Retailers will default, no matter how many sweaters you buy today
Associated Press Nov 28, 08 9:02 AM CST
(AP)
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Black Friday shoppers hunting for holiday bargains won't be enough to stave off what's likely to become the next economic crisis. Malls from Michigan to Georgia are entering foreclosure, commercial victims of the same events poisoning the housing market. Hotels in Tucson, Ariz., and Hilton Head, SC, also are about to default on their mortgages.
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Cost-cutting kills off plans for flashy new product lines
Wall Street Journal Nov 28, 08 8:17 AM CST
(Newser)
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Shifting consumer demand and the sagging economy spell trouble for Dell's turnaround strategy, the Wall Street Journal reports. Founder Michael Dell had been making progress since returning to the company last year with a two-pronged rescue plan, but weak sales mean his goals of cutting costs at the low end of the PC market while developing high-end gadgets are starting to conflict.
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MARKETS
Weekly declines inflated by Friday sell-off
MarketWatch Nov 14, 08 3:24 PM CST
(Newser)
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Poor earnings dragged the markets down today, as consumers’ reluctance to spend continues to hammer firms reliant on discretionary spending, MarketWatch reports. The day's losses capped weekly declines of at least 5% for all the indices. The Dow fell 337.94 to close at 8,497. The Nasdaq lost 79.85 points, settling at 1,517, while the S&P 500 shed 38.00 points to close at 873.29.
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MARKET Open
Host of negative news hurts markets
Wall Street Journal Nov 14, 08 8:46 AM CST
(Newser)
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Stocks tumbled at the open today, after a raft of negative news overshadowed yesterday’s big rally. The Dow fell 128 points, while the Nasdaq and S&P shed 2% and 1.8% respectively. The Dow shot up more than 500 points yesterday, but today brought a dismal quarterly report from Freddie Mac, a slashed outlook from Nokia, and a record decline in retail sales in October.
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No-interest credit appeals to consumers
MSNBC Nov 10, 08 1:59 PM CST
(Newser)
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With consumers strapped and credit short, retailers are reviving an older kind of financing: layaway. Although the arrangement was considered obsolete when Wal-Mart closed its layaway department in 2006, retailers such as TJ Maxx, Goody’s, Marshalls and the Burlington Coat Factory have moved to offer the service, especially as the holiday season approaches. MSNBC takes a look.
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Ominous sign of dismal holiday season
New York Times Nov 7, 08 6:04 AM CST
(Newser)
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Retail sales plummeted last month ahead of the holiday shopping season—which threatens to be the worst in decades, the New York Times reports. The downturn ran the gamut from upscale department stores to shops like the Gap. Neiman Marcus saw a 28% drop compared with the same month last year. Sales fell 20% at Abercrombie & Fitch, and Saks sales plunged 16%.
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MARKETS
Worrisome news on retail, jobs sink stocks
MarketWatch Nov 6, 08 3:30 PM CST
(Newser)
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Stocks added to yesterday’s deep declines with the major indices registering falls of 4%-5% today, MarketWatch reports. A string of poor retail reports soured confidence ahead of tomorrow’s October unemployment report, expected to be grim. The Dow fell 443.48, dropping below the 9,000 mark to 8,695.79. The Nasdaq lost 72.94 to 1,608.70, and the S&P 500 shed 47.89 to settle at 904.88.
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MARKET Open
Same-store sales weak in October
Wall Street Journal Nov 6, 08 8:51 AM CST
(Newser)
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Stocks took a modest slide at the open today, thanks to dismal data from retailers. The Dow fell 57 points, while the Nasdaq and S&P dropped 1.1% and 0.9% respectively, the Wall Street Journal reports. Most retailers, with the notable exception of Wal-Mart, posted bleak same-store sales for October, which, combined with Cisco slashing its current-quarter estimates, overshadowed any bump from European rate cuts.
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Retailer expects blockbuster season as cash-strapped shoppers seek bargains
New York Times Nov 6, 08 3:33 AM CST
(Newser)
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Wal-Mart is readying for bumper sales while most US retailers brace themselves for a miserable holiday season, the New York Times reports. Squeezed consumers are flocking to the discount chain as the economic downturn begins to bite. The firm is expected to report a modest increase in sales for October, while most retail chains fear a coming "bloodbath" of huge sales slumps.
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71% miss projections, worst showing since September of 2000
MarketWatch Oct 9, 08 4:42 PM CDT
(Newser)
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With the holiday season looming, retailers' only hope may be a genuine Christmas miracle. In reports on last month's business, 71% of retailers missed sales and profits estimates, making it the worst September since data collection began in 2000, MarketWatch reports. Experts widely attributed the dismal numbers to the struggling economy and a dearth of credit, while some stores blamed disastrous weather for low traffic. Only value and off-label stores beat expectations.
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Rivals match Wal-Mart price cuts as retailers target cash-strapped shoppers
Wall Street Journal Oct 9, 08 5:39 AM CDT
(Newser)
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Toy retailers have commenced a fierce price war as a particularly tough holiday season bears down upon them, the Wall Street Journal reports. Wal-Mart cut prices to $10 on key toys including Barbie and Hot Wheels last week, a move quickly mirrored by rivals KB Toys and Target. Toys 'R' Us, meanwhile, plans to focus on choice instead of cheapness.
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Unending bad news has sent consumer confidence reeling
New York Times Oct 6, 08 7:34 AM CDT
(Newser)
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Consumers, hit by a tsunami of economic bad news, have dramatically cut back spending in recent weeks, on everything from clothes to cars to airline travel to dining out, reports the New York Times. The slowdown all but guarantees a drop in consumer spending for the third quarter, the first quarterly decline since 1991.“The last few days have devastated the American consumer,” says one analyst. “They all feel poor.”
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