It's America's favorite past time. No, not baseball we’re talking shopping!
And despite expectations that the consumer is done, Guy Adami says Americans have not yet begun to shop. With a little help from Uncle Sam's rebate checks we’re actually shopping more than economists expected!
As a result Fast Money’s star-spangled stock beat the market in '08. We’re talking about a company so patriotic, its colors are red and white. Yes, we’re talking Target .
In the 1960’s it was a money-losing Minneapolis department store but the company used innovation to become the second biggest discounter in the country. It took the Wal-Mart model of giving penny pinching patriots low-cost goods and offered them items that would make them look good too.
Today, many Americans don't fire up the credit card, until they see the whites of this logo. What's more, Forbes calls it one of the country's most-admired companies.
The trade earlier this year was buy Wal-Mart and short Target, Adami explains. But now Target is trading at a 14 multiple which makes it cheap. I think you could see investors getting into Target which has a pretty big short interest.
And that makes Target our second star-spangled stock pick.