NEW YORK — It was another down week in trading on Wall Street, in part due to continued jitters from those on inflation watch.
As a result, the WWD Composite Stock Index finished the week down 0.5 percent to 1,093.39 from 1,098.98, while the S&P 500 continued to lose ground; this week, it declined 0.6 percent to 1,244.50 from 1,251.54.
J. Crew Group is expected to go public this week with plans to sell 18.8 million shares at $15 to $17 a share. The stock will trade under the symbol “JCG,” and the initial public offering is expected to raise around $300 million.
Dogs rule for two weeks at Old Navy, which is asking customers to vote for a company “spokesdog.” Customers can vote once every day, June 23-July 7. The specialty chain on Friday announced the six finalists, chosen from more than 120,000 entries, vying to replace its first spokesdog, Magic, a mutt that appeared in the retailer’s ads in the late Nineties.
Meanwhile, Ryan Beck & Co. is expanding its investment banking group. Mitchell Schaffer, who previously worked at ABN AMRO, ING Barings and Wal-Mart, joined Ryan Beck as managing director to oversee the company’s consumer investment banking.
Fashion staffing firm 24Seven Inc. could find out this week whether a New York State Supreme Court agrees with the findings of a court-appointed referee that would favor 24Seven in its lawsuit against a competitor, Gromwell LLC. The lawsuit involved allegations against Gromwell over trade secrets and proprietary property. The referee filed his report on June 13. David Bolton, an attorney of the firm that bears his name and who represents Gromwell, said the issue in the lawsuit is whether “Gromwell had or used any information that supposedly came over from 24Seven.” Bolton was unsure when the court would rule on the referee’s findings, but said the “Gromwell Group is confident that the referee’s findings will be rejected by the court.”