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Sometimes, even the markets act rationally. Such is the case today, as investors realize May same-store sales will continue to be disappointing, and retailers are finally giving up their unfounded gains.
The S&P Retail Index fell 1% in morning trading to 340.11 after piling on more than 7% since the close on Friday.
Some of the morning's biggest losers included Williams-Sonoma(WSM Quote), which fell 7.5% to $13.60 after it maintained its cautious full-year outlook. The company managed to record a smaller-than-expected loss in the second quarter, but doesn't see much hope for a turnaround in the near-term. ...
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