U.S. consumer spending fell in April for the first time in a year, dropping 0.1%. That’s after it grew a revised 1.0% in March. The Commerce Department also reported personal income rose 0.3% in April.
Big Lots (BIG) shares rose as much as 13% on better-than-expected earnings. Sales rose 1.1% and the company increased full-year earnings predictions from $2.35 to $2.50. Big Lots shares ended the day up 13.14%.
Express (EXPR) shares were down after cutting its full-year forecast yesterday. The company also reported first-quarter earnings fell 84% and it warned of a possible loss in the current quarter. Express ended the day down 7.5%. Things aren’t all bad in the retail clothing space. Ann Taylor (ANN) shares closed up 4.07% after it reported earnings $0.33 a share, beating expectations.
The Federal Trade Commission is likely to approve the merger of Men’s Wearhouse (MW) and Jos A. Bank (JOSB) according to The Wall Street Journal. The FTC's decision on the $1.8 billion deal could be “soon” according to the Journal. Men’s Warehouse shares closed up 3.15%. Jos A. Bank, which is scheduled to release earnings on Monday, closed up 1.3%.
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