NEW YORK (CNNMoney)
Tiffany & Co. (TIF) shares soared to an all-time high after the jewelry retailer said sales and earnings surged in the third quarter, driven by strong demand in China.
Shares of struggling retailer J.C. Penney (JCP, Fortune 500) also rose after CEO Mike Ullman spent $1 million to buy 112,000 shares, according to a regulatory filing. The move seemed to boost confidence in J.C. Penney's turnaround plan. J.C. Penney, the worst performing stock in the S&P 500 this year, has bounced back 25% in the past month.
There was a new twist in the ongoing Men's Warehouse saga. Shares of Jos. A. Banks (JOSB) surged after Men's Warehouse (MW) offered to buy the rival suit seller for $1.5 billion. The offer comes weeks after Jos. A Banks made a hostile takeover bid for Men's Warehouse, which is also facing a proxy fight by its largest shareholder.
Barnes & Noble (BKS, Fortune 500)shares fell after the bookseller reported disappointing quarterly results as sales of the Nook e-reader continue to plunge.
The retail sector is in focus as consumers gear up for the holiday shopping frenzy, which unofficially begins on Black Friday. Overall, sales growth is expected to be the weakest since 2008, according to predictions from Morgan Stanley.
Meanwhile, the broader market was in a holding pattern Tuesday. The Dow Jones industrial average, the S&P 500 and the Nasdaq were all little changed in early trading.
Related: Qualcomm faces antitrust scrutiny in China
The muted action comes after the Nasdaq rose above 4,000 Monday for the first time in more than 13 years. The Dow closed at a record high and the S&P 500 is also in record territory.
Trading volume is expected to remain low this week as investors gear up for Thanksgiving. In addition, Hanukkah starts Wednesday. There are few earnings reports of note during the rest of the week. But PC and printer marker Hewlett-Packard w (HPQ, Fortune 500)ill report results this afternoon. Investors will be looking for more signs from CEO Meg Whitman that she is righting the ship at HP.
Related: Fear & Greed Index still shows greed
On the economic front, reports on housing were the main event.
Home prices continued to climb in third quarter, rising 11% from a year earlier, according to the Case-Shiller index of prices in 20 cities. However, the quarter-over-quarter gain slowed to 3%, compared with the second quarter, when prices jumped 7%.
The U.S. Census Bureau said applications for building permits rose 6.2% in October. The Conference Board will release its monthly consumer confidence report at 10 a.m. ET. 
First Published: November 26, 2013: 9:53 AM ET
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