Saks CEO elected chairman of NRF board The National Retail Federation today announced that Saks Incorporated (SKS) Chairman and CEO Stephen I. Sadove has been elected chairman of the NRF Board of Directors and chairman of its Executive Committee. He succeeds NRF’s immediate past chairman, Terry J. Lundgren, chairman, president and CEO of Macy’s (M).
J.C. Penney downgraded to Sell from Neutral at UBS UBS downgraded its rating on J.C. Penney (JCP) shares to Sell saying the company's 2017 EBITDA target of $1.2B is overly optimistic as it assumes years of market share gains against strong competitors like Macy's (M) and Kohl's (KSS). UBS halved its price target for Penney shares to $5 from $10. The retailer's stock closed Friday down 52c to $7.12.