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Saks Exploring Company Sale

Saks Exploring Company Sale Saks Exploring Company Sale

Saks Incorporated (SKS) shares were higher by 15% into late afternoon trading on Wednesday after reporting they retained Goldman Sachs (GS) to explore strategic alternatives. Saks flagship - its main store on Fifth Avenue in New York alone, has an estimated worth of more than $1 billion. On Tuesday, Saks Chief Executive Steve Sadove said even though demand has improved throughout Q1 as weather improved, concerns over income tax hike and fiscal issues subsided, the industry is getting promotional, prompting the company to raise its discount level during its friends and family sale during the quarter.

Internal Revenue Service official Lois Lerner on Wednesday told members of the House Oversight Committee, "I have not done anything wrong." Lerner invoked her Fifth Amendment right not to incriminate herself, before the HOC during their probe of the IRS targeting conservative groups. Lerner is head of the IRS's division overseeing tax-exempt organizations, and first disclosed the extra review of tea-party groups earlier this month.

Federal Reserve Board Chairman Ben Bernanke warned Wednesday in testimony to the Joint Economic Committee of Congress that a premature move to tighten monetary policy could strangle the recovery. “A premature tightening of monetary policy could lead interest rates to rise temporarily but would also carry a substantial risk of slowing or ending the economic recovery and causing inflation to fall further,” Bernanke said. The move would keep rates lower for an extended period, lead to a poor return on assets and pose a risk to financial stability, Fed Boss said. Bernanke urged lawmakers to replace some of the near-term fiscal restraint, now in law, with a longer-term plan that would reduce the deficit more gradually in the near term but, more substantially in the longer run. Bernanke said in the current economic environment, “monetary policy is providing significant benefits,” and the Fed continues to closely monitor for signs of financial instability. “At its most recent meeting, the Fed made clear that it is prepared to increase or reduce the pace of its asset purchases to ensure that the stance of monetary policy remains appropriate as the outlook for the labor market or inflation changes,” he said. Fed Chairman said the job market “remains weak overall” despite some improvement recently. Some of the headwinds holding back growth have begun to dissipate recently but Bernanke did not seem overly concerned about low inflation. Bernanke said that measures of longer-term inflation expectations have remained stable and that the central bankers expect longer-term inflation to run at or below the 2% target rate.

New York Fed President William Dudley - voting member of the Fed's policy-setting committee - said on Wednesday that Federal Reserve officials need three to four more months before they know if the economy can shrug off the drag from fiscal policy budget cuts. Dudley said, "Three or four months from now I think you're going to have a much better sense of, is the economy healthy enough to overcome the fiscal drag or not."

The National Association of Realtors reported Wednesday that existing-home sales rose 0.6% in April to a seasonally adjusted annual rate of 4.97 million, striking the highest rate seen since November 2009 when a buyer tax credit deadline approached, pointing to a continuing recovery. Existing homes for sale inventories rose 11.9% in April to 2.16 million. Median homes for sale prices hit $192,800 in April, for the highest rate seen since 2008. Supply of existing homes for sale rose to 5.2 months in April. Distressed property sales fell to 18% of all transactions during April, striking the lowest level seen since data collection began in 2008.

Target (TGT) announced Q1 profit fell to $498 million or 77 cents a share, from $697 million or $1.04 a share in 2012. Sales reportedly rose 1% to $16.7 billion. Q1 included losses due to the early retirement of debt, per-share earnings dilution related to Target’s Canadian business and gains from the sale of its consumer credit-card receivables portfolio to TD Bank Group. Target said adjusted per-share earnings fell to $1.05 from $1.11 in 2012. Into late afternoon on Wednesday, shares of Target were lower by 5%.
 

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May 22, 2013


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