Retail shares bounced back Monday in intraday trading after the S&P Retail Index fell to its lowest point in nearly 11 months, then rallied to close up 2.2 percent to 478.89.
The index opened flat from Friday's close at 468.47, fell to 463.55, its lowest intraday trading point since last September, and then made steady gains throughout the day.
"What we are getting today is a dead cat bounce in what remains a depressed market," A.G. Edwards analyst Robert Buchanan said. "The bears out there are probably talking about a recession and that's what we are seeing."
By the end of the trading day, there were more gainers among retailers than losers. Among the winners were Pacific Sunwear of California Inc., up 6.5 percent to close at $16.98; J.C. Penney Co. Inc., up 5.8 percent to close at $69.53, and Kohl's Corp., up 5.2 percent to close at $60.31. Shares of Tiffany & Co. lost ground, down 5.6 percent to close at $45.82.
Meanwhile, shares of Hot Topic Inc. marked a new 52-week low of $7.47 and closed down 3.7 percent to $7.97. In the past 52 weeks, the stock traded between $8.16 and $14.45.
Last week, Buchanan cut his rating on Hot Topic to "sell" from "hold" based on negative performance momentum and dull back-to-school prospects.
"I think this is a good management team but they're stuck in a tough situation. The store base is maxed out at 694 stores," said Buchanan, who noted Hot Topic's past success was rooted in its appeal to the "James Deans of the teen generation," a notoriously hard group to get into the mall.
And shares of The Bon-Ton Stores Inc. hit a new 52-week low Monday after First Albany Capital started coverage of the department store chain with a "neutral" rating.
"We believe that Bon-Ton should trade at a discount to the peer group because of the increasing reliance on [the second half of 2007, particularly the fourth quarter], to achieve management's guidance, and the uncertainty that the back-end weighting creates, as well as Bon-Ton's significant debt load," said First Albany analyst Paula Kalandiak in a research note.Shares of Bon-Ton closed down 11 percent to $20.81. Earlier Monday, the stock fell to a new 52-week low of $20.27, down from its previous low of $23.12.
“What he has done at Vuitton is really exceptional,” said @gameofthrones’ actress Gwendoline Christie on @mrkimjones’ final show for @louisvuitton. “He has rebooted luxury in terms of making it commercial, viable and contemporary. And most importantly artistic. He has never compromised his artistic vision for the sake of commodity.” (📷: @zefashioninsider)
After seeing a demand for men’s wear from its customers, British contemporary women’s wear label @ariesarise has added a men’s wear component and will launch a unisex collection with @mrporterlive. The 20-piece collection includes jackets, denim, logo T-shirts and more with deconstructed ‘90s vibes. Set to launch on January 18, you can shop the pieces on Aries’ website and on mrporter.com. #wwdfashion
“And so spending so much time with a character who thinks like that, inevitability you try and analyze yourself and go back and think about your own demons and dark chapters that you had in your life,” says @thedanielbruhl of his role in TNT’s “The Alienist.” The show, set in the Gilded Age of New York, also stars Dakota Fanning and Luke Evans. Head to WWD.com to read about how 39-year-old Brühl prepared for the role and why he thinks the show is so relevant to today #wwdeye ( 📷: @Eriktanner)
Now that Celine Dion’s collection has topped $10 million in sales, the pop superstar, fashion icon and newly-minted industry player is eyeing growth in Asia. Read the full report by @tiffanyap, link in bio. #wwdnews #celinedion
“My personal philosophy to beauty is paying attention to oneself. I love to be outdoors, lots of fresh air, trying to take care of yourself as best you can. I always notice that comes through,” says Felicity Jones, the global face of @shiseido-owned @cledepeaubeauteus, which launches today. Head to WWD.com to read more about the actress’ love for beauty and how she prepared for her new role in “The Basis of Sex,” playing the young Ruth Bader Ginsburg. #wwdbeauty (📷: @dandoperalski)
Among the familiar faces at @off____white’s show was a surprise figure: Japanese artist @takashipom, pictured here on Wednesday morning. Other show-goers included @jerrylorenzo, who spoke about his upcoming project: a @nike collaboration for back to school, with designs inspired by his childhood on the West Coast. Sitting in the front row were Future, Don Crawley, @miguel and more. See the rest of the photos on WWD.com #wwdeye (📷: Stephane Feugere)
According to @laurentsai, former “Terrace House: Aloha State” cast member, she didn’t know she was auditioning for the Japanese version of “Real World.” “I was telling a couple of my friends and someone’s like, ‘That sounds a lot like Terrace House.’ I was like, ’No it can’t be.’” Turns out, it was. But Tsai isn’t just a reality star — she’s an illustrator who has worked with Starbucks Japan and most recently, she’s dipping her toes into the fashion world. Head to WWD.com to read about her time on the show, modeling and her art. #wwdeye (📷: @danieldorsa)
More changes are coming to New York Fashion Week: Beginning with the spring 2019 collection, @alexanderwangny will move his New York show to June from September, adopting a biannual schedule with collections shown in June and December. Additionally, the @cfda is planning for an official summer/winter fashion season taking place as soon as June and December 2018. Read more about the upcoming changes on WWD.com. #wwdnews #wwdfashion (📷: @slovekinpics)