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New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.
Early reports on Friday suggest the shopping holiday was off to a slower-than-normal start, but retail investors are hopeful that sales will pick up over the weekend ahead of Cyber Monday next week.
Early In-Store Traffic Reports: Bloomberg reported calm and quiet stores at a Target Corporation (NYSE:TGT) location in Chicago and a Macy's Inc (NYSE:M) in Stamford, Connecticut on Friday morning despite a report from Salesforce Inc (NYSE:CRM) that the average Thanksgiving Day retail discount was 31%, 7% larger than a year ago.
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Adobe Inc (NASDAQ:ADBE) reported Friday morning that holiday shoppers spent a record $5.29 billion on Thanksgiving Day, up 2.9% from a year ago. Mobile sales represented 55% of total online sales on Thursday, up 8.3% from a year ago.
Adobe projects $9 billion in online sales on Friday, up just 1% from a year ago. For the five-day Cyber Week shopping holiday that extends from Thanksgiving Day through Cyber Monday, Adobe projects $34.8 billion in online spending, up 2.8% year-over-year.
Adobe estimates shoppers have spent $77.74 billion so far in the month of November.
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On Friday, Visa Inc (NYSE:V) reported its November U.S. payments volume was up 9% from a year ago, suggesting consumers have been resilient so far this holiday season despite inflation and economic uncertainty.
Patient Shoppers: Anecdotal reports of slower-than-normal Black Friday foot traffic at department stores may not necessarily be a red flag for retail investors. Analysts at Cowen said Friday that shoppers may delay their holiday spending this year as they take a wait-and-see approach in the hopes that prices will fall even further as Christmas approaches.
Related Link: Jeff Bezos Says Don't Buy That New TV, Save Your Money Instead: Here's Why
Retail stocks were mixed on Friday in a holiday-shortened session on Wall Street. Here's how some popular retail tickers finished the trading day:
- SPDR S&P Retail ETF (NYSE:XRT) was down less than 0.1%.
- Walmart Inc (NYSE:WMT) was up 0.4%.
- Best Buy Co Inc (NYSE:BBY) was down 1.4%.
- Nordstrom Inc (NYSE:JWN) was up 2%.
- Target was down 0.1%.
- Macy's was up 0.9%.
Benzinga's Take: Investors will have a better idea of the winners and losers of this year's Cyber Week by Monday and Tuesday of next week. On Friday, D.A. Davidson urged investors to take a cautious approach to retail stocks, pointing out that the retail sector almost always underperforms the broad market from Thanksgiving Day through the end of the year.
Photo via Shutterstock.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.