Excerpt from our Wall Street Breakfast, a one-page summary of this morning's key market-moving and stock-moving stories:
Summary: U.S. consumers spent nearly 20% more during this Thanksgiving weekend than during last years, shelling out $360 a piece. Concerns remain about the heavy bargains many stores were offering and how they would affect overall margins during the holiday season. According to Seattle-based money manager Patricia Edwards, "It's almost this mentality of `Don't worry if you're losing money on every transaction, because you'll make it up on volume.'" Online spending increased 42% on Black Friday according to Comscore Networks; 18% of shoppers bought gift cards, also an increase over last year. Wal-Mart reported a 0.1% decline in November same-store sales, its worst performance in a decade. In addition, its website encountered intermittent problems throughout Black Friday due to an excess of traffic.
Related links: Media coverage: WSJ. Commentary: Retail By the Numbers • Will Consumer Woes Kill The Pre-Thanksgiving Rally? • Amazon Stats: iPod Continues To Dominate MP3 Sales.
Potentially impacted stocks and ETFs: Wal-Mart (NYSE:WMT), Target (NYSE:TGT), Federated Department Stores (FD), J.C. Penney (NYSE:JCP), Saks Incorporated (NYSE:SKS), Kohl's Corporation (NYSE:KSS), Nordstrom, Inc. (NYSE:JWN), Sears Holdings Corporation (NASDAQ:SHLD), The TJX Companies, Inc. (NYSE:TJX) • ETFs: Retail HOLDRS ETF (NYSEARCA:RTH)
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