Stephen Martines Videos : August 13 Biz Minute

nordstrom wal-mart kohl's wall street shoppers recovery ford focus escape showrooms blackstone blackstone group stephen schwarzman sallie krawcheck bank of america august 13 biz minute

August 13 Biz Minute

Luxury retailer Nordstrom said today its second-quarter profit fell 27 percent but it met analyst expectations and while cutting their inventory helped both Wal-Mart and Kohl's earn more in the second quarter than Wall Street expected, neither retailer sees consumer spending rebounding in the crucial coming months. Speaking of - A bleak report on retail sales released today reinforced a nagging worry of economists: Shoppers won't spend enough to help a recovery take hold. Ford said today it will build more of its popular Focus and Escape models and boost total vehicle production later this year to help dealers restock depleted showrooms. Taking his private equity firm public paid off big for Blackstone Group LP's Stephen Schwarzman, who became the top-paid chief executive in the United States last year Meanwhile Sallie Krawcheck has purchased just over $1 million of Bank of America stock, a little more than a week after becoming head of global wealth and investment management at the largest US bank.

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