Retail stocks have been on fire, leading into the seasonally strongest months of the year. As such, Macy’s (M) graced the watchlist this week, while we waited for the breakout that finally confirmed itself on Wednesday. The stock soared more than 10% intraday before fading back to VWAP.
Summary
Macy’s (M) stock is higher again this morning, as board members insist on forming a “digital” presence committee to oversee the historic company’s transformation.
Dicks Sporting Goods (DKS), Best Buy (BBY), and. host of other retailers are suggesting exposure to this group will be profitable.
MarketSmith Top 10 – Retail and Tech
Four of the Top 10 stocks from the MarketSmith Growth 250 populated this relative strength scan on Wednesday close.
Dillards (DDS), Academy Sports (ASO), Macy’s (M) and Dick’s Sporting Goods (DKS) are reflecting institutions present sentiment, and it’s bullish implications. Additional scans picked up on activity in the majority of retailers that we follow and trade on a regular basis.
Academy Sports & Outdoor
Academy Sports (ASO) growth rate is 110%. Not bad for a recent IPO.
Dick’s Sporting Goods
Dick’s Sporting Goods appears to be headed for 52-week highs again as volume suggests institutions are present. The company reports again on November 23.
Last quarter, Dick’s Sporting Goods (DKS) reported Q2r July 2021 earnings of $5.08 per share on revenue of $3.3 billion. The consensus earnings estimate was $2.80 per share on revenue of $2.8 billion. Revenue grew 20.7% on a year-over-year basis.
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Let me repeat, retail stocks are on fire!
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Happy Trading,
Vinny
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