Fitch Ratings cut its grade on retailer Saks Inc. one notch on Thursday, citing deterioration in the luxury department store market.

Among the stock activity stories for Wednesday, Nov. 19, from AP Financial News:

THE NEW FRUGAL: Faced with financial losses and economic uncertainty, Americans are stretching the value of their dollars by choosing less expensive brands and bypassing the fashion mall for secondhand stores.

Frugality is making a comeback.

Shares of Saks Inc. declined on Wednesday, after analysts said high inventory and softer consumer spending from luxury and aspirational shoppers are hurting the department store operator, which posted a bigger-than-expected third-quarter loss.

Online spending for October grew at the slowest pace since at least 2001, an Internet research company said Tuesday — the latest evidence that Web shopping is being dragged down by the deteriorating economy.

The holiday outlook for the luxury world turned grimmer Tuesday, after Saks Inc. reported a wider-than-expected loss in the fiscal third quarter, and both it and Burberry Group PLC offered downbeat forecasts.

Even as they struggle amid the slowing economy, some states are giving retailers back about $1 billion in sales taxes each year as reimbursement for acting as tax collectors, according to a study released Tuesday.

Among the earnings stories for Tuesday, Nov. 18, from AP Financial News:

Luxury retailer Saks Inc., which operates Saks Fifth Avenue, said Tuesday that it was cutting its capital expenditures to $75 million for fiscal 2009, down from $125 million for the current year.

Saks Inc. reported a wider-than-expected loss for the third quarter Tuesday, as the company resorted to deep discounts in an attempt to pull in affluent customers spooked by massive job losses on Wall Street and shrinking stock portfolios.

Saks Inc., the upscale department store operator, is expected to swing to a third-quarter loss as even well-heeled consumers pull back on spending.

Luxury retailer Saks Inc. reports earnings for the fiscal third quarter on Tuesday. The following is a summary of key developments and analyst opinion related to the period.

By choice or by force, more U.S. consumers are putting away their credit cards as the financial crisis reshapes attitudes toward spending and debt.

Retail sales are expected to post a severe decline for October, marking the fourth straight month of retreat.