I don't think Federated will be alone in talking down earnings expectations for the quarter and also the second half of this year. You look at the things impacting Federated and they are industry and consumer-related issues, not company issues.

Chuck and his team have been able to put their turnaround plans in place and take steps to change those issues that have held back the company over last 20 years. The challenge is kind of managing the business day to day while trying to effect all these changes. That's why we saw the loss of two cents during the quarter.

Investors should keep in mind that this (auction) process will take longer than most initially expected and will by its vary nature be lumpy.

It looks like the off-mall numbers look really good, and the mall-based numbers still look to be tough out there. To say this is a trend we've seen over the last year is selling it short. It's been a trend we've seen for quite some time. The off-price guys offer better prices to consumers.

It's the way Costco built their business model, and now it's ingrained in their culture.

You saw a little better earnings than expected, a more optimistic outlook for full-year earnings, and people beginning to see margin expansion for the company after some declines over the last 18 months. That visibility is the biggest reason you're seeing the stock move up.

Black Friday is about sending a message. It is about establishing a reputation for the rest of the holidays.

With such uncertainty about the future direction of the (Lord & Taylor) business, it is difficult to assess what a financial buyer would be willing to pay for the business.

We would expect Kohl's to meet or beat expectations on a more regular basis in 2006.

There is a tremendous amount of opportunity with their Tommy Hilfiger women's business. That should allow them to prosper.