Markets Stumble on Retail Worries
Mixed, but mostly negative, retail earnings out today led to another shaky
day in the market following yesterday’s rally. News of coming cash injections
from foreign investors also helped to underscore the pervasive negative
atmosphere for Merrill Lynch and Citigroup.
Capital One Financial
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COF |
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PowerRating) fell as much as 9% in morning trading,
after the company lowered its earnings forecast for 2008 by more than 20% (full
story).
AnnTaylor
(
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PowerRating) fell 15% today after reporting that December
same-store sales fell 9.4% this year (full
story).
Men’s Wearhouse
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MW |
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PowerRating) sank nearly 30% today, after slashing its Q4
and full 2007 earnings outlook (full
story).
Wal-Mart
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PowerRating) stuck out among the mostly negative retail sector,
rallying 1.7% on a positive increase in same-store sales for December.
The Wall Street Journal reported the Citigroup
(
C |
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PowerRating) and Merrill
Lynch
(
ML |
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PowerRating) are in need of major cash infusions from foreign governments
to stay afloat. The companies are facing an estimated $25 billion worth of
losses (combined) when the companies report earnings next week (full
story).
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