Careful buyers signal tougher times for retailers nationwide
Washington AP reports that retail sales fell 0.4 percent in November after flat October, reflecting slipping consumer confidence and slower holiday shopping. Analysts cite higher interest rates, stock market volatility, and higher fuel prices as damping demand, with mall traffic down and snowstorms blamed for further declines. Economists warn retailers may deepen discounts to attract buyers, squeezing profit margins.
MENTIONED IN THIS ARTICLE
Washington
Commerce Department
Ken Mayland
ClearView Economics
Midwest
Mark Zandi
Economy.com
Tech earnings warn drag on stocks amid election tempers
High tech earnings warnings weighed on markets as Compaq and Whirlpool spurred declines. The Dow rose and Nasdaq fell as investors weighed slow November retail sales and a potential early rate cut by the Fed. The election deadlock faded from focus amid earnings mood and new economic worries.
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GreyWolf
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Compaq Computer
Charles White
Avatar Associates
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U.S. Supreme Court
Texas
George W. Bush
Wall Street
Whirlpool to cut up to 6000 jobs in restructuring
Whirlpool Corp announced a restructuring plan that could trim up to 10 percent of its workforce, with some plants closing. Fourth quarter earnings were forecast to fall short due to weak North American demand and pricing pressures. The plan includes $300 million to $350 million in restructuring charges over the next year.
MENTIONED IN THIS ARTICLE
Whirlpool
Benton Harbor, Mich
Whirlpool Corp
North America
David R. Whitwam
Christopher Wyse
Benton Harbor
St. Joseph
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