With the coming Friday fast approaching, Retailers are hoping to boost their business with bargain hunting consumers flocking to their crowded stores to find the best deals. This Friday is especially important because the sales will determine whether the recovering economy can continue its resurgence.
One indication that this Friday can be a productive day is the fact that the US Commerce Department announced that US Home Sales rose 6.2% for the month of October. An index for Consumer Sentiment also shows gains as it rose to 67.4 from 66 within the month of November.
As this numbers continue to grow positively, retail stocks will be in focus to see if they can continue their rise or it will be determined that it was merely a temporary effect of the government’s stimulus plan.
Some of the stocks on the rise include High-end Stores Tiffany & Co. (NYSE: TIF) , Saks Inc. (NYSE: SKS) and J. Crew (NYSE: JCG) . Tiffany continues its gains after announcing that their sales declines have slowed down in the US Market and has been offset by stronger than expected performance in China and Singapore. TIF gained 4.92% yesterday as it rose to $43.89 a share. Saks showed even better performance yesterday as it rose 5.15% to $6.74 a share. Among the three companies J. Crew showed the best performance as it grew 7.83% to $44.05 a share.
Although there will be shoppers looking to find value in clothing and Jewelry, shoppers will be looking for bargains in Electronics. Electronics bargain hunters will be rushing to Best Buy (NYSE: BBY) for deals that they won’t find anywhere else. In fact, Best buy is offering Black Friday deals early for Samsung Phones. Wal-Mart (NYSE: WMT) is also looking to give out major deals on Black Friday as they offer sales before the weekend even starts. Shares of Best Buy and Wal-Mart surged as it rose 0.96% to $43.26 a share and 0.20% to $54.96 a share respectively.
