President-elect Donald Trump has selected Jay Clayton to head the Securities and Exchange Commission. Clayton worked on the high-profile initial public offering of Alibaba and is partner at Sullivan & Cromwell, specializing in public and private mergers. (CNBC)
Macy's had disappointing holiday sales and released the locations of 68 of the 100 stores it plans to close. Macy's sales fell 2.1% during the holiday season. The store closures are an attempt to reverse the downward slide in sales at its established stores. None of the new closures announced are in Oregon. Of the 68 stores closing, three were shuttered mid-year 2016, 63 will be closed in early spring, and two will be closed in the middle of the year. The retailer currently has 730 Macy's stores. Macys is down 10%. (Reuters)
Shares of Kohl's are down 14% as comparable same store sales were down 2.1% in November and December. The retailer lowered its earnings expectations for fiscal 2016 to $2.92 to $2.97 share, versus a previous guidance of $3.12 to $3.32 a share. (MarketWatch)
With Northwest Quadrant Wealth Management, a Registered Investment Advisor I am Troy Reinhart.