Word: funds
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...with stores spread across 29 states, is raising anxiety owing to weakening sales, down 10% for the quarter. In early November, Standard & Poor's lowered its corporate credit rating of Dillard's to B+ from BB-, citing the "deepening spending pull-back by consumers." Adding to the drama, hedge-fund investors Barington Capital Group LP and Clinton Group Inc. called for William Dillard II, the chain's CEO, to step down amid declining revenue and a stock price that has lost more than 70% of its value. The good news: "They aren't leveraged like other stores are," says Beemer...
...Summers has already resigned his part-time post as a managing director of New York-based hedge fund the D.E. Shaw Group, according to the firm’s spokesman, Paul B. Welsh...
...good news about hedge-fund selling is that many funds raised substantial cash in the past month and should be able to meet redemptions with money they have on hand - at least in the short term. But the mutual-fund industry - for which fleeing investors don't have to give a 45-day notice, as they do for most hedge funds - may be a different story. According to an analysis by TrimTabs Investment Research, in the last bear market, at the time of the bursting tech bubble, 4.3% of dollars in U.S. stock funds were withdrawn. So far in this...
...market, that could pose a double whammy. As mutual funds have been forced to sell long-held positions to meet redemptions this year, they have generated capital gains - which must be passed along to investors. We might therefore also see a round of year-end selling of mutual-fund shares by investors looking to offset gains and avoid paying taxes by locking in losses. "Tax-loss selling is a very powerful force," says Joe Battipaglia, market strategist for the private client group at Stifel Nicolaus. "The market is down 50% from a year ago - those are sizable losses...
...Friday and will continue to talk over the weekend to discuss the firm's options. There are a number of possible outcomes, not all of which conclude with the end of Citi. "Somehow they need to get the price of their stock up," says James Ellman, a hedge fund manager at Seacliff Capital. "If they don't they are in for a lot of big problems...