Diamonds and Dogs
Signet Jewelers (SIG) raises its outlook. The jewelry retailer is up 10% to new highs after raising its same-store sales guidance for the year to 17% to 20%. Management believes this topline strength is likely due to a combination of traction from strategic initiatives as well as tailwinds from stimulus, tax refunds and consumer enthusiasm on the heels of vaccine rollout.
Ford (F) and GM (GM) trading down a percent as the White House plans to hold a meeting with lawmakers Wednesday to discuss supply-chain issues, including a global chip shortage that is hurting U.S. auto makers. The top auto makers have stated they have lost at least a half a million in production due to the chip shortage. Wouldn't hurt to bring in the automaker executives as well.
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