J.C. Penney is about to undo the centerpiece of former Chief Executive Officer Ron Johnson's failed vision to take the retailer upmarket.» Read More
Fewer store visits and aggressive pricing at the start of the season by big retailers like Amazon.com Inc and Wal-Mart Stores Inc left many chains with little choice but to offer sweeter deals this holiday season. Those bargains led many chains, including L Brands, Family Dollar Stores Inc and teen retailer Zumiez Inc, to slash their profit forecasts.
Macy's is becoming an innovator, but don't expect that to carry through to other retailers.
L Brands cut its earnings forecast for the holiday quarter on Thursday after reporting disappointing December sales at its Victoria Secret and La Senza chains. Family Dollar Stores Inc and teen retailer Zumiez Inc, which both reported sales declines for December, also slashed their profit forecasts.
Some of the names on the move ahead of the open.
Companies making headlines after the bell Wednesday:
Department store operator Macy's forecast earnings for the coming year above Wall Street's estimates and announced a new cost cutting plan. Shares up.
By Maria Ajit Thomas and Phil Wahba. Retail sales between Thanksgiving and Christmas rose 2.7 percent, compared with 3.0 percent a year earlier, while the number of people walking into stores across the United States declined 14.6 percent, ShopperTrak said.
Some of Wednesday's midday movers:
J.C. Penney reaffirmed its fourth-quarter outlook, but analysts caution the retailer still isn't where it needs to be in its turnaround efforts.
Analyst Brian Sozzi has detailed pics and stats arguing his case about why Sears is experiencing a slow death. Sears has come out swinging against him, going so far as to accuse him of working for Macy’s.
*Men's Wearhouse to nominate two directors to Jos. Jan 6- Men's Wearhouse Inc mounted a hostile $1.61 billion bid for Jos. A. Bank Clothiers Inc in an attempt to break the resistance of its smaller rival and pacify investor demand for a merger of the suit retailers. Men's Wearhouse offered $57.50 per share for Jos.
Jan 6- Apparel retailer Men's Wearhouse Inc mounted a hostile bid for rival Jos. A. Bank Clothiers Inc with a raised offer, days after the smaller rival upped its buyout defenses. Men's Wearhouse said it offered to acquire all outstanding shares of Jos.
Jan 2- Martha Stewart Living Omnimedia Inc said on Thursday it settled a lawsuit with retailer Macy's Inc over a home products deal with J.C. Penney Co Inc.. The company's shares rose as much as 8 percent to their year-high of $4.55 on the New York Stock Exchange.
NEW YORK- World equity markets kick off 2014 with a whimper as slightly disappointing Chinese manufacturing data triggers some profit-taking, while oil prices ease as Libya prepares to reopen a major oilfield.
Some of Thursday's midday movers:
Editor: Jonathan Oatis +1 646 223-6301 Global Picture Desk:+ 65 6870 3775 Global Graphics Desk:+ 65 6870 3595. MILAN- Fiat shares jump after it strikes a $4.35 billion deal to gain full control of Chrysler Group LLC, but doubts remain over whether the Italian carmaker can use the merger to cut losses in Europe. (FIAT-CHRYSLER/ (UPDATE 3, moved, by Agnieszka Flak, 820 words).
Jan 2- Martha Stewart Living Omnimedia Inc said on Thursday it settled a lawsuit with retailer Macy's Inc over a home products deal with J.C. Penney Co Inc.. Martha Stewart did not disclose the terms of the settlement, but said the deal would not be material to the company.
After nearly a year of legal wrangling, Macy's and Martha Stewart Living Omnimedia have settled a dispute over exclusive rights to its home products.
Jan 2- Martha Stewart Living Omnimedia Inc said it had settled a legal dispute with retailer Macy's Inc over exclusive rights to its home products. Terms of the settlement were not disclosed. Macy's sued J.C. Penney Co Inc and Martha Stewart after the two announced a partnership in December 2011.
A number of specialty stores have pumped the brakes on their dramatic discounts, but department stores are still offering big price cuts.