Wall St: Retail Stock rally leaves few Bargains for Investors

Wall Street expects consumers to open their wallets a little wider this holiday shopping season but bargains among red-hot retail stocks could be hard to find, especially as profit growth proves elusive for many big names. Retailers, including Best Buy , Kohls Corp and Macy's , that were pummelled in last year's disappointing holiday quarter have seen their shares surge recently on expectations that the worst is over, and that an improved economy will send more shoppers into their stores. 

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Those gains in recent days have helped push the S&P 500 to a record high. With US consumers bolstered by wage gains and higher employment, holiday sales will grow 3.6 percent, National Retail Federation predicts. Last year's growth was a modest 3.2 percent, short of the federation's 3.7-percent growth forecast. 

But some investors believe a healthy holiday shopping season and higher sales are already built into share prices, with some surging in the past few weeks. In November alone, shares of Best Buy and Macy's have each jumped more than 20 percent, while Kohls' stock is having its best month in more than 16 years with a 25 percent rise.