Retail stocks and the major indices edged higher Thursday as investors weighed unexpectedly downbeat news about retail sales and jobs against signs, such as those issued Wednesday by the Federal Reserve, that the economy is stabilizing.
Although retail sales fell 0.1 percent in July and new unemployment claims rose to 558,000, both worse than analysts had expected, the S&P Retail Index picked up 0.3 percent to 367.91 as Wal-Mart Stores Inc. and other major stores reported better results than forecast. The Dow Jones Industrial Average rose 0.4 percent to 9,398.19 while the S&P 500 was up 0.7 percent to 1,012.73.
Shares of CIT Group Inc. spiked 13.3 percent to close at $1.45 after the company and the Federal Reserve Bank said they’d agreed for CIT to provide a capital plan on how it will maintain sufficient funds for its Utah-based bank and bank holding company.
CIT has agreed to submit details within 15 days on how it will improve the management of its liquidity position. Within 60 days, it is required to address credit risk management, such as allowances for loan and lease losses. The final task, due within 75 days, will be to outline a business plan addressing management and corporate governance.
Separately, CIT said its board adopted a rights plan to prevent shareholders or groups of shareholders from becoming owners of more than 5 percent of the firm’s stock. Although often devised to prevent takeovers, CIT said its program is designed to protect the firm’s “ability to utilize its net operating losses and other tax assets.”
Charming Shoppes Inc.’s shares jumped 11.4 percent to close at $5.65 after the specialty apparel retailer said it will sell its private label credit card program to Alliance Data Systems Corp. for a consideration totaling $110 million. The two parties signed a long-term operating agreement in which Alliance Data will service the private label credit card program.
@kith is moving into children’s. The men’s and women’s streetwear brand has launched Kidset, a Kith kids line located in New York at 64 Bleecker Street. The line includes mini versions of staple Kith pieces like the Astor bomber jacket and the Kith box logo sweatshirts, along with a wall that can display up to 120 pairs of shoes from @adidas, @newbalance, @timberland and more. #wwdfashion
“I just wanted to create this fully rounded character, but I do think what excited me most was just the opportunity to give a group of people representation that I feel needs it. I like to do characters in projects that stand for something and Karolina definitely does, so that was really exciting to me,” @ginnygardner says of her new role in @hulu’s “The Runaways.” Gardner plays Karolina Dean, a queer superhero, which is a rarity for @marvel. Read more about Gardner’s character on WWD.com #wwdeye (📷: @dandoperalski)
@heriethpaul and @gracebol have a moment on the @victoriassecret fashion show 2017. See every look from the runway on WWD.com. Link in bio. (📷: @giovanni_giannoni_photo) #wwdfashion #victoriassecret #VSFashionShow
“Azzedine has been one of the biggest influences in my life. He has always been such a strong, loving, fatherly figure to me. I call him Papa. His designs are indescribably unique, they are pieces of art. He knew how to make the female form look its loveliest. I have so many memories of him; my favorite might be during my first show with him in Paris. He liked me and he wanted to help me get more work. He called all his friends at Kenzo and Comme des Garcons, and asked them to book me. They said, ‘But she can’t walk!’ And he said, ‘but she has such a great ass!' His friendship and support has been the great privilege of my career. I can't imagine life without him. Repose en paix mon Papa.” - @stephanieseymour tells @wwd. #wwdfashion (📷: @steveeichner) #alaia #azzedinealaia
Azzedine Alaïa, flanked by two of his closest friends, models Stephanie Seymour and Naomi Campbell.
He designed Seymour’s dress for her 1995 wedding to Peter Brant, and treated Campbell (who famously called him Papa), like a daughter. For more on the legendary designer, tap the link in bio. #wwdfashion #alaia #azzedinealaia