Renter Nation

Housing hounds will likely snarl at my take of the latest Housing Starts data, but the truth must be told. While housing starts gained ground in January, that ground was overwhelmingly taken through the construction of multi-family projects upon it. If the investment community thinks a renter nation is a healthy nation, well then it has been misled.

Our founder earned clients a 23% average annual return over five years as a stock analyst on Wall Street. "The Greek" has written for institutional newsletters, Businessweek, Real Money, Seeking Alpha and others, while also appearing across TV and radio. While writing for Wall Street Greek, Mr. Kaminis presciently warned of the financial crisis.

Relative Tickers: NYSE: ACC, Nasdaq: AGNC, NYSE: AIV, Nasdaq: AMTG, NYSE: ARR, NYSE: AEC, NYSE: AVB, NYSE: BRE, NYSE: CPT, NYSE: CCG, NYSE: CLP, NYSE: CYS, NYSE: EDR, NYSE: ELS, NYSE: EQR, NYSE: ESS, NYSE: HTS, NYSE: HME, OTC: MRTI.PK, NYSE: MAA, Nasdaq: NYMT, NYSE: PMT, NYSE: PPS, NYSE: SNH, NYSE: SUI, NYSE: TWO and NYSE: UDR.

A Renter Nation

Housing Starts, reported Thursday for the month of January, gained by 1.5% over December and ranked 9.9% above January 2011. However, single-family housing starts, which are typically seen as the key measure of housing health, actually fell 1.0% against December. The growth highlighted by the headlines was all found in multi-family units of 5 or more, where construction increased by 14.4%. A shift towards a renter nation is not indicative of a healthy atmosphere by most means. There’s just one driver we view healthy for multi-family growth, and that’s driven by demographics. Our aging nation is aiding the growth of the senior housing industry, as seen in the long-term chart of the Senior Housing Properties Trust (NYSE: SNH).

Still, we suggest that it is precisely the shift in the economic situation of a great many Americans and the shift in the lending environment, which has severely damaged the prospects of home ownership in America. Some of that change is of course for good reason, with no more liar loans issued and “no credit, no problem” guarantees made any longer. Higher scrutiny and regulation of the industry was of course a necessity after the alleged negligence (by several Congressmen at minimum) of the rating agencies. Standard & Poor’s (NYSE: MHP) and Moody’s (NYSE: MCO) regularly rated mortgage backed securities investment grade, due to the diversification provided by investment pools. Unfortunately, they missed the possibility of broad real estate value decline across the nation and also did not account for the bubble blowing, greed driven business that was happening at some financial institutions in the qualification of borrowers.

Bill Clinton’s revival of the American dream of home ownership has hit a serious snag today. Indeed, home ownership is on the decline after peaking in 2004 at 69.2%. It’s been falling over recent years, due to the financial crisis & resultant foreclosures, economic recession & resultant unemployment and the changed financing environment around real estate. In the fourth quarter of 2011, home ownership was measured at 66.0%, and that was down from Q3’s 66.3%.

Given the latest trend reported in the Housing Starts data over recent months, it appears home ownership will deteriorate further. While the popular press was touting it, and the stock market was celebrating Housing Start growth of 1.5% in January, we were pointing out the 1.0% decline in single-family property starts. While single-family activity is up 16.2% against the low bar set in January of 2011, single-family construction permits are up only 6.2% against the prior year. On the contrary, permits filed for multi-family units are up 61% against the prior year period. Take heed my fellow citizens, because the American dream is at stake.

In the zero sum game where many are suffering, some are getting richer. While the shares of residential real estate REITs had their issues through the crisis, and have traded choppy over the last six months, the last year’s trading has most of the largest players clear in the green. Market Cap leaders Equity Residential (NYSE: EQR) (+11.6%), AvalonBay Communities (NYSE: AVB) (+18.3%), American Capital Agency (Nasdaq: AGNC) (+24%), UDR, Inc. (NYSE: UDR) (+10.9%) and Essex Property Trust (NYSE: ESS) (+27%) are all sharply higher over the trailing twelve month period, adjusted for dividends and splits. The same goes for homebuilders over recent months, though we take issue there. The apartment managers should continue to benefit from America’s shift towards a renter nation. Though, given the ongoing economic issues plaguing our country, we wonder how many of those new renters are up-to-date on their rent. That said, net-net, gains still favors rental property managers.

This article should interest investors in residential REITs like American Campus Communities (NYSE: ACC), American Capital Agency (Nasdaq: AGNC), Apartment Investment and Management (NYSE: AIV), Apollo Residential Mortgage (Nasdaq: AMTG), ARMOUR Residential REIT (NYSE: ARR), Associated Estates Realty (NYSE: AEC), AvalonBay Communities (NYSE: AVB), BRE Properties (NYSE: BRE), Camden Property Trust (NYSE: CPT), Campus Crest Communities (NYSE: CCG), Colonial Properties Trust (NYSE: CLP), CYS Investments (NYSE: CYS), Education Realty Trust (NYSE: EDR), Equity LifeStyle Properties (NYSE: ELS), Equity Residential (NYSE: EQR), Essex Property Trust (NYSE: ESS), Hatteras Financial (NYSE: HTS), Home Properties (NYSE: HME), Maxus Realty Trust (OTC: MRTI.PK), Mid-America Apartment Communities (NYSE: MAA), New York Mortgage Trust (Nasdaq: NYMT), PennyMac Mortgage Investment Trust (NYSE: PMT), Post Properties (NYSE: PPS), Senior Housing Properties Trust (NYSE: SNH), Sun Communities (NYSE: SUI), Two Harbors Investment (NYSE: TWO) and UDR (NYSE: UDR).

Please see our disclosures at the Wall Street Greek website and author bio pages found there. This article and website in no way offers or represents financial or investment advice. Information is provided for entertainment purposes only.

Homebuilder Shares and Housing Review

The general view of housing is decidedly positive heading into the 2012 spring selling season… as usual. It is positive compared to other recent spring selling seasons as well, but not by much, given the generally speculative hoping that occurs among industry participants around this time of year. The mood among homebuilders is also improved, though notably depressed still on an absolute basis. That is because the industry metric measures the small, under-capitalized, poorly performing construction outfits alongside the large, well-capitalized, publicly traded industry leaders. Still, many publicly traded, large builders like D.R. Horton (NYSE: DHI) and K.B. Home (NYSE: KBH) have been posting increases in orders of varying degrees over a low set bar, though cancellations persist. These factors, helped by capital flow drivers (tax driven mostly), have many stock market players quite frenzied, with homebuilders’ shares among market leaders. The SPDR Series Trust Homebuilders ETF (NYSE: XHB) is up roughly 62% since the industry trough on October 3, 2011, adjusted for dividends and splits. The ETF is up roughly 18% year-to-date, separating itself clearly from the approximate 7.4% increase in the S&P 500 Index. My review here is to take stock of what has given the industry lift to date, and to survey its footing for the months ahead.

Our founder earned clients a 23% average annual return over five years as a stock analyst on Wall Street. "The Greek" has written for institutional newsletters, Businessweek, Real Money, Seeking Alpha and others, while also appearing across TV and radio. While writing for Wall Street Greek, Mr. Kaminis presciently warned of the financial crisis.

Relative tickers: Nasdaq: ITIC, NYSE: BAC, OTC: FMCC.OB, OTC: FNMA.OB, NYSE: GS, NYSE: MS, NYSE: WFC, NYSE: TD, NYSE: SRS, NYSE: URE, NYSE: IGR, NYSE: XIN, Nasdaq: RYHRX, Nasdaq: TRREX, NYSE: TOL, NYSE: HOV, NYSE: DHI, NYSE: BZH, NYSE: LEN, NYSE: KBH, NYSE: PHM, NYSE: NVR, NYSE: GFA, NYSE: MDC, NYSE: RYL, NYSE: MTH, NYSE: BHS, NYSE: SPF, NYSE: MHO, AMEX: OHB, NYSE: VNQ, NYSE: PNC, NYSE: JPM, Nasdaq: HOFT, NYSE: ETH, NYSE: PIR, NYSE: WSM, NYSE: HD, NYSE: LOW, AMEX: VAZ, AMEX: NKR, AMEX: MZA, AMEX: NXE, AMEX: NFZ, Nasdaq: XNFZX, Nasdaq: FSAZX, Nasdaq: AVTR, NYSE: AIV, NYSE: EQR, NYSE: AVB, NYSE: UDR, NYSE: ESS, NYSE: CPT, NYSE: SNH, NYSE: BRE, NYSE: HME, NYSE: MAA, NYSE: ELS, NYSE: ACC, NYSE: CLP, Nasdaq: AGNC, NYSE: SUI, NYSE: AEC, NYSE: PMT and AMEX: TWO, NYSE: SPG.

Housing Review

New aggregate industry data has been reaching the wire this week, and it seems to conquer in its message with that of recent weeks. The argument the data makes is clear, and definitely contrary to the performance of homebuilder shares (if you read beyond the headlines), which I argue have benefited as much from unsustainable capital flow drivers as from fundamental improvement in the housing industry. Furthermore, the macroeconomic outlook remains grim and the trend seems to show deterioration. So, I once again argue that sooner or later, at least a portion of homebuilder valuations built largely upon capital flow logic and prospective hope is likely to give way before propelling much further on momentum. I see speculative interests which may view themselves as wise contrarians at risk by result. But this logic extends beyond just homebuilders, to all cyclically sensitive shares that have moved in kind.

Data Review

Homebuilder confidence was touted Wednesday as yet another rally cry for the industry’s shares. The National Association of Home Builders (NAHB) reported the fifth consecutive month of improvement in its Housing Market Index. But while the HMI was climbing to a mark of 29, from 25 in January, it was still sitting deeply under the mark that delineates positive outlook from negative. In fact, while the HMI may be off suicide watch, it remains in a sad, sad state.

Looking at Wednesday’s weekly mortgage application data, I found nothing worth celebrating. The Mortgage Bankers Association’s Market Composite Index only fell by 1.0% in the week ending February 10, 2012 when compared against the preceding week. Refinance activity was up 0.8% for that relative period, but the mortgage applications tied to the purchase of a home fell 8.4%. Believe it or not, though, the weekly decline was probably the result of the Super Bowl, which fell on February 5. More importantly, the Purchase Index was 7.6% short of the mark it set during the same week last year. That comparison is clearly inconsistent with the profits accumulating in the shares of homebuilders in aggregate.

Housing Starts, reported Thursday for the month of January, gained by 1.5% over December and ranked 9.9% above January 2011. Even here, yours truly found reason to argue. You see, single-family housing starts actually fell 1.0% against December. The growth was found in multi-family units of 5 or more, where construction increased by 14.4%. A shift towards a renter nation is not indicative of a healthy atmosphere, though demographics are aiding the growth of the senior housing industry, as seen in the long-term chart of the Senior Housing Properties Trust (NYSE: SNH).

Looking back two weeks at the latest home price data, the Standard & Poor’s Case Shiller Home Price Index showed acceleration of home price decline in November. The data was downright depressing, with 19 of 20 cities experiencing a second consecutive month of price contraction. However, many builders like Lennar (NYSE: LEN) are showing sales price increases alongside volume gains, thanks to differentiation and buyer focus between the lean new home and flooded existing home markets. This is a second fundamental point which is positive for publicly traded builders, and I will not overlook it. It is certainly one tangible reason why homebuilders have attracted capital to date. However, I do not believe it will guard the high beta shares from macroeconomic driven slippage and geopolitical trigger. Perhaps these fundamental factors will contribute to an industry wide beta contraction though, as the industry has strengthened through trial.

A Fundamental Case Exists

Another bit of good news for homebuilders is that their own version of austerity has shaved their inventory and that of the home market, in terms of months to sell through. Furthermore, Realtytrac sees the foreclosure cycle peaked, so the flow of low-priced comparables into the pool of available properties is easing. Still, the industry resource says banks continue to work through their own stock of “delayed foreclosures.” Also, new foreclosures continue to flow only less heavily into the market, given the still difficult labor situation and strained savings of the long-term unemployed.

Better capitalized, large, publicly traded builders are also benefiting from market share gains helped along by the demise of a good number of smaller builders that found themselves over-levered with nowhere to sell at the bust of the bubble. These changes to the composition of the new home construction pie are likely contributing to the the order growth and other gains reported by the likes of Beazer Homes (NYSE: BZH), Toll Brothers (NYSE: TOL) and others. This is a fundamental reason to like home builders over the long run.

Another contributor to growth for the public builders is the low base which today’s activity is rising from. That fact comes through in the cautionary commentary of the executives within the reports referred to herein. The prospect for industry revival through its contraction and given the signs of survival in many of the healthier builders has the most prospective of the bunch gaining more ground, like that seen at Hovnanian (NYSE: HOV) and Comstock (Nasdaq: CHCI). These are the first places I would look to lessen risk, if not outright position short.

In Conclusion

Industry structural change factor aside, I believe these stocks (and other cyclically sensitive sectors like retail stores – which I recently suggested investors short) are going to need ongoing support from the economy to keep capital support. I just see that failing them given signs of new U.S. economic sluggishness, stubborn unemployment on labor market structure issues, European recession and an Iran event likelihood that can no longer be dismissed. The vulnerability of the U.S. economy to costly energy (rising gasoline prices), disruptive geopolitical disorder and significant export softness, given still too high under-employment and too low consumer confidence and business investment leaves cyclical industries in tenuous state.

The chart of the XHB says to me that the latest run up for homebuilders is at a point of reassessment. While the individual corporate reports of the healthiest publicly traded companies should continue to offer general support, many names will disappoint high hopes. Furthermore, the operational results bar has been raised now for these stocks, which increases the likelihood of their falling short of expectations. Given the aforementioned macro weights, cyclical shares should give way. Highest on the hill among those are the recently raised homebuilder stocks, and so I reiterate my call to sell the shares despite the evident driver of structural industry improvement.

Get more insight like this from Wall Street Greek via:

Email Delivery (1 email per day maximum)
Facebook
Twitter

Editor's Note: Article should interest investors in Investors Title (Nasdaq: ITIC), Bank of America (NYSE: BAC), Freddie Mac (OTC: FMCC.OB), Fannie Mae (OTC: FNMA.OB), Goldman Sachs (NYSE: GS), Morgan Stanley (NYSE: MS), Wells Fargo (NYSE: WFC), Toronto Dominion (NYSE: TD), UltraShort Real Estate ProShares (NYSE: SRS), Ultra Real Estate ProShares (NYSE: URE), ING Clarion Global Real Estate Income Fund (NYSE: IGR), Xinyuan Real Estate Co. (NYSE: XIN), Rydex Real Estate Fund H (Nasdaq: RYHRX), T. Rowe Price Real Estate Fund (Nasdaq: TRREX), Toll Brothers (NYSE: TOL), Hovnanian (NYSE: HOV), D.R. Horton (NYSE: DHI), Beazer Homes (NYSE: BZH), Lennar (NYSE: LEN), K.B. Homes (NYSE: KBH), Pulte Homes (NYSE: PHM), NVR Inc. (NYSE: NVR), Gafisa SA (NYSE: GFA), MDC Holdings (NYSE: MDC), Ryland Group (NYSE: RYL), Meritage Homes (NYSE: MTH), Brookfield Homes (NYSE: BHS), Standard Pacific (NYSE: SPF), M/I Homes (NYSE: MHO), Orleans Homebuilders (AMEX: OHB), Vanguard REIT Index ETF (NYSE: VNQ), PNC Bank (NYSE: PNC), J.P. Morgan Chase (NYSE: JPM), Hooker Furniture (Nasdaq: HOFT), Ethan Allen (NYSE: ETH), Pier 1 Imports (NYSE: PIR), Williams Sonoma (NYSE: WSM), Home Depot (NYSE: HD), Lowes (NYSE: LOW), Nasdaq: XNFZX, Nasdaq: FSAZX, Avatar Holdings (Nasdaq: AVTR), Apartment Investment & Management (NYSE: AIV), Equity Residential (NYSE: EQR), Avalonbay Communities (NYSE: AVB), UDR Inc. (NYSE: UDR), Essex Property Trust (NYSE: ESS), Camden Property Trust (NYSE: CPT), Senior Housing Properties (NYSE: SNH), BRE Properties (NYSE: BRE), Home Properties (NYSE: HME), Mid-America Apartment (NYSE: MAA), Equity Lifestyle Properties (NYSE: ELS), American Campus Communities (NYSE: ACC), Colonial Properties (NYSE: CLP), American Capital Agency (Nasdaq: AGNC), Sun Communities (NYSE: SUI), Associated Estates (NYSE: AEC), PennyMac Mortgage (NYSE: PMT), Two Harbors (AMEX: TWO), Simon Property Group (NYSE: SPG).

Please see our disclosures at the Wall Street Greek website and author bio pages found there. This article and website in no way offers or represents financial or investment advice. Information is provided for entertainment purposes only.

Retailers' Sales Face the Abyss

Not long ago, Wall Street Greek warned investors to sell short the retail industry. You may not have noticed, as the call came out in the flurry of all the excitement about how great a holiday shopping season we had just concluded. Today, as the government reported the latest Retail Sales data for January, you may still have a chance to join the short side, with the SPDR S&P Retail ETF (NYSE: XRT) only down fractionally in morning trade Tuesday and still fattened 17.7% over the last 52-weeks by its superficial stride. Meanwhile, the SPDR Select Sector Fund - Consumer Discretionary ETF (NYSE: XLY) is up 9.5% over the last 52 weeks, both after adjustment for splits and dividends.

Our founder earned clients a 23% average annual return over five years as a stock analyst on Wall Street. "The Greek" has written for institutional newsletters, Businessweek, Real Money, Seeking Alpha and others, while also appearing across TV and radio. While writing for Wall Street Greek, Mr. Kaminis presciently warned of the financial crisis.

Relevant Tickers: NYSE: XRT, NYSE: WMT, NYSE: PIR, NYSE: ETH, Nasdaq: HOFT, NYSE: HD, NYSE: LOW, Nasdaq: AAPL, NYSE: BBY, NYSE: LTD, NYSE: CHS, NYSE: ANN, NYSE: GPS, NYSE: M, NYSE: JCP, NYSE: JWN, NYSE: TJX, NYSE: KSS, Nasdaq: COST, NYSE: TGT, NYSE: WMT, Nasdaq: WTSLA, Nasdaq: HOTT, NYSE: AEO, NYSE: ARO, NYSE: ANF, NYSE: SAK, NYSE: TIF, NYSE: TLB, NYSE: LL, Nasdaq: BLDR, NYSE: FO, NYSE: LEG, NYSE: TPX, NYSE: AYI, NYSE: LZB, Nasdaq: SCSS, NYSE: ZZ, NYSE: FBN, NYSE: NTZ, Nasdaq: SHLD, NYSE: DDS, Nasdaq: BONT, Nasdaq: CPWM, Nasdaq: BKRS, Nasdaq: BEBE, NYSE: BKE, Nasdaq: CACH, Nasdaq: CMRG, Nasdaq: CATO, NYSE: CBK, Nasdaq: CTRN, NYSE: PSS, Nasdaq: DEST, Nasdaq: DBRN, NYSE: DSW, Nasdaq: FINL, NYSE: FL, Nasdaq: GYMB, NYSE: GES, NYSE: JCG, NYSE: JNY, Nasdaq: JOSB, NYSE: NWY, NYSE: JWN, NYSE: MW, Nasdaq: SYMS, Nasdaq: PLCE.

Retailers' Sales Growth Slowing

The Census Bureau reported Retail Sales increased 0.4% on a seasonally adjusted basis in January, but that was short the economists’ consensus view for a 0.7% gain, based on Bloomberg’s tally. Meanwhile, the government revised December down to no change, cut from the previously noted inching upward by 0.1%. A glance at the top line data seems to show much of the weakness derived from the auto sector, as sales ex-auto improved 0.7%. That better level was superior to the consensus estimate for a 0.6% increase. However, ex-auto sales benefited from a downward adjustment to the December sales rate, which was dropped down to -0.5%, from the -0.2% previously noted. The shares of U.S. auto makers Ford (NYSE: F) and General Motors (NYSE: GM) are off on this news, down 0.7% and 1.2%, respectively in early trade Tuesday.

With the latest pressure applied by rising gasoline prices, many will be interested in the trend ex-gasoline and autos. On this line, sales improved 0.6%, and the December rate was also ratcheted higher to +0.6% from no change previously reported. With regard to rising gasoline prices, we do better to realize that this factor contributes to all consumer spending sooner or later. Thus, if we focus on the current satisfactory figure, we ignore an inevitable decline in spending that will more closely match with stock market performance moving forward. As pressure continues on tension tied to escalating Iranian event risk, gasoline prices should keep their support. It’s one of the reasons the west has shied away from attacking Iran in the first place, given the economic vulnerabilities of North America and Europe. Gasoline prices impact the savings and spending of most Americans, especially those who spend the most, the employed. Furthermore, this factor will certainly impact the spending of the under-employed hanging on the fringe of solvency.

While the retail sales pace seems to be slipping, optimists will note that the pace of retail sales was still up 5.8% from January 2011. Excluding autos, the year-over-year sales pace improved 5.5, but take note that gasoline station sales were up 7.4% on significantly higher gas prices. This fact seems to help nobody, given the shares of The Pantry (Nasdaq: PTRY) are off 23% over the trailing 52 week period.

Sales at Building Materials & Garden Equipment and Supplies Dealers were up 8.1%, but before celebrating a housing revival, realize that prices are up on these commodities as well. Still, this may help to explain the 26% 52-week share gain of Home Depot (NYSE: HD).

Food Services and Drinking Places saw an 8.2% year-to-year gain, and this sector is certainly a destination of consumer discretionary funds. Yet, a sampling of several restaurant stocks shows a wide variety for the palate. Darden Restaurants (NYSE: DRI) shares are up approximately 3.2% over the last 52-weeks through February 13, adjusting for dividends and splits. Meanwhile, the shares of Brinker International (NYSE: EAT) have done much better, rising 14.9%.

What concerns us today is the current trend, or rather, answering the question, “Is consumer spending slowing.” The answer is not so clearly discovered, considering the ongoing shift to discount and online retailers, which offer an economically strapped nation a better option. General Merchandise Stores saw sales gain 2.0% in January, but Department Stores marked only a 1.0% increase. Clothing Stores marked no change in January, while Electronics & Appliance Stores marked a 0.5% increase, thanks no doubt to innovation in the space and the drive of Apple (Nasdaq: AAPL), Amazon.com (Nasdaq: AMZN) and others. Non-store Retailers, or the catalog and internet salesmen, saw a 1.1% sales decline in January, but I suspect inadequate seasonal adjustment here, given the holiday push and market share gains.

There is no doubt that an innovative retail sector squeezed all it could from the American consumer this past shopping season, but I suspect consumers remain on suicide watch. Thus, I see this latest trend of slowing retail sales continuing to slug along given the weight of old pains like stubborn unemployment and dragging domestic confidence, and new stresses like that I see from an Iran event. Therefore, I reiterate my late 2011 suggestion that investors short the retail sector, as this latest economic data is only supportive of my economic argument. The Ugly Economic Secret is indeed out.

Article interests investors in: S&P Retail ETF (NYSE: XRT), Wal-Mart (NYSE: WMT), Pier 1 Imports (NYSE: PIR), Ethan Allen (NYSE: ETH), Hooker Furniture (Nasdaq: HOFT), Home Depot (NYSE: HD), Lowes (NYSE: LOW), Apple (Nasdaq: AAPL), Best Buy (NYSE: BBY), The Limited (NYSE: LTD), Chicos (NYSE: CHS), Ann Taylor (NYSE: ANN), The Gap (NYSE: GPS), Macy’s (NYSE: M), JC Penney (NYSE: JCP), Nordstrom (NYSE: JWN), TJX Company (NYSE: TJX), Kohls (NYSE: KSS), Costco (Nasdaq: COST), Target (NYSE: TGT), Wet Seal (Nasdaq: WTSLA), Hot Topic (Nasdaq: HOTT), American Eagle Outfitters (NYSE: AEO), Aeropostale (NYSE: ARO), Abercrombie & Fitch (NYSE: ANF), Saks (NYSE: SAK), Tiffany (NYSE: TIF), Talbots (NYSE: TLB), Lumber Liquidators (NYSE: LL), Builders Firstsource (Nasdaq: BLDR), Fortune Brands (NYSE: FO), Leggett & Platt (NYSE: LEG), Tempur-Pedic International (NYSE: TPX), Acuity Brands (NYSE: AYI), La-Z-Boy (NYSE: LZB), Select Comfort (Nasdaq: SCSS), Sleepy’s (NYSE: ZZ), Furniture Brands (NYSE: FBN), Natuzzi (NYSE: NTZ), Sears (Nasdaq: SHLD), Dillard’s (NYSE: DDS), Bon-Ton (Nasdaq: BONT), Cost Plus (Nasdaq: CPWM), Baker’s Footwear (Nasdaq: BKRS.OB), Bebe Stores (Nasdaq: BEBE), The Buckle (NYSE: BKE), Cache (Nasdaq: CACH), Casual Male (Nasdaq: CMRG), Cato (Nasdaq: CATO), Christopher & Banks (NYSE: CBK), Citi Trends (Nasdaq: CTRN), Collective Brands (NYSE: PSS), Destination Maternity (Nasdaq: DEST), Dress Barn (Nasdaq: DBRN), DSW (NYSE: DSW), Finish Line (Nasdaq: FINL), Footlocker (NYSE: FL), Gymboree (Nasdaq: GYMB), Guess (NYSE: GES), J. Crew (NYSE: JCG), Jones New York (NYSE: JNY), Jos. A Banks (Nasdaq: JOSB), New York & Co. (NYSE: NWY), Men’s Wearhouse (NYSE: MW), Syms (Nasdaq: SYMS), The Children’s Place (Nasdaq: PLCE).

Please see our disclosures at the Wall Street Greek website and author bio pages found there. This article and website in no way offers or represents financial or investment advice. Information is provided for entertainment purposes only.