Financial Times – Abercrombie & Fitch said it would close 40 to 50 stores in the US this year as the youth fashion retailer’s shares tumbled following weak sales in the crucial Christmas quarter.
“The earnings report was just one big giant pool of negativity,” said Brian Sozzi, chief equities analyst at NBG Productions. “Sales did not meet expectations, particularly in its international segment, and the company offered cautious comments on its first-quarter outlook. This is just something the market did not want to hear.” (link)
Expensive Used Cars – Yes, Obama’s Cash for Clunkers program is definitely one reason used cars are in increasingly scarce supply– and much pricier than they used to be. But another reason relates to something liberals despise: “trickle down” economics or, in respect to the increasing scarcity of used cars, the fact that low-income used car buyers do better when wealthier Americans (those who can afford new cars) do better.
The reason used cars have gotten increasingly scarce and expensive is the subject of a Wall Street Journal article, “Amid New Car Boom, Used Cars Are Gold.” Its observations are illuminating: (read more)