Clear Channel Communications Inc. kicked off the week's biggest stories, following news that the radio and media company's stalled buyout was back on track.

Teen retailer Abercrombie & Fitch Co. said Friday that its first-quarter earnings rose 3 percent from a year ago on stronger sales.

Macy's Inc <M.N> and FAO Schwarz said on Friday they signed an agreement under which the specialty U.S. toy retailer's toy stores will be opened in about 685 Macy's locations over the next two years.

NEW YORK (Reuters) - Macy's Inc <M.N> and FAO Schwarz said on Friday they signed an agreement under which the specialty U.S. toy retailer's toy stores will be opened in about 685 Macy's locations over the next two years.

Department store stalwarts J.C. Penney Co., Nordstrom Inc. and Kohl's Inc. all reported steep drops in first-quarter profits on Thursday as Americans snub apparel to focus on basic necessities at discounters in a challenging economy.

The weak economy took its toll on department stores on Thursday, as retailers Nordstrom, Kohl's and J.C. Penney reported lower first-quarter net profits, with all citing challenges stemming from the weakened U.S. economy.

By Alexandria Sage

Billionaire investor Carl Icahn reported a new stake in Amylin Pharmaceuticals Inc. as of March 31 but no longer owned shares of department store chain Macy's Inc. and railroad operator CSX Corp., according to a quarterly regulatory filing Thursday.

Luxury retailer Nordstrom Inc. said Thursday its profit fell 24 percent in the first quarter, as recession rumblings in the U.S. crimped even wealthier consumers' shopping habits.

Kohl's Corp <KSS.N>, a mid-priced retailer of apparel and home goods, reported lower first-quarter profit on Thursday, and said its sales outlook remained conservative for the year.

CHICAGO (Reuters) - Kohl's Corp <KSS.N>, a mid-priced retailer of apparel and home goods, reported lower first-quarter profit on Thursday, and said its sales outlook remained conservative for the year.

Among the earnings stories for Wednesday, May 14, from AP Financial News:

Among the earnings stories for Wednesday, May 14, from AP Financial News:

Among the sector activity stories for Wednesday, May 14, from AP Financial News:

Macy's Inc <M.N> reported a quarterly loss on Wednesday, hurt by restructuring costs and falling sales, but the department store operator stood by its full-year earnings forecast and its shares rose as much as 8 percent.