Friday, May 26, 2017

High Prices in Retail

Yesterday was a rare good day for retail stocks, as strong first-quarter results from retailers such as Best Buy and PVH led indexes to record highs. Best Buy soared 21.5 percent to $61.25 after the electronics retailer issued a strong first-quarter report, including better sales of mobile devices and gaming products.

PVH, the owner of brands including Calvin Klein and Tommy Hilfiger, climbed 4.8 percent to $107 after it raised its annual forecasts in the wake of its own strong report. Other retailers — including Guess, Abercrombie & Fitch and Burlington Stores — also made substantial gains.

There was good news for the biggest online retailer as well. Amazon rose 1.3 percent on the day,  peaking at a tantalizing $999 per share before falling back to $993.

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