And then the pessimism set in.
The Reuters/University of Michigan index of consumer sentiment, released today, shows that consumer sentiment decreased to 66, from 70.8 in June. This falls in-line with expectations, but still brings the incex to its lowest level since April.
Consumer expectations were also down, at 63.2 from 69.2 in June.
Mounting job losses and income fears are keeping shoppers on edge. While investors are hoping the
will spur shopping, numbers like these cast doubt on that notion.
Retail shares were mixed during afternoon trading, with the S&P Retail Index down 1% to 349.52.
plunged more than 8% to $85.92 a day after it reported a
Pacific Sunwear of California
continued to lose steam, falling 4% $2.92. On Thursday the skate and surf retailer said it expects a bigger-than-expected loss in its second quarter as sales remain weak.
tumbled 8% to $42.49 after it was
Oppenheimer's Jason Helfstein downgraded the company to underperform from perform saying DVD purchases are becoming more enticing for consumers, leaving less people looking to rent. Netflix, he says, may not fit in the changing entertainment industry.
also decreased 1.5% to $1.35 and
declined 2% to $36.29.
But there was several significant gainers.
gained 7% to $6.69 a day after the women's apparel retailer said that while it still expects to record a loss in the second quarter,
swelled 10% to $16.01, after the electronic retailer was
upgraded by two analysts
due improvement in its wireless business.
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