Please ensure Javascript is enabled for purposes of website accessibility

Stock Market Today: WageWorks Gets Back on Track

By Steve Symington - Updated Apr 13, 2019 at 12:05PM

You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More

Meanwhile, Tailored Brands plunged following a disappointing quarterly report.

After a strong start to the week, major stock market indexes waffled between positive and negative territory before closing mixed on Thursday. The S&P 500 (^GSPC -0.30%) ended in the red, while the Dow Jones Industrial Average (^DJI -0.20%) eked out a tiny gain.

Today's stock market

Index Percentage Change Point Change
Dow 0.03% 7.05
S&P 500 (0.09%) (2.44)

Data source: Yahoo! Finance

Tech stocks continued to fare better than the broader market, with the Technology Select Sector SPDR Fund (XLK -0.67%) up 0.2%. Retailers slumped, dragging the SPDR S&P Retail ETF (XRT -1.64%) down 1.6%.

As for individual stocks, WageWorks (WAGE) skyrocketed after confirming it will file delayed reports early next week, and Tailored Brands (TLRD) plummeted in the wake of its quarterly results.

Stock market chart on a colorful display indicating losses

Image source: Getty Images.

WageWorks is finally moving forward

Shares of WageWorks soared 30.5% after the consumer-directed benefits specialist announced it expects to file "a majority of its delayed quarterly and annual reports" by the evening of Tuesday, March 19. For perspective, as of yesterday's close, WageWorks stock had plunged nearly 40% over the past year after an internal investigation found the company had overstated its revenue and profits for 2016 and 2017. In addition to requiring the restatement of its financial reports, the scandal drove the company to oust several top executives, including its CEO and CFO. 

WageWorks also expects next week's filings will mean its common stock will continue to be listed for trading on the New York Stock Exchange -- a welcome reprieve for shareholders after the company had previously warned its delinquent results could cause it to be delisted from the NYSE if they weren't filed in time. 

Check out the latest earnings call transcript for Tailored Brands and other companies we cover.

Tailored Brands' disappointing quarter

Tailored Brands stock plunged 25.2% after the parent company of Men's Wearhouse and Jos. A. Bank released underwhelming fiscal fourth-quarter 2018 results and light guidance.

Tailored Brands' quarterly revenue fell 10.7% year over year to $768.1 million, translating into an adjusted net loss of $14.2 million, or $0.28 per share. Analysts, on average, were expecting a slightly wider net loss of $0.29 per share on higher revenue of $801.2 million. 

Within its top line, Tailored Brands' corporate apparel segment revenue dropped 23.3% to $55.7 million, and its core retail business saw sales fall 9.5% to $712.4 million.

Executive Chairman Dinesh Lathi noted comparable-store sales declined at both Men's Wearhouse and Jos. A Bank in the fourth quarter. But even more concerning, he also warned the "trend has continued into the first quarter of 2019."

"We attribute the current softness to both the macro-environment as well as the need for us to execute more quickly and effectively on our core growth strategies," Lathi added.

For the first quarter of fiscal 2019, Tailored Brands expects adjusted earnings per share of $0.10 to $0.15 -- well below Wall Street's consensus estimate for earnings of $0.51 per share.

Invest Smarter with The Motley Fool

Join Over 1 Million Premium Members Receiving…

  • New Stock Picks Each Month
  • Detailed Analysis of Companies
  • Model Portfolios
  • Live Streaming During Market Hours
  • And Much More
Get Started Now

Stocks Mentioned

Tailored Brands, Inc. Stock Quote
Tailored Brands, Inc.
WageWorks, Inc. Stock Quote
WageWorks, Inc.
Dow Jones Industrial Average (Price Return) Stock Quote
Dow Jones Industrial Average (Price Return)
$31,438.26 (-0.20%) $-62.42
S&P 500 Index - Price Return (USD) Stock Quote
S&P 500 Index - Price Return (USD)
$3,900.11 (-0.30%) $-11.63
SPDR Series Trust - SPDR S&P Retail ETF Stock Quote
SPDR Series Trust - SPDR S&P Retail ETF
$63.51 (-1.64%) $-1.06
The Select Sector SPDR Trust - The Technology Select Sector SPDR Fund Stock Quote
The Select Sector SPDR Trust - The Technology Select Sector SPDR Fund
$132.55 (-0.67%) $0.90

*Average returns of all recommendations since inception. Cost basis and return based on previous market day close.

Related Articles

Motley Fool Returns

Motley Fool Stock Advisor

Market-beating stocks from our award-winning analyst team.

Stock Advisor Returns
S&P 500 Returns

Calculated by average return of all stock recommendations since inception of the Stock Advisor service in February of 2002. Returns as of 06/27/2022.

Discounted offers are only available to new members. Stock Advisor list price is $199 per year.

Premium Investing Services

Invest better with The Motley Fool. Get stock recommendations, portfolio guidance, and more from The Motley Fool's premium services.