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Retail Stocks Tank, Zale -16% on August 8

Tiffany -10%, Signet -12%, Movado -11%

Aug 8, 2011 4:26 PM   By Jeff Miller
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RAPAPORT... U.S. retail stocks took a hammering today, following a broader sell-off on Wall Street. The Dow Jones industrial average lost 5.6 percent to close at 10,809.85 and the NASDAQ lost 6.9 percent to close a 2,357.69.  Oil lost 6.4 percent to $81.31 per barrel, but spot gold was up 4 percent at $1,718oz. after hitting a record of $1,721.70oz. earlier this afternoon. Gold trading continues in New York until 5:15 p.m.

Of the U.S. retail stocks that Rapaport News follows, only Birks & Mayors ended the day flat with extremely light trading volume.

Blue Nile shares dropped 4 percent to $34, Charles & Colvard lost 7.5 percent at $2.22, DGSE fell 8.1 percent to $8.02, JCPenney lost 9.7 percent to $25.60, Kohl's was 8.6 percent lower at $43.22, LJ International closed at $2.78 or 4.1 percent lower, Macy's was down 9 percent to $24.13, China-Metro was off 5 percent to $1.52, Movado lost 15.6 percent to $11.81, Nordstrom was off by 10 percent to $39.86, Saks was down 10.7 percent to $8.39, Signet shares dropped 11.7 percent to $31.26, Sotheby's lost 13.4 percent to $33.44, Tiffany & Co. dropped by 9.9 percent to $62.27, Walmart fell 3.7 percent to $48.99 and Zale closed at $3.86, which was down by 15.7 percent.


Tags: Jeff Miller, retail, selloff, shares, stock, wall street
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