% while the Dow Jones Industrial Average declined 0.15%. The Nasdaq Composite lost 0.27%.
Frontier Communications Corp (FTR)
Telecommunications provider Frontier Communications Corp jumped 6% on nearly triple the average daily volume after the company discussed its positions on comments from the Federal Communications Commission regarding Business Data Services regulation.
FTR notes that the FCC does not propose to interfere with existing contracts.
“While the Fact Sheet indicates less severe rate reductions than proposed by Verizon/INCOMPAS, Frontier continues to oppose these rigid rate changes mandated for all carriers without regard to the resulting impact on smaller price-cap carriers,” said FTR CEO Dan McCarthy in a statement out today.
FTR expects slightly negative revenue impacts on revenue from 2017 through 2019 “with subsequent annual impacts declining.”
Gap Inc (GPS)
Apparel retailer Gap Inc surged 15.2% on more than quadruple the average daily volume after investors reacted positively to the company’s September sales report.
GPS said same-store sales fell 3% last month, but excluding the impact of a fire at a New York facility, GPS same-store sales for the month would have been flat with August.
Deutsche Bank analyst Paul Trussell raised his rating on Gap from “sell” to “hold.”
Ralph Lauren Corp (RL)
Apparel maker Ralph Lauren Corp added nearly 1.6% on above average volume following some favorable analyst commentary.
Goldman Sachs added RL to its Conviction Buy list. Goldman reiterated a “buy” rating on RL, saying the stock could deliver 18%.
Shares of Ralph Lauren are down almost 8% year to date.
As of this writing, Todd Shriber did not hold a position in any of the aforementioned securities.