Investors Continue to Favor Discount Retailers (XRT) (JCP) (WMT) (TRIP)
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Shares of companies in the retail space are having a mixed start to the trading day on Tuesday, with SPDR S&P Retail (NYSE: XRT) posting a modest gain of 0.77 percent. The move higher in XRT takes place despite a crushing move in shares of J.C. Penney Company, Inc. (NYSE: JCP).
J.C Penny shares are trading lower by 5.5 percent after analyst Michael Exstein at Credit Suisse lowered his second-quarter estimate on the retailer. Exstein feels a so-called turnaround for J.C. Penny (NYSE: JCP) in the second half of this year would be "daunting." He also expects second-quarter sales to be down more than 20 percent.
Shares of Tripadvisor Inc (NASDAQ: TRIP) are also trading lower after as the stock pulls back from all time highs posted early in the month.
On the positive side, shares of Wal-Mart Stores, Inc. (NYSE: WMT) continue to march higher again today, giving the stock a 7 percent gain in the past 30 days. Other discount retailers are also trading well, as the economy in the U.S. forces consumers to continue to penny pinch.
J.C Penny shares are trading lower by 5.5 percent after analyst Michael Exstein at Credit Suisse lowered his second-quarter estimate on the retailer. Exstein feels a so-called turnaround for J.C. Penny (NYSE: JCP) in the second half of this year would be "daunting." He also expects second-quarter sales to be down more than 20 percent.
Shares of Tripadvisor Inc (NASDAQ: TRIP) are also trading lower after as the stock pulls back from all time highs posted early in the month.
On the positive side, shares of Wal-Mart Stores, Inc. (NYSE: WMT) continue to march higher again today, giving the stock a 7 percent gain in the past 30 days. Other discount retailers are also trading well, as the economy in the U.S. forces consumers to continue to penny pinch.
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