Petco is Up, Christopher & Banks is Down and the US Debt is Climbing – Financial News Summary for Thursday, January 14, 2020

Petco is Trying an IPO Again
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The stock market saw a drop across the board today with all three major New York stock exchanges showing a decrease over the day. The Dow Jones saw a drop of 0.22% to close at 30,991.52. The NASDAQ dropped 0.12% to 13,112.64 and the S&P 500 fell 0.38% to close at 3,795.54. STOXX Europe, on the other hand, saw an increase today, closing up 0.72% at 412.00.

 

The US Debt spiked through the course of President Trump’s time in office, rising a total of $7 trillion, however that’s nothing compared to what is expected with President Biden. Biden’s current fiscal package calls for spending of approximately $2 trillion and he’s hoping to get it through Congress in just his first 100 days. That means over the rest of his term it’s going to become even larger and potentially even more concerning. But there’s not much that can be done about it now.

“This is not the time to tighten the belt. The economy is in no condition for austerity,” said Joe Brusuelas, chief economist at RSM.

 

Yet another store has seen their stocks fall and their profit margins dwindle. Christopher & Banks is filing for Chapter 11 bankruptcy and closing the majority of it’s stores. It is stating that they are in an active discussion to sell their website, but the rest of the business is likely to disappear entirely. They have said that the pandemic has made the situation worse for them, disrupting the shopping patterns of the women who shop in their stores, primarily for more formal clothing rather than the casual attire more popular now.

 

Petco is not ready to say goodbye just yet. In fact, they’re trying out an IPO for the third time and hoping to finally take on other pet retailers like Chewy. The stock managed to surge 56% and earned a valuation of approximately $6.2 billion.

“We are the only retailer that offers all the pet parents’ needs in one place,” Petco CEO Ron Coughlin told CNN Business.

And they think that is going to give them an edge this time around getting into the market.

 

Oil rose today by 1.63% to close at $53.72 per barrel. Gold fell today, though not enough to register a percentage loss, coming in at $1,848.31 per ounce. The treasury yield jumped to it’s two days ago high again, with the 10 year yield coming in at 1.15 and the 30 year yield coming in at 1.88.

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