Dow Sinks 300 On Weak Retail, Economic Data
More News related to ANF
- Abercrombie & Fitch Selects Ariba for Spend Management
- Pali Research Maintains a 'Sell' Rating on Abercrombie & Fitch (ANF), Lowers Estimates and Price Target
- Notable Analyst Rating Changes 11/25: BDK, LEN, PSA, ANF Upgraded; MTL, SLG, CPB Downgraded
- Cowen & Co Upgrades Abercrombie & Fitch (ANF) to Neutral
- Unusual 11 Mid-Day Movers 11/20: PERY, PALM, GYMB, NED Higher; TARG, PAY, EGLE, KWK Lower
More News related to LTD
- VIDEO: Victoria's Secret Opens its Most Glamorous and Luxurious Store Ever
- Limited Brands Invites You to Listen to Its November Sales Report Webcast
- David Moenning's Daily State of the Markets: 12/01
- Notable Analyst Rating Changes 12/01: PRU, TOL, DO, WLP Upgraded; SNP, LTD, COG, ADM Downgraded
- Citi Analyst Comments on Black Friday Sales; Strongest at ARO, GPS, PSUN, and URBN - Weakest at LTD and AEO
More News related to WMT
- Wal-Mart Launches Green Jobs Council
- Walmart.com Kicks Off 'Cyber Monday' With Unbelievable Prices on Over 150 Top Online Gifts, and Extends Event for Five Straight Days at www.walmart.com
- Wal-Mart (WMT) Issues Statement After Worker Killed By Black Friday Stampede
- Retailers Hope For Strong Start To An Expected Weak Holiday Spending Season
- Wal-Mart (WMT) volatility Elevated at 45 into Holiday shopping
More News related to General News
- Bed Bath & Beyond (BBBY) Lowers Q3 Guidance
- Audi Reports a 25.4% Decline in November Sales
- Horrid November Sales Shows Automaker Struggles
- Nissan North America (NSANY) Reports 42.2% Decline in November Sales
- General Motors Canada (GM) Reports Drop In November Sales
The Dow is down over 300 points with an hour of trading left in the session, as a new wave of negative economic data and weak retail sales numbers have investors in a sour mood.
This morning, the ADP National Employment Report showed that private sector employment decreased by 33,000 in August, versus the consensus of a 30,000 drop. Also, initial jobless claims were 444,00, which was above the consensus of 420,000.
The ISM Services Index was a rare bright spot, showing a gain to 50.6 which was above the consensus of 49.5.
Strong August sales results from discounter Wal-Mart (NYSE: WMT) proved to be bad news for most everyone else, including teen retailer Abercrombie & Fitch (NYSE: ANF) and intimate apparel retailer Limited Brands (NYSE: LTD). As more and more shoppers go to Wal-Mart to stretch their dollar it is taking away sales from the specialty brands.
Financials were under pressure again as some fed talk suggested the housing market has not bottomed and the credit crisis may be deepening. The key ETF for the sector, Financial Select Sector SPDR (AMEX: XLF), is down 4%.
Related Categories
General NewsStocks Mentioned
+0.35Related Entities
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!
