- S&P to Hit 1,175 in the Short Term: Strategist
- Your Jobless Recovery Game Plan
- S&P to Hit 1,175 in the Short Term: Strategist
- Busch: US Health Care Bill a Concern for the Chinese
- Underwater Mortgages Could Sink Even Deeper
- My Market and Fed Outlook Now: BlackRock's Doll
- Farrell: The Market is Still Seeking Reassurance
- GM Cuts Losses—Plans Early Loan Repayment
- Schork Oil Outlook: Still Bearish Crude, But Skeptical
- What Recovery? Many Homeowners Still Underwater
- Gold Is in a 'Bubble' And Will Keep Going Higher: Gartman
- Madoff Auction: $4,750 for a Decoy Duck?
- Slideshow: Madoff's Luxury Boats Go Up for Auction
- Retail Sales Show Gain, But Manufacturing Gauge Slips
- Business Inventories Fall 0.4% in September
- Intel Plans to Increase Dividend 12.75%; Shares Gain
- Several Credit Card Companies See Default Rate Fall
- Fed Proposes Crackdown on Excessive Gift-Card Fees
MOST SHARED
- BlackRock: Central Banks To Be Net Buyers of Gold
- Millions May Have to Repay Part of Obama Tax Credit
- Weak US Housing Market Drags on Lowe's Profit
- Gold Is in a 'Bubble' And Will Keep Going Higher: Gartman
- Devon to Sell its Gulf, International Assets
- Madoff Auction: $4,750 for a Decoy Duck?
- Cisco Ups Tandberg Bid, Claims Over 40% Backing
- Underwater Mortgages Could Sink Even Deeper
- South Korea's Samsung Life aiming for 2010 IPO
ABOUT THIS BLOG
|
This blog will look at the winners and losers in the retail space. Who has the right strategy to capture consumer dollars? It also will look for trends in consumer spending and how that will impact the economy.
Text Size 
 |
It is fitting that Sears' annual shareholders' meeting is being held around the same time as the Berkshire Hathaway gathering.
Eddie Lampert, Chairman of Sears [SHLD
Loading...
()
] not only says that Warren Buffett inspired his investing sensibilities. Lampert is also compared to the "Oracle of Omaha."
But these days Lampert has been taking heat for Sears' 47% decline in share price this year and for Sears' continued sales declines.
That criticism is quiet though at this meeting today. Perhaps because Lampert so rarely speaks to analysts and never speaks to the press, many of the vocal critics have skipped out on this shareholder meeting.
Activist investor Bill Ackman is here but his questions though pointed, were relatively muted. Ackman explained his hedge fund's (Pershing Square Capital) motivation in buying 5M shares of Sears as due to Eddie Lampert's involvement.
The awe with which investors address Lampert reflects a similar respect/fear that maybe he's right--maybe he really does see something that Wall Street's measuing tools (same store sales, etc.) don't actually pickup on.
So far here are some highlights:
- Lampert doesn't see a turnaround so far in consumer economy and doesn't foresee one this year.
- He hasn't seen a benefit as yet from interest rate cuts but does think that there will be a benefit.
- He thinks the market is flooded with too many stores being opened by competitors.
- Brands seem to be the new bet for Sears--are brands/merchandising replacing Lampert's emphasis on the underlying real estate play?
- There is a fundamental shift in how consumers shop. Part of that is due to increasingly specialized brick and mortar as well as online retailers.
I'll be posting more notes from the meeting later today.
Questions? Comments?
- Where, what, how.
- CNBC's Jim Goldman asks: Has the sun begun to set on Twitter? Data suggests its best days are over.
- De Loach Vineyards is selling its pinot noir the old fashioned way, helping to cut energy and transportation costs.
- Why are the Chinese concerned about the progress of U.S. health care legislation?
- The president and founder of Genesis Today wants to improve America’s health, and thinks Wal-Mart can help.
- If a terrible driver on your morning commute has you feeling like you want to scream, check this out.
Data is a real-time snapshot *Data is delayed at least 15 minutes