RETAIL FEELS MARKET SLIDE
NEW YORK — Retailers felt the downward pressure as concerns about earnings and holiday promotions — as well as the general earnings outlook and the viability of former technology darlings — pushed stock prices down on all major indices.
The Standard & Poor’s Retail Index was down 2.9 percent. The Dow fell 1.46 percent to 10089.71 — approaching the 10000 mark for the second time in four days — and apparel-related dot-coms got caught in the crossfire as the Nasdaq fell 2.32 percent to 3213.93.
While some stronger-performing retailers were subject to profit-taking, many saw concerns about third-quarter earnings and fourth-quarter promotional activity — coupled with ongoing Mideast tension and rising fuel costs — cut into their stock prices. Gap and Home Depot are among those that have expressed concern about holiday promotions. Others slammed by Tuesday’s tumult include many of the retailers who have turned in stronger-than-average results this season. Those include department stores like Kohl’s (down $2.19 to $52.31) and Federated Department Stores (down 88 cents to $27.88), and specialty stores such as Talbots (down $3.50 to $68.50), Ann Taylor (down $1.75 to $30.50) and Coldwater Creek (down $1.38 to $22.19).
May Department Stores was down 94 cents to $20.94, and Nordstrom’s dropped 50 cents to $15.13. Bebe Stores fell 75 cents to $9.13; Lands’ End, $1.66 to $21.50; and Mother’s Work, $1.50 to $9.50.