Jos. A Bank Clothiers Courts Men’s Wearhouse
Jos. A Bank Clothiers has approached Men’s Wearhouse about a combination of the two companies, which would create a nationwide powerhouse in men’s clothing. The Wall Street Journal reports that Jos. A Bank is smaller than Men’s Wearhouse with a market cap of $1.17 billion. Men’s Wearhouse has a market cap of $1.68 billion. Jos. A Bank currently has over 600 stores selling men’s tailored and casual clothing. Men’s Wearhouse has 1137 stores selling discount suits and sport coats. CNBC reports that Men’s Wearhouse has rejected the $2.3 billion bid.
Apple to Unveil New iPad
Shares of Apple are up 1 percent as the first details surface regarding the next iPad tablet. According to USA Today, the next iPad will run Apple’s 64-bit A7 chip, now available on the iPhone 5S, and will have a thinner, lighter design and a better camera. An Apple event is scheduled for October 22nd where Apple is also expected to unveil more information about the operating system for Macs. Apple still holds the lead in the tablet market but has seen competition grow, especially from Amazon, due to its Kindle devices.
Obama Nominates Yellen as Federal Reserve Chief
President Obama announced late Tuesday that he would nominate Janet Yellen to replace Federal Reserve Chairman Ben Bernanke when his term expires in January. According to the Wall Street Journal, Yellen is 67 years old and will be the first female Federal Reserve chief in its 100-year history. Experts believe that markets will react positively to the nomination because Yellen is expected to continue Bernanke’s easy money policies.
IMF Reports Risks to Global Economy Growing
USA Today reports that the International Monetary Fund has indicated that a failure by Congress to raise the debt ceiling could severely damage the global economy. The IMF cut its global growth forecast for 2013 to 2.9 percent, down from its 3.2 percent projection in July. The IMF predicts the US economy will grow 1.6 percent this year and 2.6 percent next year, also down from its July forecast.
Catherine S. McBreen is President of Millionaire Corner. McBreen plans and develops content for Millionaire Corner. Catherine balances editorial content to meet the informational needs of both new and seasoned investors. She designs special monthly surveys on topical issues affecting the economic environment.
McBreen has a B.S. in speech communications from Northwestern University and a J.D. from DePail University College of Law. She is a member of the American Bar Association, the Illinois Bar Association, and the Chicago Bar Association.
Well-known for her expertise in the affluent and retirement arenas, McBreen is a frequent speaker at industry conferences. She has been quoted widely by the financial media, including The Financial Times, The Wall Street Journal, Research, Private Asset Management, On Wall Street, Reuters, Bloomberg News, The Dow Jones Newswires and Worth. Cathy has appeared as a guest on CNBC Closing Bell, First Business Morning News, Neal Cavuto at Fox Business News, ABC and CBS radio.
McBreen is co-author with Spectrem President George H. Walper, Jr. of the book "Get Rich, Stay Rich, Pass It On: The Wealth-Accumulation Secrets of America's Richest Families" (Portfolio, January 2008)
Catherine is the mother of four and is involved in many school and community events.