Jun 04, 2009 12:34 PM ET
The apparel retailer total quarterly sales decreased 4% to $612 million on same-store sales fall of 10%. Net quarterly income slumped 50% to $22 million on lower merchandise margins. Earnings per share declined to 11 cents from 21 cents a year-ago quarter.
Jun 04, 2009 12:15 PM ET
Japan stocks edged lower as investors focused on rising debt and growing costs of debt servicing in the U.S. and UK. The prospect of global recovery do not look as sound as they appeared only ten weeks ago. The latest global rally in stocks has stretched valuations.
Jun 04, 2009 10:48 AM ET
U.S. retailers reported weaker than expected sales in May. Same store sales declined sharply at teenage retailers more than anticipated. Abercrombie & Fitch sales plunged 28%. American Eagle Outfitters sales declined 7%. Costco Wholesale sales excluding gasoline at U.S. locations increased 1%.
Jun 04, 2009 9:57 AM ET
The Indian government in its agenda focused on sustaining higher economic growth, increasing stake sale of companies controlled by the state and keep debt under check. The latest read on wholesale inflation showed a decline.
Jun 04, 2009 8:46 AM ET
U.S. auto sale rebounded from April confirming seasonal trend and are likely to dip again in June and the rest of the year. For the year auto sales are expected to stay below 10 million, a level at which none of the automakers are expected to be profitable.
Jun 03, 2009 9:00 AM ET
Australian government is not forthcoming with details of steps taken to protect the security of Indian students. As many as 20 students have been attacked in less than three months and Deputy Prime Minister has not made any statement in the last six days.
Jun 03, 2009 8:06 PM ET
Australian stocks and dollar are likely to fall after weak global markets. Devine Ltd, the home builder lowered its earnings outlook. Students from India are the target of racially motivated crimes in Australia. The government and police have still to explain the cause of the recent violence surge.
Jun 03, 2009 6:41 PM ET
Fed Chairman urged the U.S. lawmakers to trim budget deficit and make hard choices. His plea is likely fall on deaf ears as U.S. faces historic budget deficit of $1.8 trillion. World markets rally of ten weeks appear to run out of steam after major indexes surge between 35% and 70%. Crude oil and gold declined.
Jun 03, 2009 4:13 PM ET
The European benchmark indexes fell as global slump dragged market indexes. The U.S. private sector eliminated more than 530,000 jobs. ArcelorMittal may idle as much as 40% workers for as long as one year in Spain. Automakers in Germany fell after the weak sales in the U.S. last month.
Jun 03, 2009 2:59 PM ET
UK stocks fell tracking the declines in commodities prices. The rally in stocks is now ten weeks long and investors are increasingly shying away from rising valuations. British Air reported a fall in May traffic but traffic at Ryan Air rose. Service sector expanded in the last month.