Retail stocks plunge on future concerns

Despite a boost in same-store sales for June, New York area retailers saw shares decline Thursday as investors worried the increase would be short-lived. July 10. 2008 1:02PM Elisabeth Butler Cordova New York retail stocks fell Thursday morning, even though many reported improved June sales. Shares of Saks Inc., Macy’s Inc. and Liz Claiborne Inc. all sunk to new 52-week lows, with Saks tumbling to a new five-year low of $9.18 a share. Department store behemoth Macy’s dropped 6.8% to $16.80 a share, while Liz Claiborne hit $12.14, down 4.1% from its previous close. All three recovered somewhat by noon, with Macy’s trading near $17, Liz Claiborne hovering around $12.38, and Saks stood at $9.50. Strong June sales partly prompted the sell off. “Retailers across the board generated healthy positive surprises,” noted Ken Perkins, a... [read full story]