Late Market Update
US Retail stocks have recouped some of the losses today. BJ's Wholesale Club Inc (NYSE: BJ) jumped more than 15% to grab the top spot in the sector. BJ’s shares soared after the Green Equity Investors bought a 9.5% stake in the BJ’s stock. Green Equity Investors has also contacted BJ’s management on the possibility of going private. Retail stocks had gone deep in the red in the early morning trading due to the unfavorable pending home sales report. After stepping briefly into the positive territory, the S&P Retail Index (RLX) moved down 0.63% at 3:25 pm today.
Analysts at UBS upgraded Dell Inc (NASDAQ: DELL) from “neutral” to “buy.” DELL’s shares have fallen about 26% over the past two months. But UBS analyst Maynard Um considers the recent sell-off as a buying opportunity for investors.
Porsche Cars North America reported its US vehicle sales for the last month at 2,141 units, up 137%. The sales were driven by the company’s newly-launched Panamera and classic 911 lines. For the first half, Porsche’s sales increased 14% year-over-year.
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