Why Seritage, Macerich, and Tanger Stocks Jumped at the Open on June 16
Shares of retail-focused real estate investment trust (REIT) Seritage Growth Properties (NYSE: SRG) advanced nearly 17% at the open of trading on June 16. Enclosed mall specialist Macerich (NYSE: MAC) was close behind, with a gain of 16% in early trading. And outlet owner Tanger Factory Outlet Centers (NYSE: SKT) put in a good showing, too, with a stock price gain of nearly 15%. By 11:30 a.m. Wall Street time, though, all three had given back much of their advances, with each of the stocks up in the middle or high single digits.
Broadly speaking, the big news today was that investors were upbeat about the outlook for the economy. That boosted stocks across the board. However, two bits of news that helped shift investors into an upbeat mood are of particular interest to the retail REITs here.
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Source Fool.com
