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Sunday, Aug. 30, 1998
Stock of many area retailers up despite Dow
By JEFFREY TOMICH
Staff WriterSeveral stocks of local interest, especially retail stocks, have risen in value since Jan. 1, despite the concern over the Asian financial crisis and troubles in Russia that caused the Dow to dive 550 points since Wednesday.
Among 60 stocks of local interest tracked by the Caller-Times, 27 have gained value since the start of the year. Stocks of Best Buy, Wal-Mart, Home Depot, Walgreen's, Dayton Hudson and Kmart have all gained more than 25 percent in value since Jan. 1.
``Retail stocks have been the single best performer this year,'' said Charles L. Doraine, first vice president of investments for Merrill Lynch in Corpus Christi.
According to Commerce Department figures, retail sales took a 0.4 percent dip in July as a result of the recent General Motors strike. Take away auto sales data and sales grew by 0.5 percent last month.
Retailers' stocks reflect the growth in sales. Three of the top four performing sectors so far in 1998 are general retail stores, drug and apparel retailers, Doraine said.
Among retailers with stores in the Corpus Christi area, Best Buy is up 133.9 percent, Wal-Mart's stock has grown 65.77 percent and Oshman's Sporting Goods is up 51.43 percent.
Going forward, Doraine believes consumers will pull back somewhat, but any slowdown in sales shouldn't last too long.
``I would expect to see some slowing in retail sales caused by concern over the markets,'' he said. ``But as we get closer to the Christmas shopping season, I expect retail sales to be excellent.''Post your comments about local news eventsFront Page || Main Index || News || Business || Texas || South Texas Outdoors || Birdwatching || Sports || Entertainment || Selena || Education || South Texas Attractions || World Wide Web