Dillard's finds its Eldorado: Real Estate trustThursday, 20 January 2011
FashionUnited Top 100 is digesting tough times within the apparel
sector what supposed a close Thursday at 1,216.55, down by 16.78 points. However, smart movements by Dillard's and smaller gains in JCPenney might help to cope during weekend. Wall Street certainly hopes so, judging by Thursday's furious rally in shares of Dillard's and the smaller gains in JCPenney. Warehouse Dillard's surged 17%, JCPenney 6% and Sears 5% after Arkansas-based Dillard's said it intends to set up a real state investment trust that will allow it to borrow against the value of the property it owns. The 310-outlet chain owns 87% of its stores, Deutsche Bank estimates. "This is a very positive development for the shares given DDS's significant -- and under-valued -- real estate ownership," said to CNN Deutsche Bank analyst Bill Dreher, who rates Dillard's stock buy.
NYC stocks exchange has seen a great deal of movement by the end of the present week and there is no exception for the retail and apparel market. NIKE went down 0.48% to $83.66 Thursday at the bell rang to open the market in Wall Street. The stock opened at $84.09 and was trading within the range of $82.83-$84.17. Equities research analysts at Zacks Investment Research reiterated a “neutral” rating on its shares in a note to clients on Wednesday. The analysts currently have a $88.00 price target on the stock. Separately, analysts at Goldman Sachs set a $95.00 price target on shares of NIKE, Inc. in a research note to investors on Tuesday, January 4th. They now have a “buy” rating on the stock.
Other stocks were lower Thursday in USA, as Coach, which slid 0.92% to $53.64. The stock had a 52-week range of $32.96-$58.55. Also Deckers Outdoor Corporation lost 3.61% to $77.14. The stock opened at $79.91 and was trading within the range of $77.01-$79.95. In the meanwhile, Lululemon Athletica's percentage change dropped 3.75% to close at $68.31 with the total traded volume during last trading session was 1.94 million shares. Its market capitalization is $4.85 billion. Company’s 5 years revenue rate remained 61.87%. Its current ratio was 4.85 and debt to equity was 0.00. Its beta value stands at 2.64 times and return on investment was 34.33%.
In Japan, the top winner of Thursday, Fast Retailing, Asia’s largest clothing chain, rose the most in more than two months in Tokyo trading after Nomura Securities Co. raised the stock rating to “buy,” citing cost reductions and new product sales. Uniqlo's owner is still benefiting from this momentum, ending yesterday with an added 1.3%.