Taylor Swift Said Yes—And This Stock Got Swept Off Its Feet
Signet Jewelers Ltd. (NYSE:SIG) stock is up nearly 20% over the past month, driven in part by Taylor Swift's engagement to Travis Kelce and by the company's second-quarter financial results.
- SIG stock is up 84% over the last six months. See the chart here.
Here's a look at these recent catalysts.
Signet CEO on the “Taylor Swift Effect”
Signet’s CEO J.K. Symancyk joined CNBC's Jim Cramer on Tuesday night to discuss the impact Swift’s engagement had on the jewelry sector.
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He highlighted a surge in engagement ring interest and jewelry sales following the engagement announcement and labeled the event as a prime example of “Swiftonomics.”
The CEO said that Swift’s influence drove a major uptick in both social search volume and consumer sentiment around cushion-cut diamond rings, which quickly translated to a surge in Signet’s stock price by more than 3% immediately after the news broke.
Q2 Results
On Tuesday, Signet Jewelers beat analyst expectations on the top and bottom lines with second-quarter adjusted EPS of $1.61 and revenue of $1.53 billion, up 3% year-over-year.
Telsey Advisory Group analyst Dana Telsey highlighted Signet's beats on sales, gross margin and SG&A, with stabilization efforts under new CEO Symancyk showing progress.
The company's brands, which include Kay, Zales and Jared, delivered a combined 5% same-store sales increase in the quarter.
Overall, Telsey retained a cautiously optimistic view on Signet Jewelers, despite macro uncertainties and tariff risks, based on recent operational improvements.
Telsey Advisory Group maintained Signet with a Market Perform rating and $92 price target.
Price Action: SIG shares were trading 1.29% lower at $89.29 at the time of publication Wednesday, according to data from Benzinga Pro.
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Photo: Brian Friedman/Shutterstock
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