Marks & Spencer Group Plc, Britain’s largest clothing retailer, fell for a third straight day as Sanford C. Bernstein cut the stock to underperform, adding to a recent tide of negative analyst opinion.
Marks & Spencer Group Plc, Britain’s largest clothing retailer, fell the most in almost two months after Credit Suisse reduced sales and profitability estimates and as a report showed U.K. fashion sales declined in September.
U.K. stocks dropped, following a second weekly loss for the benchmark index, after U.S. House Speaker John Boehner said he will attach conditions before passing a bill to increase the federal borrowing limit.
PPR SA , the French owner of Gucci and online retailer Redcats, said Chief Executive Officer Francois-Henri Pinault will take control of its luxury division after the unit helped 2010 profit beat analysts’ estimates.
Steinhoff International Holdings Ltd., Africa’s largest furniture maker, is close to buying PPR SA’s Conforama chain after offering more than 1.5 billion euros ($1.98 billion) for the unit, according to two people with knowledge of the matter.