Diamonds and Dogs
Retail leading the charge. Following earnings, Gap (GPS) is up 6%, Ross Stores (ROST) is up 12% while Foot Locker is up 14%. All the retailers have been tightening their belts to beat inflation and get ahead of any slowing demand. Even with today's rally, Gap and Foot Locker are still way down for the year while Ross Stores is almost unchanged.
William Sonoma (WSM) is down 6% following earnings. The cookware and home goods chain missed earnings estimates while revenues rose 7.1% to $2.19 billion. The company would not give any guidance as is growing more cautious on macro uncertainty and increasingly inconsistent and less predictable business.
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