Some of the biggest winners in the stock market Tuesday were perhaps a bit unexpected, especially with worries about economic weakness and a potential U.S. recession.
Shares of retail companies that reported solid quarterly results such as Best Buy, Dick's Sporting Goods, American Eagle Outfitters and Abercrombie & Fitch saw big jumps during the day. Best Buy surged nearly 12.8% and Dick's Sporting Goods gained 10.1%. American Eagle and Abercrombie jumped about 18.2% and 21.4%, respectively.
Solid outlooks for the holiday period and the year were also rewarded by Wall Street. Abercrombie & Fitch is optimistic going into the 2022 holiday season, and Best Buy stuck by its previous projections for holiday sales.
Dick's Sporting Goods boosted its full-year financial forecast as well.
But not all retailers were triumphant in the market today. Shares of Dollar Tree slipped about 7.8% even though the discount retailer posted results that showed it beat Wall Street expectations on the top and bottom lines in the previous quarter.
The company stock was weighed down by its full-year earnings projection, which fell at the lower end of the range it previously gave. Dollar Tree cited inflation and near-term pressure on sales due to shifting consumer shopping as reasons for the weaker outlook.
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