• Stocks ended a streak today of four weeks in which the major indexes moved higher. The major indices were essentially flat on the day but ended the week in the red for the first time since mid- April. The loss is due, perhaps in part, to fears that the Federal Reserve Bank may start tapering off its quantitative easing later this year. A number of S&P 500 companies also came out with disappointing earnings which seemed to throw a damper on the overall market.

    Abercrombie and Fitch (ANF) closed down more than 8% after releasing a dismal earnings report this morning. The clothing company says it lost 9-cents a share, less than the 25-cents it lost a year ago, but still almost twice as much as estimates. Revenues also missed by more than $100-million dollars. Same store sales are down 15% from a year ago. The chain says that's largely because of inventory shortages. Abercrombie is now cutting its annual forecast by about 10%.

    Abercrombie competitor, Gap (GPS), saw its shares drift as much as 5% lower throughout the trading day after releasing its earnings. The company beat estimates on both the top and bottom lines posting 71-cents a share on $3.73 billion in revenue. However, it has lowered estimates for the rest of the year. By the way, the quarter was also a marked improvement over the same period last year when earnings were 47-cents a share. The company was helped by a rise in same-store sales at its namesake Gap stores as well as Old Navy stores. Growth in Asia was also strong. Shares of the Gap hit a new 52-week high on Tuesday.

    Sears (SHLD) ended the day more than 13% lower after disappointing with its quarterly report. The retailer reported a whopping loss of $2.63 a share after yesterday's closing bell. That's more than $2 wider than expected. Sears cited cooler weather. The company is trying to reverse a sales slide that began back in 2005 when it merged with K-Mart. At this point the Sears says it may sell its service contracts unit for the cash. Prior to today, the stock had been on a steady climb this year, up an impressive 40%.

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  • When Steve Jobs died, Occupy Wall Street was in full effect. Yet those who were fighting for wealth equality and the end of the banking oligarchy held a moment of silence in honor of the Apple co-founder, who had a net worth of $7 billion.

    Jobs “didn’t believe in charity," writes Joel Kotkin in The Daily Beast. Apple (AAPL) was a company that "had more cash in hand than the U.S. Treasury while doing everything in its power to avoid paying taxes...Jobs was being celebrated by those who should have been fighting against him."

    Related: Apple's Right, Corporate Income Tax Should Be Debated: Pulitzer Prize-Winning Tax Expert

    Kotkin believes that tech gurus are America’s newest set of oligarchs. They hurt competition and hold great influence with government officials. They don’t create many U.S. jobs, they don’t pay much in taxes, and yet 72% of Americans express positive feelings for their industry.

    Auto executives flying in private jets set the American public into a rage in 2008 and yet

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  • For all the negative publicity and social media outrage, Abercrombie & Fitch (ANF) has endured over the past month, the stock of the trendy retailer remained resilient, gaining nearly 20% at a time when the stock market barely inched forward. But that all came to a screeching halt this morning, after the Ohio-based chain posted its most disappointing earnings report in a decade.

    Officially, Abercrombie lost $0.09 per share in the first quarter, on a 17% plunge in same store sales. That ''negative surprise" is about 80% less than the $0.05 loss expected on the bottom line, and ten full percentage points worse than the modest 7% comparable revenue slump projected by analysts.

    As my co-host Jeff Macke and I discuss in the attached video, it's hardly the first time this historically volatile brand has stumbled, but it certainly is the most dramatic. And when taken in context of the recent backlash CEO Mike Jeffries has faced, at the very least, it begs the question whether teen anger has morphed into a legitimate Wall Street revolt.

    "The only thing that's changed since (those comments were made in 2006) is that the CEO has had about five face lifts and maybe 10,000 Botox injections," Macke declares. "The truth is, this is the same company that it's always been."

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  • Hedge fund billionaire Paul Tudor Jones is making headlines after talking about “baby’s lips on a girl’s bosom” as a career-stunting “killer” for female Wall Street traders. Speaking at a symposium, he went on to discuss why he thinks being a mother makes it more difficult to become a successful trader in an ultra-competitive and male-dominated field.

    Tudor Jones made the controversial comments last month at a University of Virginia panel that was not supposed to be reported on or recorded. The Washington Post obtained the video through a Freedom of Information Act request (so much for off-the-record).

    In his commentary, Tudor Jones seemed to base his "typical female" case-study on two "girls" he started working with in the 1970s.

    In a statement to The Post, Tudor Jones responded to the criticism he's received after his comments went viral.

    He clarified that his remarks specifically referred to one area of trading, known as macro trading.

    Macro trading “requires a high degree of

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