by James Corbett, The International Forecaster:
Yellen and her Fed cronies and their MSM talking head puppets can crow all they want about the state of the American economy, but the truth (as always) is in the pudding. This time that pudding is retail earnings, and the number aren’t pretty.
Staples posted first quarter adjusted earnings 3 cents per share below expectations, causing their stocks to tumble 13% to $11.64. Urban Outfitters was off 7.8% to $33.34 after missing a 0.3% sales growth expectation.
Dick’s Sporting Goods Inc., meanwhile, suffered its worst intraday drop since 2008, off 17% at one point and ending the day down 7.2% to $54.20 after posting anemic golfing and hunting gear sales. As MarketWatch is pointing out “Black Friday would have been the perfect time to sell retail stocks” as the SDPR S&P Retail ETF is down 7.6% from November 29th when it hit its all-time intraday trading high.
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