Wednesday August 23rd 2017

Retail Sales Expected to be Higher Black Friday

Free News Press – Many retail stocks move higher right before Thanksgiving in anticipation of the holiday season. This year is no exception.

The National Retail Federation expects holiday shopping to increase this year compared to last. “According to a preliminary Black Friday shopping survey, conducted for the National Retail Federation by BIGresearch, up to 152 million people plan to shop Black Friday weekend (Friday, Saturday and Sunday), higher than the 138 million people who planned to do so last year,” the industry group said in their report.

Stocks closed down Wednesday; the Dow Jones Industrial Average (DJIA) fell 236.17 (-2.05%) to 11,257.55. The S&P 500 and Nasdaq slipped more than two percent. Even the services sector was down 2.53 percent today. Wal-Mart, Target, and Best Buy were all lower during the trading day but two of them rebounded in the after-hours.

Wal-Mart Stores, Inc. (NYSE: WMT) closed the day down 21 cents (-0.37%) to $56.64. In the after-hours the stock added 16 cents to $56.80.

The share price of Target Corporation (NYSE: TGT) slipped $1.16 (-2.20%) to $51.53. TGT continued to fall since the closing, down another 37 cents to $51.90.

Best Buy Co., Inc. (NYSE: BBY) dropped 47 cents (-1.80%) to $25.71. In the after-hours the stock fell another eight cents to $25.79.

“Though many retailers are already touting select Black Friday ads, there’s no doubt we’ll all be blown away by what retailers still have in their bag of tricks for shoppers,” said NRF President and CEO Matthew Shay. “We fully expect to see excited shoppers as early as midnight at stores around the country, as many holiday shoppers would rather stay up all night to take advantage of retailers’ Black Friday deals rather than set their alarm to wake up the next morning.”

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