Consumer Sector Update: February 28th, 2011
Checking in on the consumer sector Monday, shares are higher. In sector news, Abercrombie & Fitch (ANF) shares are higher after the retailer delayed a special meeting for stockholders. The clothing company was to hold a vote on whether to move its incorporation to Ohio. Abercrombie says shareholders are resistant to the move. Meanwhile, Amazon.com (AMZN) is down after the stock was downgraded by UBS. The bank expressed concerns that increasing costs will put new pressure on margins. In economic data affecting the sector, the US Commerce Department said this morning that personal income rose to a seasonally adjusted 1.0% for the first month of 2011, while consumer spending rose 0.2%.
Credit: Financial News Network
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