Nordstrom, Retail Stocks Gain On Signs Of Fledgling Recovery
Brewing optimism over a less-bad second half is buoying up some of the biggest names in retail, including one battered stock that received a vote of confidence from Piper Jaffray on Tuesday. Nordstrom shares were up more than 3 percent in afternoon trading, after analyst Neely Tamminga upgraded the company’s stock to “overweight” from “neutral.” Tamminga cited signs that department store’s anniversary sale is off to a more robust start than last year, as a larger percentage of its merchandise is selling out. Meanwhile, a slew of economic data has spoken favorably about consumers’ health, including better housing and unemployment numbers. And on Tuesday, the Conference Board’s Consumer Confidence reading came in stronger than expected, just hours after the NRF raised its annual sales forecast. See more at CNBC.
