Retail Losers: Data Drag Down Sector
NEW YORK (
) -- Retailers were in the red on Wednesday, weighed down by
disappointing manufacturing data
.
The Chicago Purchasing Managers Index, which measures the health of Midwestern manufacturing industries, came in at 46.1, well below the 51 to 52 rating that most economists and analysts were expecting. A number under 50 suggests that the economy is shrinking.
High-end department store
Saks
(SKS)
was off 5% to $6.82, after it announced yesterday that it is offering up to $100 million in common stock.
Women's retailers also felt the pinch, as
Coldwater Creek
(CWTR)
fell 2% to $8.20,
AnnTaylor Stores
(ANN)
dropped 2.5% to $15.89,
Talbots
(TLB)
sank 4% to $9.23,
New York & Co.
(NWY)
declined 4% to $5.12 and
Dress Barn
( DBRN) fell 2.5% to close at $17.93.
Shares of
OfficeMax
(OMX)
tanked 3.5% to $12.58 and
Zale
(ZLC)
tumbled 5.5% to end the day at $7.15.
One of the few winners was
Nike
(NKE) - Get Report
, which soared 7.5% to close a $64.70, a day after its
first-quarter earnings results beat expectations
and it reported better-than-expected futures orders.
Other gainers included
Family Dollar Store
(FDO)
, which jumped 2% to $26.40 and
Big Lots
(BIG) - Get Report
, which grew 2.5% to close at $25.02.
-- Reported by Jeanine Poggi in New York
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