Word: retailing
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...lumps. They should have known tech stocks were going to collapse--and said so, wail the critics. A little more diligence on their part and maybe fewer folks would have speculated in profitless companies and lost so much money, goes the argument. Phooey. Why not blame analysts for poor retail sales during the holidays too; heck, for the entire economic slowdown? Didn't they cause the bubble that burst and left so many feeling poor? While we're at it, let's blame them for the weather, your weight problem and hanging chads...
...National Retail Federation has already lowered its forecast once, to a 5 percent gain over 1999 sales, and other analysts see 3 percent. Better than last year, sure, and still awaiting that post-Christmas pop. Not a disaster. But definitely...
...week after Christmas, and all through the retail sector, businesses hope that something a little more is stirring. Businesses, in fact, are hoping that the 2000 holiday shopping season isn't over - but that it's just getting ready for its second...
...There were some glad tidings. Yahoo announced Tuesday its online sales had doubled from 1999, and a Goldman Sachs study found that to be about the norm in a $10 billion season for dot-commerce. But that about does it for retail celebrations. Federated Department Stores Inc., of Macy's and Bloomingdale's fame, said December sales would fall short of its original forecasts, and the forecasts weren't that high to start with. Specialty stores like Gap and Banana Republic are disappointed. And if you want to know what PC sales have been like, check the NASDAQ...
...want to be a hero? Go ahead--get those credit cards out and shop yourself silly. George W. Bush will be grateful. But remember, you're on your own out there. Retail sales are down. Car buying is depressed. Consumer confidence is fading. Last week GM and Whirlpool announced big layoffs. In November the S&P 500 stock index finished its first 12-month period of negative returns in a decade, according to Bianco Research. In other words, people are getting squeamish...