New York CNN Business  — 

America’s top retailers reported strong sales last quarter, but Wall Street’s worried their plans to win the holiday shopping season would be costly.

So far, so good: Online shopping between Wednesday through 5 p.m. ET Thursday has totaled $4.15 billion according to Adobe Analytics data, surpassing last year’s total spend for the same time period.

Americans so far have spent $1.75 billion on Thanksgiving Day, an increase of 29% year-over-year. Adobe projects online sales to hit a new record of $3.7 billion – up from the $2.9 billion spent on the same day in 2017.

Wednesday, the day before Thanksgiving when retailers ramp up their Black Friday sales, was also another record breaking day. Sales increased 32% over last year to $2.4 billion. Adobe says yesterday was the first day in online shopping history to have half of visits to retailer websites come from mobile.

“Mobile stole the show Thanksgiving Day with smartphones representing more than 50% of traffic to retail sites, as well as record amount of revenue,” Taylor Schreiner, director of Adobe Digital Insights said in a statement.

“As consumers turn their focus to Black Friday, we expect them to take full advantage of the many discounts available, driving new records for online sales.”

Retail sales will grow 4.8% this holiday season, according to an IBM forecast. That’s stronger than last year’s strong 4.2% growth. Appliances, clothing and jewelry will be the biggest hits this holiday season, IBM predicts.

Digital sales are already booming in November, rising 16.7% over last year, according to Adobe Analytics. Electronics, including Nintendo consoles, Amazon Fire TVs and Amazon Echo speakers, are among the top sellers so far this month. Adobe expects retailers to deeply discount computers, TVs and tablets on Black Friday to boost sales.

“We are on track for another blockbuster season for e-commerce,” said Taylor Schreiner, director of Adobe Digital Insights, in a statement.

Rough week for retail stocks

But Wall Street remains worried retailers’ plans to win the holiday shopping season will be costly. A busy day for retail earnings Tuesday sent several stores’ stocks sharply lower.

Target (TGT) announced sales and profit margins that fell short of investors’ high expectations. Despite a robust 5.1% sales gain at stores open for at least a year and 49% digital growth, Wall Street punished Target for struggling to keep down costs. Target’s spending has been rising as it races to ship more orders online and compete with Amazon.

Kohl’s (KSS) also reported a positive quarter Tuesday, but a similar story played out on Wall Street. Kohl’s, which has found creative ways to reformat its stores and drive traffic, tumbled 11%. Investors faulted the company for guidance that came in on the lower end of some analysts’ expectations.

Last week, Walmart (WMT) reported 3.4% quarterly growth at stores and boosted its guidance for the holidays. But profit missed from fulfilling online orders.

One company bucking the trend was Best Buy (BBY), which said same-store sales rose 4.3% last quarter, its sixth straight quarter above 4%. Unlike other stores, profit rose too. The company raised its forecast in anticipation of consumers buying up TVs and electronics this holiday.

Discount powerhouse TJX Companies (TJX), parent of TJMaxx, Marshalls and HomeGoods, reported a 7% rise in same-store sales last quarter as consumers flooded in to find bargains. But TJX and rival Ross Stores (ROST) fell on TJ’s sluggish guidance.

Other retailers have been unable to take advantage of the healthy environment. JCPenney (JCP) said last week that same-store sales fell 5.4% last quarter.

Investors are stepping up pressure on companies to take advantage of a healthy economy. Wages are rising, unemployment is low, and retail spending continues to rise.