Black Friday retail sales may have been more sizzle than steak. Traffic was up, but spending was down.» Read More
The markets were calm Thursday. The Dow ended little changed while Bank of America (BAC) took a stake in Countrywide Financial (CFC) which The Street considered encouraging news. Is a positive trend building or is this just the calm before another storm?
The one and a half billion dollar stock buyback and earnings of nineteen cents per share were the headlines of Gap's second quarter financial results. The numbers seemed totally secondary on the company conference call though. Not surprisingly, the intrigue was surrounding just what the CEO Glenn Murphy would say about his vision for the company.
Gap Inc. on Thursday posted a rise in quarterly net profit and said it approved a $1.5 billion share repurchase program. Adjusted earnings of 21 cents per share -- excluding cost reduction initiatives -- topped the Wall Street average of 19 cents per share, according to Reuters Estimates.
You might call it the CEO job that nobody wanted: turning around this country's largest clothing retailer. After a 7 month search, The Gap (GPS) hired a Canadian drugstore executive to take the helm in July. Thursday, when the company releases its quarterly earnings, The Street will get their first crack at Glenn Murphy. Can he turn The Gap around?
Like a power saw in overdrive, stocks will again cut a pattern of high velocity moves higher and lower in the coming week as investors look to see whether the Fed will hold out a hand to soothe the credit angst in financial markets. Don't look for any move on rates, but there could be some adjustment of the language in the Fed's comments after it meets Tuesday
Total back-to-school spending is expected to rise 6.9% this year from 2006, though consumer spending on apparel is not expected to rise significantly, as consumers splurged on apparel last year.
Gap named Glenn Murphy of Shoppers Drug Mart, the largest drug store chain in Canada, as its new chief executive.
With most retailers to report their sales from the previous month Thursday, Christine Chen, vice president of equity research-specialty retail at Needham & Co., foresees low sales numbers for adult/"missy" retailers, despite June being a clearance month.
It is almost summer but you wouldn't know it by the weather. Next week, the season officially kicks off and the week is expected to be the second coldest, and driest first week of summer in 15 years! Right now the one refrain apparel/retailer CEOs seem to universally repeat is the importance of clearing out inventory over the next few months as stores get ready to restock shelves with back to school items.
A strong brand may be the most valuable thing in retail these days. Maintaining the credibility of that name in a market saturated with brands is what separates the flash in the pan from the successful. From Liz Claiborne's 50% stake in Narciso Rodriquez to the slew of private equity firms snapping up designer names (Permira's stake in Valentino, HILCO's purchase of Halston), merchants are fighting for fresh star brands as they spend the cash on their books these days.
Two retail analysts, Kimberly Greenberger from Citigroup and Christine Chen from Needham, discussed the outlook for retail stocks on “Power Lunch.”
Americans shopped hesitantly during May, giving retailers modest relief from a dismal showing in April but still raising questions about how strong consumer spending will be in the months ahead.
It was five years ago this month that The Gap (GPS) dumped CEO Mickey Drexler. Today, the struggling casual clothing chain found out just how big a mistake that was. Drexler, now the chief at J. Crew (JCG), guided that retailer to 10% surge Friday after its earnings trounced Street expectations. How can you profit from Drexler's sweet revenge?
Will it be Nancy, or Serge or Steven--or maybe someone else winning a $1,000,000? The Million Dollar Portfolio Challenge is winding down today. Trading stops at the closing bell, so what happens will depend on who picked the best stock or stocks--as very little money separates the top three contenders. But as we said, there could be someone back in the pack, that's picked the best stock to leapfrog over the big three.
Nancy Beaumont already has some firsts in the Million Dollar Portfolio Challenge. She was our first weekly winner--and that qualified her for the finals. And she's currently in first place as the contest enters its last day. Nancy is a Director of Counseling at Touro University in Vallejo, California. Her strategy was "to buy small stocks." We'll see how that plays out by the end of trading today
Gap shares rose modestly Friday as its fiscal first-quarter earnings fell less than analysts had expected. Gap, which is still searching for a new chief executive, is seeing sluggish sales at its established stores, while absorbing costs for closing its Forth & Towne business.
Good morning all. We're starting this last day on the rough side as more than half of our Million Dollar contestants lost ground Thursday in a volatile market. All of our finalists are fully invested, with the exception of #15, Chuck Chow who is all in cash. Nancy Beaumont holds first place for the 4th straight day on the 9% gain of Gymboree. Nancy may hold onto the top spot with her almost all-in trade on Verigy, a Singapore-based maker of test systems for the semiconductor industry, which beat estimates after the bell Thursday. Verigy was up almost 10% in extended hours.
Private equity is reshaping the U.S. economy as well as its capital markets and is a force to be reckoned with.
The outlook for consumer spending dimmed Thursday after big retailers stumbled in April, their sales hurt by rising gasoline prices and the weak housing market.
April showers bring May flowers, and, for retailers the analogy is apt: April sales were extremely dreary, but conditions are looking up for May and June.