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RETAIL
Bon-Ton buys 142 Saks stores
The Bon-Ton Stores will pay Saks $1.1 bil for the outlets that include Bergner's, Boston Store, Carson Pirie Scott, Herberger's and Younkers lines. The deal nearly doubles Bon-Ton's size, which had been 139 stores in the Midwest and Northeast. Bon-Ton surged 20.5% to 20.05. Saks, which will hold onto its upscale Saks Fifth Avenue division, rose 9% to 18.15.
Wal-Mart sales top projections
The retail giant said same-store sales tentatively rose 4.3% in Oct., topping its own forecasts of 2%-4% growth. Sales remained strong despite 9 stores being shut down due to damage from Hurricanes Katrina and Rita. Wal-Mart rose 4% to 47.31, and its stronger sales appeared to lift rival retailers as well, as Target, Sears Holding and Amazon rose 2% each.
TECHNOLOGY
Cognizant gains on outsourcing