Retailigence

“Club of Knowledge Hunters”

Luxury retail shares fall in early trading

Posted by superstar23 on November 2, 2008

Shares of companies that cater to the luxury market fell in early trading Friday along with the overall market as investors registered their fears of a prolonged global recession.

When the market opened, the Dow Jones Industrials fell more than 400 points after overseas stocks took a nosedive due to a wave of profit warnings and more grim economic reports.

Retailers that depend on consumer spending have been hit hard by economic downturn. Consumers, even those that typically buy luxury goods, have cut back on spending due to the downturn in the housing market and pervasive fear that a recession could last for some time.

Shares of Tiffany & Co. dropped $1.74, or 7.3 percent, to $22.06, while Nordstrom Inc. shares dipped $1.11, or 6.6 percent, to $15.77.

Source:-fobes.com

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

 
%d bloggers like this: