Word: fitched
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...wound its way into equities. Why isn't the money going into new businesses? The evidence suggests that in key parts of the economy growth remains anemic, particularly the important export-manufacturing sector, which continues to suffer from the reduction in global demand. According to a report from Fitch Ratings in the U.S., Chinese lending continues to accelerate even though corporate profits overall are shrinking - suggesting that China may be incubating its own financial crisis that could be triggered when the adrenal rush of the stimulus wears off. (Read "Is a China Stock Bubble Forming...
...Teen retailers, once thought recession-proof, have suffered in this downturn. For example, Abercrombie & Fitch, which has maintained its premium price points, saw same-store sales dip an incredible 28% in May. But amid such carnage, two stores stand out. Buckle, a Nebraska-based retailer that offers a wide range of brand-name selections at its 393 stores across the country, saw first-quarter profits jump 43.5%. Then there's Aéropostale, which targets 14-to-17-year-old boys and girls and operates more than 900 locations in 47 states. Same-stores sales increased 11% in the first...
...Working on products that are potentially less harmful is something we've been working on for some time," says company spokesman William Phelps. A June 10 market-research report from the firm Fitch Ratings says Philip Morris spent $232 million on tobacco research and "reduced-harm products" in 2008. And just in case the FDA agrees with Big Tobacco (and some scientists) that chewing instead of smoking the leaf is "safer," Philip Morris and R.J. Reynolds have acquired the largest and second largest chewing-tobacco companies, respectively, in the past four years. (See a video of France's smoking...
...June 4 report from Fitch Ratings provides another glimmer of stability. The company's measure of credit-card late payments fell in May, after four straight months of record highs. The rate, though, was still 40% higher than a year before, and credit-card charge-offs which happen when a lender gives up on ever being repaid did continue to rise. Fitch analysts have anticipated that eventually one out of every ten dollars in credit-card debt will be written off this way, although the drop in delinquencies may indicate that people are getting a handle on their finances more...
...numbers from March are like canned vegetables. It takes them a long time to spoil. That point was driven home by a study Fitch, the credit ratings agency, is preparing that shows "that between 65% and 75% of modified subprime loans will fall 60-days or more delinquent within 12 months of the loan change." In other words, even if homeowners are given a second chance to keep their homes and enjoy lower monthly payments, they are prepared to walk away. (Read "Four Steps to Ending the Foreclosure Crisis...