Consumer Confidence Drops; Retail ETFs in Focus Tuesday, September 28, 1:15 PM ET, by ETF Channel Staff The Conference Board released a disappointing consumer confidence report this morning, putting retailer and retail ...
By Market News Video Staff, Wednesday, February 16, 11:57 AM ET
After a disappointing start to the week, retail stocks began trading higher on Wednesday. The SPDR S&P Retail ETF (AMEX:XRT) is up over 2% thus far during the morning session.
Two of the fund’s holdings responsible for the up-tick in performance include Family Dollar Stores Inc (NYSE:FDO) and Dollar Tree Inc (NASDAQ:DLTR).
On Wednesday, Nelson Peltz, board/director of Wendy’s/Arby’s Group (WEN), released plans to purchase discount retailer Family Dollar for an estimated $7 billion. The offer represents a 25% premium over the North Carolina based retailer’s closing share price on Tuesday. The news sent shares of Family Dollar soaring; the company advanced 23.6% to $54.34 during the morning session.
Following the news, shares of Dollar Tree gained more than 4%, while shares of other discount retailers, such as Dollar General (NYSE:DG) and 99 Cents Only Stores (NDN), appreciated as well.
Two of the fund’s top holdings are also performing particularly well today. NetFlix (NASDAQ:NFLX) continues its bullish streak as it rose more than 1% to $243.34. The California based company is currently trading just below its all-time high of $247.55.
Meanwhile, shares of Sears Holding Corp (SHLD) are rebounding after yesterday’s poor showing. The major retail conglomerate gained 2.176% to $90.16 thus far during the trading session.
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