Retail Losers: Netflix, Williams-Sonoma

NEW YORK (TheStreet) -- Retailers are heading toward ending the week in the red, after disappointing consumer sentiment data.

The Reuters/University of Michigan Surveys of Consumers fell unexpectedly in October to 69.4 from 73.5 last month. Economists expected the reading to hold steady at 73.5.

As a result, the S&P Retail Index is sinking 1.1% to 391.79 in afternoon trading.

But it's not just confidence data that is weighing down the sector. Netflix (NFLX Quote) shares are falling 3% to $48.83 after being downgraded by Caris & Company, while Williams-Sonoma(WSM Quote) is retreating 3.1% to $21.56, on a downgrade made by the same firm.

Other notable decliners include Macy's(M Quote), which is falling 1.4% to $19.86, Fred's(FRED Quote), which is down 1.6% to $12.73, Sears(SHLD Quote), which is decreasing 2.2% to $69.83, Saks(SKS Quote), which is off 4.3% to $6.28, and Rite Aid (RAD Quote), which is declining 3.1% to $1.55.

Even those who received upgrades -- namely Gap(GPS Quote) and Walgreen(WAG Quote) -- only received a slight boost.

On Thursday Gap said during an investor conference that it plans to re-launch television ads, will open its first store in China next year and will reduce its square footage. Shares of the specialty retailer are increasing 0.8% to $22.96, while Walgreen is rising 1% to $40.26

-- Reported by Jeanine Poggi in New York

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