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MW: Flat to down open for retail stocks
 
CHICAGO (MarketWatch) -- With the worst holiday shopping season in decades finally winding down, retail stocks were flat to down after the opening bell Monday.

The S&P Retail Index he sector's key gauge, was off about a point at 270.43.
The news has not been good as cash-strapped consumers cut back sharply on gift spending and held out for deeper discounts. On Friday, MasterCard's SpendingPulse unit estimated that retail sales fell 5.5% in November and 8% this month through Christmas Eve. Knocking out gasoline, overall sales were off 2% to 4% with categories including luxury goods and electronics posting declines in the double-digit percentage range.
With that dismal backdrop, most major retailers were little changed in early action. Shares of Wal-Mart fell 11 cents to $55.24, while Target was down 23 cents at $32.01. Macy's slipped a nickel to $8.56, and Sears Holdings gained almost 2% to $37.67.
Jones Apparel gave back some of Friday's 45% gain, slipping about 3% to $5.47. The stock soared in the previous session after the clothing company said that it had amended its existing $1.25 billion revolving credit facilities, reducing its $750 million line maturing in May 2010 to $600 million, while a $500 million line set to mature in June 2009 has been terminated.
Jones said existing covenants have also been adjusted to provide it with "greater flexibility in the operation of its businesses during these unprecedented economic times."
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