On the upside
July same store sales for Gap (NYSE: GPS) soared a greater than expected 10%.
Genco Shipping (NYSE: GNK) fell to a loss for the second quarter but the results topped estimates and announced waivers from three credit facilities to postpone payments until December 2013.
On the downside
Aeropostale (NYSE: ARO) reported a disappointing 1% drop in July same store sales prompting the teen retailer to slash its second quarter earnings outlook.
Abercrombie & Fitch (NYSE: ANF) warned that second quarter and full year earnings will fall far short of expectations after same store sales plunged 10%.
Sealed Air (NYSE: SEE) disappointed by falling to a loss for the second quarter.
In the broad market, declining issues outpaced advancers by a margin of nearly 5 to 2 on the NYSE and by nearly 5 to 3 on Nasdaq. The Russell 2000 which tracks small cap stocks dropped 5 points to 765.