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POPS "A-Listers" Have Slashed Their Spending Priorities Such behavior differs dramatically from even just a year ago, when luxury stores couldn't keep up with the wealthy's appetite for extravagance. A-listers wanted $5,000 handbags, not the $500 versions they bought in the past. But the financial meltdown has deflated the demand that reigned for much of this decade, resulting in plummeting sales for many luxury purveyors. That has forced high-end stores like Saks Fifth Avenue and Neiman Marcus to offer discounts of up to 70 percent before the traditional start of the holiday shopping season -- akin to their downscale competitors. The aspirational luxury shoppers, those whose average annual salary is about $150,000, began cutting back a year ago, according to Milton Pedraza, chief executive of the Luxury Institute, a research firm. That spiraled up the economic scale after the economy worsened.
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POPSWalmart Stampede "I've heard other people call this an accident, but it's not," he said. "This certainly was foreseeable."
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POPSMysterious BX Spike? Interesting find here from DealBook. Shares in fast-flopping new issue Blackstone pop in the final minutes of trading. What's the deal here? Bargain hunting, someone trying to prop it up, program trading? Whoever it was, they got nicked by the falling knife: just before noon Friday BX was at $24.05, down 6.42% and way off the $31 ipo price. -- Dan Bigman
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