HNNMY, JNY and PVH are probably the first places to keep an eye on. Swedish boutique retailer H&M is getting pounded this morning in Europe after confessing that the cost of cotton is digging into its business. H&M, which trades fairly thinly in ADR form as HNNMY has investors worried that the rising cotton prices that depressed its fourth-quarter profit by 11% is only the first taste of inflation working its way into the apparel sector.