#PreMarket Prep Recap: High-End Retailers Outperform Low-End Retailers
Benzinga's #PreMarket Prep covered the recent collapse in low-end retail and the struggle facing the industry Thursday morning.
Tangent to low-end retail collapse is the boost coming into high-end retailers on the heels of an appreciating housing market.
Best Buy (NYSE: BBY) iceberg orders Wednesday night after the close we're caught by Dick and the trader he saw was selling out of his position. The electronics retailer Thursday morning is trading lower on earnings of $0.33 and revenues of $9.04 billion. Support for Best Buy is below $24 (around $23.76) and resistance appears to be around $26.20. $24.71 will need to hold for there to be a chance of a rally.
Sears (NASDAQ: SHLD) lost more than expected in earnings and took a huge hit on same-store sales of -2.2 percent. The $35 level has been the mark to watch as someone, according to Dick, is sitting at that level Thursday morning and executing small lots as part of an iceberg order. The stock is heavily shorted and a race to cover this morning may create a short-term pop.
William-Sonoma (NYSE: WSM) is popping, keeping with the pop that's been seen in high-end retailers. William-Sonoma is closing in on its all-time high of $68.05 and will be the level to watch for Thursday.
Listen to the show here and feel free to scan the archives.
© 2016 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.