week

Travel, Retail Stocks Had Nice Start To Week, Highlighted By Foot Locker, Royal Caribbean

Over just six months, the S&P 500 Index (SPX) has gone from record highs to three-year lows back to the doorstep of new record highs this morning. 

As this relentless rally rolls on, it’s important to keep in mind that a number is just a number. Still, it’s hard to ignore the symbolism if the SPX moves above that old February intraday level of 3393. Six months may seem like a long time, but it took nearly a decade for stocks to revisit their 2007 highs after the financial crisis. Things seem to be going in fast motion as the SPX is up seven sessions in a row. 

This morning, people are bidding up stocks ahead of the bell in hopes that a Russian vaccine approval could be the first step toward ending the crisis. It’s positive news, but might get viewed with the old “fish eye.” We’ll believe it

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American booking full flights next week; Big Lots still busy

The outbreak of the coronavirus has dealt a shock to the global economy with unprecedented speed. Following are developments Friday related to the national and global response, the work place and the spread of the virus.

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RETAIL ROUNDUP:

— Big Lots is seeing the continuation of strong demand that started in mid-April, with second quarter-to-date comparable sales through fiscal June increasing well ahead of expectations.

The discount retailer now anticipates second-quarter comparable sales will be up by a mid-to-high twenties percentage. Big Lots said Friday that it is in a very strong liquidity position, with current cash and short-term investments of approximately $890 million, and no amounts drawn on its $700 million revolving credit facility.

— Shopping mall owner Intu Properties is scrambling to avoid bankruptcy after failing to strike a deal with its creditors. The London-based company is being hammered by lower rent payments from retail clients during

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