Wall Street spent Wednesday choosing between its faith in the judgment of billionaire investor Warren Buffett, who plowed $5 billion into Goldman Sachs, and fears about Washington’s handling of the proposed $700 billion mortgage bailout. In an interview with CNBC, Buffett said, “I am, to some extent, betting on the fact that the government will do the rational thing here and act promptly.” But concerns over the wrangling between the Bush administration and
Congress seemed to carry a bit more pull, with the Dow Jones Industrial Average closing down 0.3 percent, or 29 points, at 10,825.17. Retail stocks followed suit, with the Standard & Poor’s Retail Index off 0.5 percent, or 1.86 points, to 363.92. Luxe issues in particular took a hit after Neiman Marcus, which is privately held but has public debt, said its fourth-quarter losses more than doubled as high-end shoppers pulled back. Nordstrom stock dropped 5.8 percent to $29.81 and Saks was off 6.6 percent to $9 after hitting a new 52-week low earlier in the day. J. Crew also got hammered, with its stock falling 7.4 percent to $27.80. Among the companies in the WWD Stock Index posting the largest gains were three footwear firms: Crocs, LaCrosse Footwear and DSW.
“I see things on the hanger and I’m, like, ‘I never knew that color worked on me.’ It’s things you necessarily wouldn’t choose to wear, but once you put them on, you see why Janie is who Janie is." — Lily Collins on working with former "Mad Men" costume designer, Janie Bryant on creating looks for her role as Celia Brady's in Amazon series, "The Last Tycoon." 📸@jilliansollazzo #wwdeye
EXCLUSIVE: Sarah Rutson has been tapped to Build New American Fashion Group. The parent of Joie, Equipment and Current/Elliott hired the merchant to rev up its brands and expand its portfolio into designer, beauty and lifestyle categories. Read more on WWD.com, link in bio. #wwdfashion
Michael Kors' $1.3B Jimmy Choo deal has the company squaring off with Coach Inc. as both seek to build American powerhouses. Coach bought Stuart Weitzman in 2015 and Kate Spade just two weeks ago, but Michael Kors' acquisition may be putting pressure on its rival in the new push for scale. #wwdnews (📷: George Chinsee)
Meet actress Lucy Boynton, who plays opposite Naomi Watts in the recently released Netflix series "Gypsy." Boynton stopped by WWD to talk about her upcoming projects and her nomadic lifestyle. Get all the details on WWD.com. #wwdeye (📷: @dandoperalski)