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Outlooks point to painful holiday for retailers
Nov 14 2008, AP

“Grim” seemed an understatement for the retail sector, as J.C. Penney Co. and Abercrombie & Fitch Co. both posted quarterly profits Friday that fell by about half, and gave outlooks for the rest of the year that were far below Wall street expectations.

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A South Korean man is reflected on an electronic screen displaying foreign exchange rates at the head office of Korea Exchange Bank in downtown Seoul, South Korea, Monday, Nov. 10, 2008. Fitch Ratings on Monday lowered the sovereign credit rating...

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