Wall Street had a bit of a breather Wednesday as it took stock of Lehman Brothers’ $3.9 billion third-quarter loss and the investment house’s plans to raise new funds. After rising sharply on Monday after the Fannie Mae-Freddie Mac bailout and almost as much on Tuesday, the Dow Jones Industrial Average advanced 38.19 points, or 0.3 percent, to close at 11,268.92. The Standard & Poor’s 500 Index was up 0.6 percent, to 1,232.04, but the S&P Retail Index didn’t
This story first appeared in the September 11, 2008 issue of WWD. Subscribe Today.
make it into positive territory, ending at 407.69, down 0.1 percent. Coming off a quarterly loss and an earnings decrease, respectively, that were better than analysts had anticipated, vendors G-III Apparel and Oxford Industries were among the strongest performers, advancing 11.7 and 8.4 percent, respectively. Ashworth declined 6 percent after reporting a large third-quarter loss and saying it would explore a sale, merger or other transaction. Casual Male Retail Group led all stocks tracked by WWD with a 13 percent leap after S&P’s initiated coverage of the firm with a “hold” rating. In Europe, Richemont’s shares surrendered 7.7 percent of their value after the company reported a slight slowdown in its growth rate, while Burberry and Swatch were down 6.1 and 5.3 percent, respectively.
* Editor’s note: European stocks are quoted in the currency of their principal exchanges. Shares on the London Stock Exchange are quoted in pence, Richemont and The Swatch Group are quoted in Swiss francs and Hennes & Mauritz is quoted in Swedish kronor. All other European stocks are in euros