SKT - Why Tanger Factory Outlet Stock Rallied as Much as 17% Today
Shares of outlet center real estate investment trust (REIT) Tanger Factory Outlet Centers (NYSE: SKT) rose as much as 17% at one point during the day on Nov. 2. By roughly 2 p.m. EDT they had pared the gain a little and were sitting at a still respectable advance of around 12.5% or so. The company's earnings release after the close on Nov. 1 was the likely impetus for the investor enthusiasm.
At one point in 2020, as the coronavirus pandemic spread globally, investors fled mall REITs like Tanger. It seemed as if Wall Street had decided consumers would never again head out to the mall to shop. The company's third-quarter earnings reports easily put that notion to rest, and investors reacted by jumping back into the stock in a big way.
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Why Tanger Factory Outlet Stock Rallied as Much as 17% Today