Huge TV Sales Are Huge

Updated from 9:39 a.m. EST

Americans' love affair with giant television sets gave investors some holiday cheer that was missing elsewhere on the retail landscape.

December's 3.2% overall gain in same-store sales at discount, specialty and department store chains -- as reported by the International Council of Shopping Centers -- was greeted with a yawn by Wall Street. Meanwhile, sales results from two major consumer electronics retailers, Best Buy (BBY Quote) and Circuit City (CC Quote), found the holiday sweet spot.

"Shoppers spend huge amounts of money on electronics, particularly digital and flat-screen televisions," said Bernard Sands analyst Richard Hastings. "Some of this comes from technology obsolescence. People need to upgrade some of their old electronics products to use their new gadgets." ...