The purpose of this blog is to retain an electronic diary/archive of key market moving news and events. The morning note includes my personal views on the financial markets and fundamental research pulled from newswires, Bloomberg, First Call, and other market intelligent websites and blogs. The note helps me prepare for the trading day and helps my PM position the porfolio for upcoming events and catalysts.
Wednesday, August 27, 2008
Deep Discounters Weak in Early Trade
Deep Discount Retailers weak after DLTR lowered guidance - DLTR sees FY EPS of 2.33-2.43 vs. consensus of 2.44 FDO and BIG are among the weakest names in the S&P 500 in early trading (down about 3%). Recall that DRI warned yesterday (dropped 12.4% on Tuesday to 28.25). We could see the "trade down" thesis unwind which would negatively impact the WMT and COST's of the world that have dramtically outperformed YTD.
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