Trade and currency tensions between the U.S. and China, and much of the rest of the G-20, took a bite out of stocks last week, sending the major U.S. indices down more than 2 percent and retail stocks 1.5 percent lower.
The S&P Retail Index ended the week at 478.26 after dropping 1.5 percent on Friday. U.S. stocks recovered late in the session after fears about inflation in China sent them lower. Shanghai’s SSE Composite Index dropped 5.2 percent on Friday and was down 4.6 percent for the week. In Europe, London’s FTSE 100, Paris’s CAC 40 and Frankfurt’s DAX ended the week with declines of 1.3 percent, 2.2 percent and 0.3 percent, respectively.
Of 172 issues tracked by WWD, losers outnumbered gainers by a margin of 126 to 43. Three were unchanged.
The strongest increase among these firms came from American Apparel Inc., shares of which rose 12.4 percent to $1.27 following disclosure of a third-quarter loss just a week after it belatedly reported a loss for the second quarter. Among firms losing substantially ground in market capitalization was Maidenform Brands Inc., down 17.3 percent to $23.85 on the week after it posted better-than-expected third-quarter profits but also a 70 percent increase in its inventories.