Retailers have slumped recently on concerns of a disappointing back-to-school season. The combination of an uncertain economy and a 2 percent payroll tax, which came into effect on Jan. 1st, are expected to moderate retail sales for the upcoming back-to-school season, the second most important period for retailers besides the holidays. "The consumer hourglass is being stretched with Middle America under significant pressure, due primarily to the payroll tax hike," Citi analyst Deborah Weinswig wrote in a research note.
The Gap Inc. (NYSE:GPS - News) shares traded in the range of $44.46 to $45.35 Wednesday before settling to close at $44.90, a decrease of 1.36 percent. The stock appears to be facing resistance at the $45.88 and $47.29 levels with some support at $44.57. Shares of The Gap have gained approximately 45.0 percent year-to-date.
More information on The Gap and access to the free equity report can be found at:
J.C. Penney Company, Inc. (NYSE:JCP - News) shares traded in the range of $12.50 to $13.14 Wednesday before settling to close at $12.80, a decrease of 3.61 percent. The stock appears to be facing some resistance at the $13.86, $14.36 and 15.39 levels. Shares of J.C. Penney have fallen approximately 35.0 percent year-to-date.
More information on J.C. Penney and access to the free equity report can be found at:
L Brands Inc. (NYSE:LTD - News) shares traded in the range of $56.19 to $57.34 Wednesday before settling to close at $57.30, an increase of 0.60 percent. The stock appears to be facing some resistance at $58.31 with some support at the $57.24 and $55.70 levels. Shares of L Brands have gained over 20.0 percent year-to-date.
More information on L Brands and access to the free equity report can be found at:
Target Corporation (NYSE:TGT - News) shares traded in the range of $70.79 to $71.86 Wednesday before settling to close at $71.68, a decrease of 0.15 percent. The stock appears to be facing resistance at the $71.81 and $73.41 levels with some support at $71.27. Shares of Target have gained approximately 21.0 percent year-to-date.
More information on Target and access to the free equity report can be found at:
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