Eagle Eye Opener: Hungry for Chinese Markets; Penny’s is Latest to Lose Big; Walmart Unveils Thanksgiving Sale »
Hungry for Chinese Markets Again (Reuters)
Chinese infrastructure investments rose in October, signaling it may be time for investors to consider digging into Chinese markets — especially after the first signs of a turnaround appeared in September. In addition, Chinese factories had their best month in the last five for output. According to Dariusz Kowalczyk, an economist for Japan Asia, Credit Agricole CIB, there is “no hard landing risk.” He expects 9% year-on-year growth in the first half of next year. So, investors, get ready to load your plates again.
Penny’s Is the Latest to Report Weak 3Q Earnings (YahooFinance.com)
Just in case investors needed to be reminded about generally weak third quarter earnings, JC Penny’s (JCP) delivered 3Q earnings that trailed estimates mightily, continuing the disheartening trend that drew headlines prior to Hurricane Sandy and the election. In fact, analysts had expected the retailing giant to lose 15 cents a share, but the company almost quadrupled that, losing 56 cents a share, or $123 million, in the third quarter. Consumers seem to be in agreement against Penny’s plan to halt hundreds of discounts. We’ll see what Santa brings the slumping chain when it reports next quarter’s results.
Walmart Jumps it Rivals with Thanksgiving Day Discounts (SFGate.com)
Holiday shoppers responded with mixed horror and joy as Walmart (WMT) announced it would begin Black Friday holiday pricing on Thanksgiving Thursday, Nov. 22, at 8:00 p.m. Walmart, the world’s largest retailer, is the first to break ranks with other U.S.-based businesses and begin the holiday buying spree earlier than Black Friday (the day after Thanksgiving). While other stores had been opening earlier and earlier on Black Friday to attract shoppers, only Walmart has announced plans to break with tradition and start this year’s sale on Thanksgiving evening.