Mike “Mish” Shedlock's
Sitka Pacific Capital Management,Llc
A retail sector rout is adding to tech misery. Target, Kohl's, and Lowe's lead the action to the downside.
The S&P 500 fell into negative territory for the year as Retail Warnings added to the misery of a tech bust in progress.
- Target Corp shares (TGT.N) slumped 10.28 percent after the retailer’s third-quarter profit missed analysts’ estimates as investments in its online business, higher wages and price cuts hurt margins.
- Department store operator Kohl’s Corp (KSS.N) shed 9.42 percent after its full-year profit forecast fell below expectations.
- Home improvement chain Lowe’s Cos Inc (LOW.N) fell 4.76 percent after it unveiled further plans of restructuring in the face of worse-than-expected comparable sales numbers.
- TJX Cos Inc (TJX.N) slipped 3.4 percent after the off-price retailer’s holiday-quarter earnings forecast fell largely below estimates.
- Ross Stores (ROST.O) fell 6.94 percent as its fourth-quarter forecast for same-store sales came below analysts’ expectations.
Tech Rout
Stocks Negative for the Year
This is not even a down payment on what's coming.
This material is based upon information that Sitka Pacific Capital Management considers reliable and endeavors to keep current, Sitka Pacific Capital Management does not assure that this material is accurate, current or complete, and it should not be relied upon as such.
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