AEO - Why Retail Stocks Are All Shook Up on Friday
2023-04-14 12:57:03 ET
A mixed report on March retail sales from the Department of Commerce sent retail investors scattering hither and yon Friday. As of 11:35 a.m. ET, shares of used car dealer Carvana (NYSE: CVNA) were down 4.4%, and online pet supplies seller Chewy (NYSE: CHWY) was off by 2.2%. On a brighter note, clothing chain American Eagle Outfitters (NYSE: AEO) had gained 3.1%.
In the absence of other stock-specific news Friday, investors are presumably parsing the Commerce Department report closely for clues as to what these companies may say about their recent performances when their next earnings reports roll around. For most retail companies, there's still a bit of time before that happens. American Eagle, for example, won't report until May 24, and Chewy's results aren't due out until May 30. Carvana's Q1 2023 report should come soonest, on May 4.
For the time being, however, how those quarterly results will pan out remains unclear.
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Why Retail Stocks Are All Shook Up on Friday