Despite January’s increase in payroll taxes U.S. consumer spending has experienced a steady climb in 2013. On Thursday, the Commerce Department reported retail sales increased 0.6 percent in May, following a 0.1 percent increase in April. The rise topped economists’ expectations of a 0.4 percent increase. Strengthening consumer spending in May comes as a welcome sign to retailers as they head into the summer shopping season. "U.S. consumers continue to be the gift that keeps on giving," said Jim Baird, chief investment officer for Plante Moran Financial Advisors. "Slow, steady improvement in the jobs market, the resurgence in home values and rising stock prices have boosted consumer spirits and catalyzed spending." Here is how some retail stocks reacted Thursday:
Best Buy Co., Inc. (NYSE: BBY) shares traded in the range of $26.78 to $27.59 Thursday before settling to close at $27.56, an increase of 2.53 percent. The stock appears to be facing some resistance at $30.65 with support at $26.65. Microsoft has recently announced plans to open 500 Windows stores within existing Best Buy stores in the U.S. Shares of Best Buy have gained approximately 132.5 percent in 2013.
More information on Best Buy and access to the free equity report can be found at: www.WallStreetFundamentals.com/BBY
Costco Wholesale Corporation (NASDAQ: COST) shares traded in the range of $109.02 to $111.14 Thursday before settling to close at $110.88, an increase of 1.35 percent. The stock appears to be facing some resistance at $115.30 with some support at $110.56. The company reported net sales of $8.13 billion for the month of May, a year-over-year increase of 7.0 percent. Shares of Costco Wholesale have gained approximately 12.3 percent in 2013.
More information on Costco Wholesale and access to the free equity report can be found at: www.WallStreetFundamentals.com/COST
Macy's, Inc. (NYSE: M) shares traded in the range of $47.92 to $48.92 Thursday before settling to close at $48.76, an increase of 1.46 percent. The stock appears to be facing some resistance at the $49.54 and $50.53 levels. Bank of America analysts have recently upgraded the company’s price target to $55.00 and currently have a “buy” rating on the stock. Shares of Macy's have gained approximately 25 percent in 2013.
More information on Macy's and access to the free equity report can be found at: www.WallStreetFundamentals.com/M
PVH Corp. (NYSE: PVH) shares traded in the range of $120.25 to $123.20 Thursday before settling to close at $122.60, an increase of 10.17 percent. The stock appears to be facing some resistance at the $124.53 and $125.07 levels. The company reported revenue on a non-GAAP basis totaled $1.940 billion for the first quarter of 2013, an increase of 36 percent when compared to the year ago quarter. Shares of PVH have gained approximately 10.5 percent in 2013.
More information on PVH and access to the free equity report can be found at: www.WallStreetFundamentals.com/PVH
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