Retailers in Focus as Holiday Shopping Kicks Off

Mukesh Buch
27 Nov, 2015
New York City

Retailers were in focus in New York trading as more customers shop online on Black Friday. China based social networking site Renren said net loss widened. Discount retailers Target and Wal-Mart report rising customer traffic at online stores.

[R]11:00 AM New York – Retailers were in focus in New York trading as more customers shop online on Black Friday. China based social networking site Renren said net loss widened. Discount retailers Target and Wal-Mart report rising customer traffic at online stores.[/R]

Tollbooth Index rose 11.74 to 11,048.98.

Earnings Review

KaloBios Pharmaceuticals Inc ((KBIO)) surged 46.7% or $12.18 to $38.81 after the biopharmaceutical company’s new chief executive, Martin Shkreli, said in a Twitter post that he will not lend any more stock to those looking to short sell it.

A week before, the company said it will close the operations as it running out of cash while developing two potential cancer drugs.

Renren Inc ((RENN)), the China-focused social networking platform provider said revenues in the third-quarter ending in September plunged 36.4% from a year ago to $12.4 million.

Net loss in the quarter widened to $82 million or 8 cents per diluted share compared to $38.1 million or 2 cents per share from the same quarter last year.

Target Corporation ((TGT)) gained 52 cents to $73.68 after the discount retailer suggested in a press release that the online store traffic was strong and “unprecedented” at the start of the holiday shopping season that has been come to be known as Black Friday.

Wal-Mart Stores, Inc ((WMT)) fell 25 cents to $60.01 after the specialty retailer’s chief merchandising officer Steve Bratspies said 25 million people visited its online store on Black Friday.