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

I think the challenge Kmart really faces right now is whether it's going to be able to keep pace with Wal-Mart and Target, and can they improve the big investment in store value. ...To close the gap between your peers casts a lot of uncertainty on the numbers and expectations.

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.

Overall, the positive earnings surprise will be well received by investors, but the outlook for the company remains uncertain.

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.

...Half of its task is getting people in the stores on a more frequent basis.

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

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.

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