Retail
Goldman Sachs Cans Department Stores (M, KSS, DDS)
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Goldman Sachs is out with a negative call this morning that is a downgrade in the department stores section of the retail sector. The firm believes that gains of some 30% while companies are still warning ahead or are still very cautious has been too much of a share run-up. The drop in oil prices may also not be sustainable as Goldman Sachs reiterated its oil target of $149 per barrel. It also blames a lack of sales being the big issue. Macy’s (NYSE: M) and Kohl’s (NYSE: KSS) were both downgraded to Neutral from Buy. Macy’s shares are down about 2.3% at $19.85 and Kohl’s is down about 1.8% at $47.95 in pre-market trading. We have seen no indications nor any trades in Dillard’s (NYSE: DDS).
JON C. OGG
August 20, 2008
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