BBY - 2 More Retail Stocks Point to Happy Holidays Ahead
Investors have been concerned about the state of the U.S. economy lately, with particular attention to ailing consumers. With high inflation eating away at the purchasing power of their earnings, consumers have had to make some difficult financial decisions, and that has weighed on investor sentiment about the prospects for the companies that serve those consumers.
Yet on Tuesday morning, stock markets moved modestly higher, and the retail sector had a lot to do with the better mood on Wall Street. Strong quarterly financial results from Abercrombie & Fitch (NYSE: ANF) and Best Buy (NYSE: BBY) not only sent their respective shares soaring but also set a more positive tone for the key holiday shopping season. You can find the details below.
Abercrombie & Fitch saw its stock jump 19% early Tuesday, as investors digested the teen and young-adult apparel retailer's third-quarter financial report for the period ending Oct. 29. The numbers indicated A&F's continued recovery from the shutdowns of the pandemic and inspired some optimism about the coming months.
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2 More Retail Stocks Point to Happy Holidays Ahead