speaking of retail...I still swing with JCP...and now contmeplating what to do at this juncture with the mid 24's to 25 level indicating pivot area...
finance.yahoo.com
Retail stocks reverse course
By Lisa Sanders, CBS.MarketWatch.com
Last Update: 10:06 AM ET Nov. 6, 2001
NEW YORK (CBS.MW) - Retail stocks failed to sustain a rally after data released Tuesday indicated that sales at the nation's retailers were on target but that shopper traffic declined for the 27th consecutive week on a year-over-year basis.
Stocks got a boost Monday after analysts reported that retail sales appear to be improving, lifting the S&P Retail Index ($RLX: news, chart, profile). The sector's benchmark shed 1.66 to 828.97 on Tuesday.
The Bank of Tokyo-Mitsubishi-USBW reported that its weekly index rose 0.9 percent from last week and sales grew 2.2 percent from the year-ago period. Separately, Instinet Redbook said its retail index rose 0.8 percent from September to October.
BTM also reported that Halloween traffic declined 17 percent from a year ago, reflecting fears of a terrorist attack. BTM's Mike Niemira predicts that October same-store sales will rise 1 to 1.5 percent. Those results will be reported Thursday.
Meanwhile, individual stocks were mostly lower. In the department store group, including discount outfits, JC Penney (JCP: news, chart, profile) added 18 cents to $23.51, but Sears (S: news, chart, profile) lost 11 cents to $43.52, Target (TGT: news, chart, profile) fell 23 cents to $34.27, and Wal-Mart shed 3 cents to $53.87. Nordstrom (JWN: news, chart, profile) declined 39 cents to $15.12.
The Gap (GPS: news, chart, profile) added 5 cents to $13.70. But appliance and electronics retailer Circuit City (CC: news, chart, profile) cast off 5 cents to $15.06. Office supply chain Staples (SPLS: news, chart, profile) retreated by 44 cents to $16.06.
Lisa Sanders is a Dallas-based reporter for CBS.MarketWatch.com. |
