U.S. stocks open steady as investors wait for economic data and a slew of Federal Reserve officials speaking today, including Chairwoman Janet Yellen who will testify before a House Committee. Wendy's (WEN) is beefing up its profits. It credits the strong quarterly performance to its transition to more of a franchise based model. Michael Kors (KORS) said revenue climbed in the latest quarter, helped by new store openings. Kors, like many designers, battled a slowdown in handbag and watch sales, magnified by anemic shopper traffic in the United States. Handbags had been one of the hottest categories for retailers in recent years but have recently slowed. ADP says private sector job growth slowed in October to 182,000. Avon (AVP) posted a loss for the quarter and said sales were disappointing. Lumber Liquidators (LL) named a new CEO as sales continue to fall.
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