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.
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.
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.