US retail stocks jump
Best Buy and GameStop shares rise as Dow and NASDAQ inch up
US retailer Best Buy and GameStop both saw their stocks rise yesterday, jumping 4.3 per cent and 3.6 per cent respectively.
Part of that growth will have come from the US markets inching up by between 0.5 and 1 per cent, but strong hardware sales following a price adjustment on the Xbox 360 Elite and launch of the PlayStation Slim will have helped.
Best Buy was additionally boosted by a Barclays analyst raising the stock target price to USD 44, according to StreetInsider. It's price at close was USD 41.12, although that subsequently fell back to USD 40.81 in after hours trading.
GameStop meanwhile closed at USD 24.93, but experienced continued price growth in after hours to rise a further 1.4 per cent to USD 25.27.