Retailers posted their biggest sales decline ever last month, according to the International Council of Shopping Centers with receipts falling on average by 2.4%.
Walmart (WMT) posted its steepest decline since the Carter administration. Rival Target (TGT) and department store JC Penney (JCP) didn't fare much better. Retailers blamed the cold weather and an early Easter.
Dylan Ratigan explains the weakness was widely expected. Is this alarming he asks?
Jeff Macke says it’s no surprise. Consequently, the retail stocks help up pretty well. He recommends investors just sit back and invest rather than trade.
Jeff adds the consumer will be declared dead, but he doesn’t think that’s the case.
Guy Adami says the trade is Citi Trends (CTRN) because “the company filed a 3 million share shelf registration on April 5th”. On the day that the sale is made he recommends buying CTRN because Guy anticipates a large move to the upside.
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Trader disclosure: On May 10, 2007, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders
Macke Owns (SWY), Strazzini Owns (CBS), (HLT), (MER), (WMT (JBLU), (YHOO);Bolling Owns Gold, Silver Bolling Is Short S&P Futures, Bolling Is Short Nasdaq Futures Gartman Is Short (NUE), Gartman Is Short (BG)