Wal-Mart Stores announced today that it will start its Black Friday and holiday pricing early on some items. For those unfamiliar with the term, Black Friday is the Friday after Thanksgiving when the Christmas shopping season officially starts (despite the fact that you can walk into any store right now and purchase stockings, wrapping paper, ornaments, cards, and the like). The moniker Black Friday comes from the fact that many retailers see a profit thanks to that Friday, bringing their numbers into the black.
Well, WMT announced that it will offer Black Friday prices on some of its products 3 weeks early in the form of secret in-store specials. The discounts will be available on 5 popular gift items and will be revealed on its Web site tomorrow. Consumers will be able to purchase the items in stores on Friday morning, November 2, the day that WMT's special Christmas shops officially open. The shares are slightly higher this morning, allowing them to hold on to the 45 level as support, which has provided support at various times since July 2005. The issue the stock faces is overhead resistance from its descending 20-day moving average, which has been trying to bully the shares lower.