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.
@chanel and @pharrell dropped what’s being dubbed as the world’s most exclusive sneakers yesterday. The Adidas Originals NMD Hu, which Williams designed in collaboration with Chanel and @adidasoriginals, has a waiting list of over 120K people who pre-registered online at chanelatcolette.fr –– and only 500 pairs are on sale. The singer predicted the resale value of the shoes could reach $40K. Read the full interview on WWD.com. Link in bio. #wwdfashion (📷: Dominique Maître)
@imanshumpert is diving deeper into his creative endeavors and relaunching his clothing line, Post 90s, and is helping to raise money for the hurricane victims in St. Maarten with a jersey he’s designed with his brother. The Cleveland Cavaliers player talked to WWD about kneeling during the national anthem, working with fashion brands and how he wants to be more than an @nba player. Read the interview on WWD.com #wwdfashion (📷: George Chinese)
Not only does #TheProfit return to CNBC tonight, but @marcuslemonis has launched @shopmarcus, a new shopping and lifestyle retail experience in Aspen and Chicago, with more locations to come. The retail stores offer in-store stylists and a variety of contemporary womenswear selections.
“It’s life, I’m going to face it,” @mingxi11 sighed. “I fell, but you know, I think the most important thing is that I get back up. I had the love, the help from my sister — the girl next to me Gizele [Oliveira] — she’s so nice. When I went backstage everybody was trying to comfort me like ‘Oh Ming, it’s OK.’ I’m really, really touched. I think it’s them who gave me the courage to go back on stage for the finale,” Xi told WWD of her fall at the @victoriassecret fashion show. (📷: David Fisher) #wwdfashion #vsfashionshow #victoriassecret
@louisvuitton tapped @therealpeterlindbergh for its latest city-centric photo book, which is part of a series called Fashion Eye. The primarily black and white book captures the spirit of Berlin in 57 images shot between 1989 and 2019. “Berlin is an inspiration for me, more than a city. I mean @millajovovich is simply Berlin!” said Lindbergh. #wwdfashion
“You know, I think audiences expect a certain performance so I have to deliver to them what they’re expecting to a certain degree. But I’m also a different actor and a different person, I have my own spin on the character,” says @noahegalvin of his takeover of the leading role in “Dear Evan Hansen” following the departure of @bensplatt, who originated the role. Read WWD’s interview with the 23-year-old actor on WWD.com #wwdeye (📷: @jilliansollazzo)
For pre-fall 2018, @etro created richly-colored wonderland, using tapestries, textiles and wallpapers from the Eastern world at large. The line featured floral and graphic prints and jacquard motifs, like this two-piece look featured here. #wwdfashion (📷: Giovanna Pavesi)
@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)