By and  on January 21, 2014

The S&P 500 Retailing Industry Group dipped just 0.01 percent to 912 on Wall Street today as the Dow Jones Industrial Average retreated 0.3 percent to 16,414.44.

Among the decliners were Jos. A. Bank Clothiers Inc. and The Men's Wearhouse Inc., which have been in a buyout battle since last fall.

Eminence Capital has a stake in both firms and tapped Bruce Klatsky and Norman Matthews for election to Bank's board of directors. The hedge fund said however that it would back MW's own nominees, Arthur Reiner and John Bowlin, if they're still in the running at the time of Bank's annual meeting later this year. Shares of Bank fell 1.2 percent to $55.80, while those of MW slipped 1.6 percent to $49.65.

Also falling was Target Corp., which was downgraded by Faye Landes at Cowen & Co. to "underperform" from "market perform" due to the costs associated with the data breach issues. The price target was lowered to $47 from $66. Shares of discounter fell 1.7 percent to $59.20.

Among the top retail and apparel gainers for the day were Under Armour Inc., up 3.4 percent to $84.78; The Gap Inc., up  2.6 percent to $38.26, and Tandy Brands Accessories Inc., up 2.4 percent to 26 cents.

In Europe, the stock markets made marginal gains at the close of trading, with the exception of the FTSE 100 in London, which slipped 0.04 percent to 6,834.26.

The DAX in Frankfurt was up 0.2 percent to 9,730.12, followed by the FTSE MIB in Milan, 0.1 percent to 19,995.75, and the CAC 40 in Paris 0.02 percent to 4,323.87.

The euro traded at $1.35 against the U.S. dollar, while the pound fetched $1.64 and the Swiss franc went for $1.10.

The day’s biggest gainers included Unilever, up 2.8 percent to 29.50 euros, after reporting an 8.8 percent rise in 2013 profits; Tod’s, 2.2 percent to 114.60 euros; French Connection Group, 3.6 percent to 0.37 pounds; and Next plc, 1.3 percent to 63.35 pounds.

Among the stocks that lost the most ground were Brunello Cucinelli, down 3.5 percent to 22.01 euros; Geox, 1.5 percent to 2.95 euros, and Moncler, 6.5 percent to 13.60 euros.

To access this article, click here to subscribe or to log in.

To Read the Full Article

Tap into our Global Network

Of Industry Leaders and Designers

load comments
blog comments powered by Disqus