Starbucks: Chart suggests red-hot consumer stock can keep climbing in 2021, trader says
Could the consumer be key to 2021 stock market gains? Wednesday's market action brought that question to the fore as the Consumer Discretionary Select Sector SPDR Fund (XLY) and SPDR S&P Retail ETF (XRT) hit all-time highs. But one thing's clear: "the U.S. consumer is turbocharged right now," Petrides said in an interview with CNBC's "Trading Nation" on Wednesday. Consumer cyclical stocks leading the broader market to new records is "telling," said Ari Wald, head of technical analysis at Oppenheimer. Starbucks could be one such stock, said Wald, pointing to what he called its "strong" technical chart.cnbc.com
Stocks making the biggest moves in the premarket: Merck, Korn Ferry, Regeneron & more
Merck shares added 1.9% in premarket trading as of 7:31 a.m. The shares rose 6% in premarket trading as of 7:31 a.m. The shares were volatile in premarket trading and slightly lower as of 7:31 a.m. Regeneron rose 4% in premarket trading as of 7:31 a.m. Pfizer (PFE) – Pfizer's Covid-19 vaccine could receive U.K. approval this week, according to a report by the Telegraph news site.cnbc.com
Stocks making the biggest moves in the premarket: Pfizer, Foot Locker, Hibbett Sports, Workday & more
Pfizer shares added 1% in premarket trading as of 7:34 a.m. Foot Locker (FL) – Foot Locker earned $1.21 per share for its latest quarter, compared to a consensus estimate of 63 cents a share. Foot Locker shares gained 4% in premarket trading as of 7:34 a.m. Workday (WDAY) – Workday reported quarterly earnings of 86 cents per share, 19 cents a share above estimates. Intuit (INTU) – Intuit reported quarterly profit of 94 cents per share, nearly tripling the consensus estimate of 37 cents a share.cnbc.com
Beyoncé drops new Adidas x Ivy Park collection, Drip 2
Beyoncé drops her second collection from Adidas x Ivy Park collaboration, dubbed Drip 2. The gender-neutral athleisure line features matching sets, sports bras, jackets, hoodies, leggings, bodysuits and bike shorts in vivid shades of orange, green, yellow and blue. In footwear, the collection features six shoes, including a bold highlighter-yellow called the UltraBoost OG shoes. The collection ranges from $25 for accessories to $200 for shoes. You can purchase the collection at: Adidas, ASOS, DTLR, Finish Line, Foot Locker, GOAT, Sneakersnstuff and SSENSE.
Mall owner sues Gap for rent on coronavirus-shuttered stores
NEW YORK NEW YORK (AP) Gap is being sued for refusing to pay rent for stores temporarily closed during the coronavirus pandemic. Mall owner Simon Property Group said in a lawsuit filed this week that the clothing retailer owes three months of rent, totaling $65.9 million. Gap Inc. has more than 390 stores at Indianapolis-based Simon's malls, including its namesake brand, Old Navy and Banana Republic. Gap and other major retailers, including sneaker seller Foot Locker, have said they wouldn't pay rent for stores that were forced to close due to the pandemic. In April, Gap warned that it may be sued by its landlords and that a dispute could be costly and have an uncertain outcome.San Francisco-based Gap did not respond to a request for comment Thursday.
Why Foot Locker is backing Rockets of Awesome, a start-up disrupting the kids clothing market
Earlier this year, Rockets of Awesome landed a $12.5 million investment from Foot Locker to help it grow. "I've been able to build a network of really great people to surround myself with," says Blumenthal, Rockets of Awesome's CEO. The inspiration for Rockets of Awesome came from her role as a mother of two children, ages four and eight. Rachel Blumenthal, Rockets of Awesome founder and CEO Source: Rockets of AwesomeAs part of Foot Locker's strategic partnership, Rockets of Awesome will open mini stores in Kids Foot Locker stores located in malls in major U.S. cities and will become the largest retailer of Rockets of Awesome's line of clothing in the country. Rachel Blumenthal founder and CEO, Rockets of AwesomeThe shopping experienceAt the Rockets of Awesome pop-up, Blumenthal's ambitions go beyond offering a physical shopping experience for moms and kids.cnbc.com
Foot Locker is opening more massive 'Power' stores across USand it's teaming with Nike to do it
Foot Locker plans to open dozens of Power stores across the U.S. over the next few years. Foot Locker is teaming with Nike as it rolls out bigger, more interactive stores. These so-called Power stores are four times as big as a typical Foot Locker store in malls. Nike has taken some of the things it's been testing out at its Nike Live store on Melrose Avenue in Hollywood, and bringing it into Foot Locker. Foot Locker says it purchased about two-thirds of its merchandise from Nike in 2017 and 2018.cnbc.com
Retailers among 2019's worst stocks
Spencer Platt/Getty Images(CNN) - Looking for more proof of just how hard it is for traditional retailers to compete in a world that's increasingly dominated by Amazon? Nordstrom and Gap are the worst-performing stocks in the S&P 500 so far this year. Several other big brick-and-mortar retailers are among the market's biggest losers of the first half of 2019. All of those companies have recorded sluggish sales and profits as consumers increasingly shop online. And Home Depot, which faces less competition from Amazon and online shopping in general, is up more than 20%.
Retail gets wrecked, but two stocks could see revival
"The stock broke below its December lows back in May and that was quite negative," said Maley. But again its weekly RSI chart is quite oversold and that one could be due for a bounce, one that could last more than a couple of days." Quint Tatro, president of Joule Financial, isn't sold on the idea that these stocks could make a comeback. [22.5] times forward earnings for Walmart is rich but it's taking a higher valuation because it's innovating, it's going online and it's seeing progress." Its 22.5 times forward earnings multiple is far higher than the 15 times multiple on the XRT retail ETF.cnbc.com