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| WASHINGTON (AP) — The bankruptcy of a key lender that helps retailers stock their shelves is adding to the industry's worries ahead of the critical holiday shopping season. CIT Group Inc. filed for Chapter 11 bankruptcy protection Sunday in New York after months of struggling to avoid collapse. The pearl jewelry company provides badly needed credit to thousands of small and mid-sized businesses, and is a critical part of the flow of capital in the retail sector. CIT stressed that its lending operations will continue to operate as it proceeds through bankruptcy with the hope of shedding $10 billion in debt. Chairman and CEO Jeffrey M. Peek said the company's prepackaged reorganization plan "will allow CIT to continue to provide funding to biwa pearl our small business and middle market customers, two sectors that remain vitally important to the U.S. economy." But retail groups and analysts warn that the case will likely add to the instability in the retail sector. CIT is an important source of akoya pearl capital, working with 2,000 vendors that supply merchandise to more than 300,000 stores. About 60 percent of the apparel industry depends on CIT for financing. | ||
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| The acquisition will create one of the largest independent oil exploration and production companies in North America. Under the terms of the deal, Plano, Texas-based Denbury plans to pay $50 for each share of Encore, an almost 35% premium to the $37.07 price where Encore shares closed Friday. Encore shareholders will receive $15 in cash and $35 in Denbury's common stock for each of pearl jewelry their shares. Encore has about 52.8 million shares outstanding, giving the equity portion of the deal a value of about $2.64 billion. Denbury also will biwa pearl assume Forth Worth, Texas-based Encore's debt and the value of its minority interest in Encore Energy Partners(ENP Quote) . The merged company will take Denbury's name and will be akoya pearl headquartered in Plano, Texas. Denbury shares closed Friday at $14.60. | ||
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| Korean GDP increased 2.9% quarter on quarter in the three months to September and 0.6% versus the same period last year, the Bank of Korea said Monday. It was the briskest quarterly growth rate in seven years and the first positive year-on-year quarter in 12 months, leading officals to comment that GDP could even swing into positive territory for 2009 if the trend continues. The pearl jewelry central bank had previously forecast GDP to contract 1.6% this year. The news lifted the Kospi index and filtered through to a 0.6% gain for iShares Korea (EWY Quote) yesterday, even in the face of a dollar rally and equity sell-off in the U.S. Signs of a reinvigorated economy have investors excited about Korea, but the country has relied on inventory rebuilds for some of its economic expansion. Government spending declined in the quarter as the biwa pearl administration pared back its stimulus expenditure. With a 65% return year-to-date, EWY has joined the ranks of iShares Taiwan (EWT Quote), iShares Sweden (EWD Quote) and iShares Emerging Markets (EEM Quote). Going back two years, EWY has been one of the worst performers among international ETFs, suggesting it may have much more ground to akoya pearl recover if Korea's economy helps to lead the way out of global recession. | ||
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| NEW YORK (TheStreet) -- The holiday price war is, as they say, on. Retailers across the sector are attempting to lure shoppers with bargain-bin prices and blockbuster promotionBut cheaper doesn't always mean better, and as retailers roll down prices, some stand to pearl jewelry be hurt. And in our latest weeklong retail poll, TheStreet users (45.8%) say Sears(SHLD Quote) is the name most likely to suffer as a result. The department store has been trying to play with the big boys, mirroring some of the steps taken by discounters like Wal-Mart Stores(WMT Quote) and Amazon(AMZN Quote). Last week, for example, Sears announced that it will be offering weekly Black Friday promotions leading up to Christmas. The biwa pearl retailer will offer a blockbuster promotion every Saturday starting this weekend. The company also announced it will reward shoppers who purchase books from its list of highly-anticipated new releases, with a credit equal to the purchase price -- up to $9. Macy's(M Quote) ranked second in the poll of the retailers most likely to suffer from the price war, garnering 39.5% of the vote. We haven't heard much of the department store's plans for discounts this holiday season, as it has been more focused on akoya pearl introducing exclusive items, like its Threads & Heirs men's line. But without blockbuster deals daily and early in the season, will it be able to compete? | ||
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| Still, despite disappointing earnings results over the past two weeks, some companies have nonetheless raised their outlooks. While TheStreet users are doubtful good news for the pearl jewelry sector is imminent, they chose Philip Morris International(PM Quote) as having the most potential for lighting up a sales gain first. It nabbed 44.5% of the vote. Philip Morris International said that selling cigarettes solely overseas has helped bolster its demand in the third-quarter, with volume slipping just 3%. While its profit slid 14% in the third-quarter, the company still upped its full-year outlook. Philip Morris International announced that it expects full-year earnings in the range of $3.20 to $3.25 a biwa pearl share, better than prior forecast of $3.10 to $3.20 a share. In a close second in the poll was Altria(MO Quote), with 42.8% of the vote. The maker of Marlboro and Parliament cigarettes also lifted the low-end of its full-year outlook. In its third-quarter, the company reported a 1.7% uptick in profit, beating Wall Street's consensus. Placing in a distant third in the poll was Reynolds American(RAI Quote), with 7.2% of the vote. While the maker of Camel and Pall Mall cigarettes saw its profit surge 72% in its third quarter, most of the gains were due to akoya pearl charges from trademark impairment and restructuring that dampened last year's results. Revenue sank 5% to $2.15 billion from $2.27 billion last year, while the company said shipment volume slid 11%, one of the biggest declines in the sector. | ||
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