The Taylor Swift Effect strikes again as her engagement announcement lifts Signet

[Taylor Swift friendship braclet]
Eli Unger/iStock Editorial via Getty Images

Signet Jewelers Limited (NYSE:SIG [https://seekingalpha.com/symbol/SIG]) rallied in afternoon trading on above-normal trading volume after singer Taylor Swift announced her engagement to Kansas City Chiefs tight end Travis Kelce via social media. The joint post from Swift and Kelce included pictures featuring an engagement ring in the cushion-cut style, which led some traders to speculate on a potential revenue boost for the jewelry giant.

Notably, Swift has 280 million followers on Instagram and more than 93 million on X. The Taylor Swift Effect has been very real in the investing world over the last five years, lifting select stocks in the fashion, sports betting, media, and hospitality sectors based on increased exposure and tangible revenue boosts for companies tied to her popularity.

Shares of Signet (NYSE:SIG [https://seekingalpha.com/symbol/SIG]) were up 2.4% at 3:15 p.m. and swapped hands earlier in the session as high as $87.79. The Seeking Alpha Quant Rating on SIG is flashing Strong Buy due to high factor grades for momentum and earnings revisions.

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