Will Danoff of Fidelity's Contrafund warned of "elevated valuations" in the high-growth sector of the stock market.» Read More
Banks have been saddled with costs to replace cards and cover fraudulent charges tied to the theft from TJX, the owner of nearly 2,500 discount stores including T.J. Maxx and Marshalls.
At least 45.7 million credit and debit card numbers of TJX. customers were stolen from the discount retailer's computer system over several years, according to a regulatory filing by the company Wednesday.
Stocks closed mixed after the January consumer inflation report and higher commodity prices weighed on the broader market. "I think the stock market was more adversely affected than the long end of the interest rate market, but stocks have had such a nice run, I think people just used the Consumer Price Index as an excuse to take some money off of the table," Lou Brien, strategist at DRW Trading Group, told CNBC.com.
The discount store operator said fiscal fourth-quarter net income fell 29%, weighed by a charge from closing A.J. Wright Stores.
TJX, which owns clothing discounters T.J. Maxx and Marshalls, said on Friday that it authorized a new program to repurchase up to $1 billion of its common stock.
Struggling home decor retailer Pier 1 Imports on Tuesday said Alex Smith, who was most recently senior executive vice president with TJX , would become chief executive.
TJX, which operates the T.J. Maxx and Marshalls chains, said that the computer systems that process its customer transactions had been breached and customer information had been stolen.
Which retail stocks should investors keep an eye out for in ’07? Robert Buchanan, retail analyst for A.G. Edwards, and Dana Telsey, retail analyst and chief research officer for Telsey Advisory Group, were on “Morning Call” to give their picks. Buchanan has a buy on J. C. Penney . He says a slowing has already occurred and the company is poised for growth in the new year. Buchanan especially likes the management at Penney.