Factory orders plunged a bigger-than-expected 5.1 percent in October caused by big cutbacks in demand for steel, autos, computers and heavy machinery. It was the largest decrease since an 8.5 percent fall in July 2000.
Retail posted huge sales declines for November, despite a shopping boost the day after Thanksgiving. The Goldman Sachs-International Council of Shopping Centers sales index fell 2.7 percent to its lowest reading since its inception in 1969.
Results from Wal-Mart Stores Inc. beat Wall Street estimates and the world's largest retailer predicted that sales for established stores for the current month should be at the high end of estimates. However, Costco Wholesale Corp., usually a strong performer, reported a bigger-than expected sales decline. And mall-based stores such as teen stalwart Abercrombie & Fitch Co., Kohl's Corp. and Macy's Inc. fared much worse, reporting percentage declines of over 10 percent.
Macy's Inc. said its same-store sales, or sales at stores open at least a year, fell 13.3 percent. Same-store sales are a key measure of a retailer's health. Target Corp. said its same-store sales for the month fell 10.4 percent.
From the WSJ: Nokia Sees Shrinking Handset Market
Nokia Corp., the world's largest mobile handset maker, Thursday cut its global handset market forecasts for the second time in three weeks, warning that the slowdown has accelerated more rapidly than expected.
From Yahoo! Finance: Starbucks CFO: Company may miss 1Q profit estimate
Starbucks Corp. does not expect to meet Wall Street's profit expectations in the current quarter, the coffee retailer's chief financial officer said Thursday. During the first few weeks of the quarter, same-store sales declined 9 percent.
From Bonddad: Retailers Report Terrible November
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