RETAILERS HIT BY DOW DROP

NEW YORK — Several retail stocks dropped Thursday as the Dow Jones Industrial Average plummeted 205.5 to 10318.6 in a late-day tumble.
Stocks took their cue from a sell-off in the technology sector, led by IBM and Hewlett-Packard Co. Interest rate fears and the slump in the dollar against the yen also fueled the downturn, market watchers said.
Among the retail losers were May Department Stores, off 1 1/16 to 36 13/16; J.C. Penney, 1 3/8 to 36 5/8; Kohl’s Corp., 1 1/16 to 70 15/16; Federated Department Stores, 1 11/16 to 44 1/4, and Sunglass Hut, 1 to 10.
Lands’ End shares fell 3 5/16 to 61 after Credit Suisse First Boston initiated coverage with a “hold” rating. Tiffany & Co. gave back 2 9/16 to 59 after CSFB picked up coverage with a “hold” rating.
Gainers included American Eagle Outfitters, up 1 7/8 to 47 1/8 after the retailer was given a “strong buy” rating by CSFB.
Others on the plus side were Coldwater Creek, ahead 1 11/16 to 20 1/2 after it posted second-quarter net ahead of expectations. Urban Outfitters rose 1 11/16 to 21 1/16. Other fashion share gainers included The Buckle, up 9/16 to 18 13/16; Ann Taylor, 1 3/16 to 43 1/2, and Guess, 3/4 to 12 1/2.

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