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The lure of bargains trumped economic concerns at the start of the holiday shopping season. Retailers logged sales that were up significantly from a year ago.
Stocks closed higher in a shortened session as the kickoff to the holiday shopping season lifted retail stocks, while signs of progress in a plan to relieve credit market strain helped major banking stocks.
Shoppers jammed stores before dawn Friday to grab discounted TVs, toys and clothing for the official start of the holiday season, expected to be the weakest retail showing in five years.
The U.S. holiday shopping season kicked off Thursday even before the turkey was carved, as retailers, worried that gift buying may slow this year, posted special deals on their Web sites on Thanksgiving day.
Everyone has heard predictions of a tapped-out consumer. And though they haven't materialized in the past, this time is likely to be different.
Markets at the close ending at the lows again. Fourth 200 point decline in the Dow this month. More than 300 stocks at the NYSE hit new lows today, the highest level since the August lows. Technicals have now become very important, with the S&P slipping below last week's low.
The turkey’s not even in the oven, but the annual game of chicken has begun. Consumers are waiting to see if retailers grow desperate and cut prices deeper than planned.
Stocks a bit weaker this morning as Lowe's joins JC Penney, Kohl's, and Ann Taylor in lowering guidance...down 4% pre-open, and Goldman downgrades Citi to a sell, saying it may have to write off $15 billion in debt losses over the next two quarters. With all that has happened to Citi, traders griping this is a little late, down 4% pre-open.
Electronics are in, women's clothes are out -- and leather handbags and jewelry are on the fence heading into next week's unofficial start to the 2007 holiday season. U.S. consumers are struggling with soaring fuel and food costs and the falling housing sector.
The fourth quarter is now half over, and fourth quarter earnings estimates have been coming down quickly for financials and retailers. Both Kohl's and Ann Taylor lowered their guidance. Ann Taylor noted that "Traffic trends were particularly soft in the month of October," though they improved in November
Wall Street has little to look for in terms of economic data Friday, but there could be spillover from Thursday's scaredy-cat markets.
Kohl's, a mid-priced retailer of apparel and home goods, reported a 14 percent drop in third-quarter profit as sales fell short of analysts' estimates, and cut its earnings forecast for theholiday selling season and full year.
Stocks closed sharply lower as investors remained skittish about the housing slump's toll on the economy and potential credit losses at big financial services companies.
After the bell, Kohls joined JC Penney and lowered fourth quarter guidance, down 3%. What's wrong with today? No follow-through to Tuesday rally, first. Second, we have now ended at the lows 5 of the last 7 days. Third: no leadership
J.C. Penney reported a 9 percent drop in quarterly profit Thursday, saying sales weakened "dramatically" in September and October, and the department store operator slashed its fourth-quarter forecast.
Here's what we're focusing on throughout the day: Oil took a dive after inventory data showed an unexpected build in supply. Oil was also moving lower earlier after OPEC cut its demand forecast for the fourth quarter Core CPI for October rose 0.2%, in line with expectations. Oil is lower this morning , following comments earlier this week from the IEA. Inventory data was due at 10:30 a.m.
Good and bad news this morning. Good news: CPI in line with expectations. --More relief on the subprime front. UBS said they do not expect a major write-down of subprime-related exposures.
Tuesday's rally has opened a buying window that won't be around forever.Investing can be confusing. Luckily, Cramer has mapped out some road rules for all you Home Gamers trying to navigate the jungle that is Wall Street. Think of it as "Mad Money 101" –- some fundamental advice to keep in mind as you play the market. Whether you're a first time investor or a seasoned financier, it's always good to remember the basics.
I haven't purchased a single Christmas gift for ANYONE that I know. For me, this may be inexcusable given the amount of time that I spend in malls for work. I'm trying to rein in my spending and apparently I'm in good company. According to the National Retail Federation, more than 70% of consumers have completed only 10% of their holiday shopping.
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).