Macy's will open the doors to its full-line department stores at 6 p.m. on Thanksgiving Day, two hours earlier than last year.» Read More
We are entering a period of poor economic data, even poorer than the previous months, as evidenced by the retail sales data today.
Late in the day Treasury Secretary Paulson did disappoint traders by saying it would take several weeks before Treasury would buy assets, but he also mentioned the powers to inject capital into financial institutions that the Treasury now has.
Due to the Yom Kippur holiday tomorrow, a number of retailers are reporting September same store sales a day early. In general, discounters (ex-Target) outperformed, so Wal-Mart, Costco BJ, and Fred's all did fairly well.
This sector is "very vulnerable," Cramer says, and needs Congress to act quickly.
Attention Wall Street: Add the precipitous slowdown in consumer spending to the list of worries and reasons to think a recession is underway or imminent.
For the week ending Friday, September 5, 2008, the U.S. markets ended in negative territory for the week after weak employment data and declines in auto and retail sales pointed to weaker consumer spending and a greater economic slowdown. The unemployment rate jumped to a 5-year high, soaring to 6.1%. On Thursday, the three major Indices fell back into bear market territory by dropping 20% from their market peaks set last fall. Both the Dow & Nasdaq Composite had their worst daily closes since July 26, with drops of more than 340 points for the Dow and 75 points for the Nasdaq.
Investors sent The Dow and the overall stock market sharply lower on Thursday amid signs that the economic slowdown is showing no sign of improvement.
Yesterday, Kohl's and JC Penney reported August same store sales slightly better than expected. Today Wal-Mart, Target, Gap, American Eagle (reaffirms third quarter guidance), Pacific Sunwear all reported sales above expectations. However, department stores did not fare as well.
Stocks ended a mundane week mixed, despite modest gains Friday fueled by plunging oil prices that nevertheless couldn't offset a cautionary trading environment.
Q: On Fast Money’s trader radar we look at the stock that was lighting up screens across Wall Street. This department store chain uses a ticker symbol after its founder, John W., a Swedish immigrant with an affinity for shoes. The retailer’s now better-known for its unrivaled level of customer service. But it couldn’t help letting down some of its shareholders today, after reporting smaller profits and lowering its full-year forecast. Who is it???
Wall Street shook off more signs of consumer weakness and instead focused on plunging oil prices, sending stocks up as financials continued to gain.
Yesterday it was Europe announcing weak economic growth, today it is Hong Kong, where Q2 GDP fell by 1.4 percent quarter-over-quarter. Year-over-year, GDP rose 4.2%, the slowest gain since Q3 2003. Higher costs from China, as well as weaker demand, was the culprit.
Stocks rose on Thursday as another decline in the price of oil buoyed hopes that consumer spending will recover. Also financial shares bounced back from a sharp two-day sell-off.
It didn't start out promising: CPI stronger than expected, jobless claims stronger than expected, but the market rallied quickly as bulls argued that inflation was peaking, that the U.S. is further along this weak economic cycle than anywhere else in the world, and the dollar rally would be helpful as well.
Brace yourself. Here come the retailers' earnings. With back-to-school sales reportedly lackluster this year, who looks good to the people who look at retail stocks?
Medal Round - Day 2: The US continues to outperform, but India's Sensex has surged forward to second place.
This invitation-only event provides a runway platform for designers' swimwear and resort collections with exposure to national and international media, style setters and fashionistas.
Jon Hilsenrath, money and investing news editor at The Wall Street Journal, offered CNBC his weekly "Five for Five": the five stocks investors must watch this week.
Stocks could sprint higher into the coming week, as a strengthening dollar and declining commodities prices encourage buyers hoping for a reprieve from inflation.
Retailers, including Wal-Mart Stores, are posting solid same-store sales growth in June, as expected, as seasonal weather and tax rebate checks helped get consumers to the store.