However, the importance of this transaction is that it provides Nordstrom with additional talent, expertise and access to the designer category. This should allow Nordstrom to capitalize on strong sales trends they have been experiencing over the past two years.

However, the importance of this transaction is that it provides Nordstrom with additional talent, expertise and access to the designer category, ... This should allow Nordstrom to capitalize on strong sales trends they have been experiencing over the past two years.

A slight premium to the market is about as far as the P/E multiple should go until management provides us with a clear action plan to lower controllable costs.

The most surprising aspect of the earnings release was management's more conservative outlook for the rest of the year, driven by the impact of higher oil prices on consumer spending.

A slight premium to the market is about as far as the P/E multiple should go until management provides us with a clear action plan to lower controllable costs,

We see this as a positive and a necessity given that the scope and complexity of Wal-Mart's U.S. business is too broad for a single executive to oversee anymore,