European stocks have closed on the lows of the day. This may help US market: European institutions should be done selling stocks and the euro...this may help lift the euro and weaken the dollar.
Retailers: what does J Crew buyout say about retail? J Crew not only reported that it was being purchased for $43.50 by TPG and Leonard Green, a 16 percent premium, but also reported lousy earnings. The most important metrics were a miss: margins and revenues. And guidance for the remainder of the year is also below expectations.
So they report bad results and they still get taken over? This is chasing shorts out of many names in retail--that's why names like JC Penney, Macy's, Abercrombie, Gap are trading up on a down day.
This, on the day when Bain Capital completed its LBO of Gymboree for $1.8 billion.
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