Good News for Retail Industry - Best Buy (BBY) and J.C. Penny (JCP) Skyrocket

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(Best Syndication News) This was a great day for retail sales and investors who own shares in Best Buy and J.C. Penny.

Retail Sales

Retail sales in the United States and China beat expectations in May. Although sales in the United States dropped 0.2 percent in May, analysts had expected a 0.3 percent drop.

Consumer spending increased, but auto sales helped push the retail number down. Auto sales dropped 3.2 percent in May.

Yesterday China reported great retail sales in May. The National Bureau of Statistics in China reported that year-on-year retail sales increased 16.9 percent. In May sales increased 1.28 percent.

JC Penny

There was good news for J.C. Penney Company, Inc. (NYSE:JCP) today. Apple senior vice president of retail Ron Johnson will be leaving the high-tech company and joining J.C. Penny as Chief Executive Officer (CEO).

Johnson was instrumental in the look and fell of the Apple Stores. Pennys hopes that Johnson can perform the same magic with their company.

The share price jumped 5.26 (17.47%) to $35.37. In after-hours the share price fell 0.24 (-0.68%) to $35.13. The company has a market cap of $7.54 billion.

Best Buy

Although sales and earnings were not stellar for Best Buy Co., Inc. (NYSE:BBY) today, they did beat expectations.

Flat screens and DVD players are not selling like they used to, but people are buying new mobile phones.

They reported 35 cents earnings per share (eps) while net income fell 12 percent to $136 million. Last quarter they reported 36 cents eps and analysts had expected 33 cents this quarter.

The share price jumped 1.31 (4.55%) to 30.13. In after hours the price continued to climb, up 0.18 (0.60%) to $30.31. Their market cap is $11.74 billion.

By: Dan Wilson

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