Retail stocks rose 1.5 percent Thursday, making up most of the ground lost in three consecutive days of declines.
The S&P Retail Index ran up 6.08 points to 407.27 and outpaced the Dow Jones Industrial Average, which advanced 0.7 percent, or 68.78 points, to 10,405.83. The Hang Seng Index fell 0.2 percent in Hong Kong as the FTSE 100 rose 0.8 percent in London and the CAC 40 perked up 1.1 percent in Paris.
U.S. consumer stocks rallied despite a Labor Department report showing a 17,000 rise in jobless claims last week while economists were expecting a milder increase of 3,000.
Shares of The Warnaco Group Inc. rose 1.4 percent to $42.62 after Standard & Poor’s said it was considering an upgrade for the firm’s credit rating. Warnaco is currently rated “BB-plus” and an upgrade would get the company’s debt out of junk bond territory.
“Warnaco’s operating performance has been good despite the recession and weak retail environment, and credit metrics have remained stronger than the rating,” said S&P.
After the markets closed, Hanesbrands Inc. said its recent debt refinancing would allow it to make “bolt-on acquisitions” in the $200 million to $300 million range, as opposed to previous covenants that limited acquisitions to $100 million annually. S&P removed the company from CreditWatch negative, raised the rating on its unsecured debt to “B-plus” from “B” and gave its new notes a “B-plus” rating.
Shares of CIT Group Inc. rose 13.7 percent Thursday as they commenced trading on the New York Stock Exchange on the same day the firm exited bankruptcy court proceedings. Shares of the financial services firm, which trades under the same CIT ticker symbol used before its bankruptcy, closed at $28.99, up from when trading began earlier in the day at $25.50. CIT filed a prepackaged bankruptcy on Nov. 1, and received Manhattan bankruptcy court approval of its plan of reorganization on Tuesday.
My character, Dinah Madani, is just the coolest, [most] badass woman imaginable," says @amberroserevah. The actress stars in @marvel's newest series on @netflix, @thepunisher. To prepare for her role, Revah sat down with Homeland agents to get a real sense of with Dinah's day-to-day life is really like. Read our full interview on WWD.com. #wwdeye (📷: @jilliansollazzo)
A scene from the 91st annual @macys Thanksgiving Day Parade. The parade, which boasts 50 million TV viewers and 3.5 million on-site spectators, is considered one of the largest and most watched parades in the world. (📷: Jason Szenes/EPA-REX)
The circus came to @bloomingdales 59th Street on Tuesday night and lit up Lexington Avenue with acrobatic dancers, death-defying knife throwing, sword swallowing and aerial acts with no net. The 45 minutes of theatrics built up to unveiling the holiday windows depicting @swarovski crystal-encrusted circus pieces and scenes from “The Greatest Showman” – songs from the soundtrack included. See the rest of the photos on WWD.com #wwdfashion (📷: Joshua Scott)
The psychedelic fashion that pervaded the ’60s is back with an exhibit at the @museumofcityny. “Mode New York: Fashion Takes a Trip” chronicles the changing styles from 1960 through 1973 and features designers such as @ysl, @oscardelarenta and more. The exhibition, which is on display through April 1, is organized into four periods: First Lady Fasion, Youthquake, New Bohemia and New Nonchalance. Pictured here is model Pat Bardonella during the Garvey Day Parade in 1968. (📷: @kwamebphoto) #wwdeye #wwdfashion
“People should be a lot more honest in expressing both the dark and light of themselves. We need to give each other the space to do that because it’s the only way we can grow and evolve,” says @noelwells of her new film “Mr. Roosevelt,” which is largely based on her own struggles. Unexpectedly leaving @nbcsnl in 2014 after just one season, Wells felt set back in her self-esteem and career trajectory. She quickly refocused her energy to more personal projects, which led to the completion of “Mr. Roosevelt.” Read the rest of WWD’s interview with the “Master of None” actress on WWD.com #wwdeye (📷: @jilliansollazzo)
@barbrastreisand is giving fans a chance to see her perform up close in a new concert series, which makes its debut on @Netflix today. From behind-the-scenes takes to her concert performance in Miami last December, the two-hour streaming special captures Streisand in her element. Pictured here is the singer/actress photographed for WWD in 1963. (📷: Palmieri Tony) #wwdeye #wwdarchive
@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)