Showing posts with label ANF. Show all posts
Showing posts with label ANF. Show all posts

Friday, May 24, 2013

It's a Three-Day Weekend. Go Enjoy It, But Take Some Time to Read This

Catchy headline, huh?

If anybody really wants to spend time this holiday weekend wondering when the global financial system is going to finally melt down, this is not the place to look.

Our team of 300 editors (j/k) was let go at noon today for a weekend at the Hamptons, so all we're leaving you with are a few tidbits.

The most overlooked story of the day was how big retailers took it on the chin in the first quarter, most blaming "weather" as the root of their revenue and earnings misses.

Among the losers reporting on Friday were Sears (SHLD, 50.25, -7.92(13.62%)); Abercrombie & Fitch (ANF, 50.02 -4.35(8.00%)); Aeropostale (Aro, 14.76 -1.72(10.44%)) and; The GAP (GPS, 40.66 -0.70(1.69%)). While the mainstream tended to overlook these stunning losses - as they do all negative economic stories - consumers are apparently changing their spending habits, more along the lines of frugality and austerity, shunning brands and big-ticket items. Sears, BTW, is a dead entity. The market and the BOD just haven't realized it yet.

The other "tells" from today's disorderly trading were the low volume (nothing new there, move along), the drop in the NYSE Comp, which nobody pays any attention to, except us, since it is only one of the broadest measures of corporate America, the tape-painting which brought the Dow into positive territory and the other exchanges close to unchanged, the ongoing slippage in the A-D line and the compression in the new highs-lows (many fewer new highs the past few days, more new lows).

Make sure to remember what Memorial Day is all about, preserving the memory of those who died defending our values and freedoms. Semper Fidelis.

Dow 15,303.10, +8.60 (0.06%)
NASDAQ 3,459.14, -0.27 (0.01%)
S&P 500 1,649.60, -0.91 (0.06%)
NYSE Composite 9,427.63, -38.68 (0.41%)
NASDAQ Volume 1,364,804,375
NYSE Volume 2,753,824,000
Combined NYSE & NASDAQ Advance - Decline: 2894-3506
Combined NYSE & NASDAQ New highs - New lows: 128-37
WTI crude oil: 94.15, -0.10
Gold: 1,386.60, -5.20
Silver: 22.50, -0.012