CNBC's Tyler Mathisen looks back at the week's top business and financial stories. Headlines hurt stocks this week, while GM is facing a federal investigation. The White House boosts overtime pay for non-union workers, McDonald's employees are suing the company and Men's Wearhouse gets Joseph A. Bank.» Read More
The market is finishing at the lows, three of the last four days. A tough situation, since traders now get unnerved in the last hour, even if the trend is neutral going into the close (as it was today), or even if the trend is up (as it was on Friday, and stocks still fell apart in the last hour).
Reversing the trade is the key story today: 1) The "buy tech, sell financials" trade--which has been astonishingly successful since July--is showing signs of unwinding as traders nibble on financials.
The writers' strike is bad for the media companies--network ratings are already dropping, which means ad revenues will follow. And the longer a strike lasts the worse it gets. But it's not ALL bad as some companies will actually cash in on an on-air content vacuum. And I'm not just talking about the people producing on-air content and the companies broadcasting it.
Shoe and apparel maker Adidas just announced that they acquired Philadelphia-based Mitchell & Ness, the company behind the retro jersey craze that likely reached its height around the 2003 NBA All-Star Game in Atlanta.
Retailers posted a second-straight month of weak sales, as warmer-than-usual weather cooled demand for fall clothing and surging gasoline prices and a weak housing sector created a more cautious consumer.
Som midday observations: 1) Despite being grilled on the weak dollar, higher inflation, and the subprime crises and what he is doing about it, Bernanke has said little new. He says that economic activity has remained "resilient" but that "financial market volatility and strains have persisted." He seems to want to keep all his options open for December.
October was not kind to Wal-Mart even with the promotional pricing and marketing campaign that the world's biggest retailer has been pushing. The only sales growth at Wal-Mart stores was at its Sam's Club division (+2.7%) which helped boost the overall Wal-Mart comp to a meager .4% gain.
Well, the retailers came in generally in line with the gloomy expectations: plenty of markdowns on warm weather. Two-thirds were below expectations, according to RetailMetrics. Department stores missed expectations across the board.
Stocks are striking a much-improved tone after Wednesday's high energy selloff, as investors await testimony this morning from Fed Chairman Ben Bernanke. Monthly chain store sales and some big earnings could also influence direction.
Costco Wholesale on Thursday reported a 9 percent rise in October sales at stores open at least a year, helped by higher gasoline prices.
Here's what the market faces tomorrow: 1) October retail same store sales. Weather got colder toward the end of the month; traders are primed for bad news as most of the big stocks are at 52-week lows. Any good news should move them up.
Coming off his single game rushing yards record on Sunday, the hype surrounding Minnesota Vikings running back Adrian Peterson has reached a fever pitch. Perhaps the most remarkable story coming at the water cooler where fantasy sports owners have been talking up Peterson, who was drafted in most leagues as an early-to mid-third round pick.
Tesco is an awful name for a company that sells food, don’t you think? Makes me think of Texaco, or Test-co, or something else that starts with “test” which I won’t mention here. Perhaps that’s one reason why you won’t see the name Tesco anywhere on the UK grocery giant’s long-awaited, very expensive entry into the U.S. market.
U.S. apparel retailers saw a mild improvement in October following a very weak September, as higher sales of women's clothes offset a decline in menswear, according to data released Wednesday by SpendingPulse.
U.K.-based grocery chain Tesco is making its move into America -- and taking on Wal-Mart Stores and Whole Foods.
Market leaders like metal and energy and tech stocks got help from financials today--that hasnt happened in a long time. But the big story was the weak dollar, which helped push gold, silver, and oil to new highs. Commodity stocks like precious metals, steel, and iron ore also surged.
The biggest names in media are at the Pierre Hotel in midtown Manhattan for private equity firm Quadrangle's 'Four Square' conference. The event is closed to the press but I got my hands on an agenda and am spending the afternoon outside the hotel.
With retail stocks down 11% year to date, you would think some would be out looking to call a bottom, but bearishness remains very high among retail analysts. Morgan Stanley very typical of that mood this morning, was out with a long note on retailers called "Not Too Hot, Not Too Cold, Just Wrong."
To say that investors are nervous about October's same store sales results would be the understatement of the year. Just this morning, Morgan Stanley put out a note downgrading many apparel companies to "cautious" status and stating that "we expect that "60% of major retailers to post down margins in 2008, with EPS growth of 9% vs. Street at 14%."
While the U.S. housing slowdown is crimping sales at numerous home furnishings retailers, it isn't stopping Crate and Barrel from forging ahead with plansto expand its offshoot CB2 brand.