NEW YORK (Thomson Financial) - The retail sector was broadly higher Monday,
with strong results from high-end jewelry retailer Tiffany & Co. providing a
positive jolt to sentiment.
The Retail Holdrs ETF (RTH) rallied 2.5% to $95.81, and hit a 7-week high of
$96.15 in intraday trading.
Shares of Tiffany tacked on 13% to 2 1/2-month high of $43.79 after the
company reported fiscal fourth-quarter earnings of $168.8 million, or $1.27 a
share, topping the mean estimate of analysts surveyed by Thomson Financial of
$1.21 a share. The company also said it expected earnings for the current fiscal
year to be $2.75 to $2.85 a share, above analyst forecasts of $2.49 a share.
Elsewhere in the sector, Sears Holdings surged 7.1% to $111.16, and hit a
7-week high of $112.80 earlier in the session.
Home Depot, a component of the Dow industrials, tacked on 5% to $29.46, and
reached a 7-week high of $30 intraday, with stronger-than-expected data on
February existing home sales providing a lift.
Fellow home improvement retailer Lowe's Companies ran up 4.9% to $24.36.
Also in the Dow, Wal-Mart gained 1% to $53.78. The stock's intraday high of
$54.15 was the highest price seen since January 2005.
Gap Inc. gained 1.4% to a 3-month high of $21.66, as strength in the sector
overshadowed a downgraded by UBS to neutral from buy.
Target was up 1.8% at $53.28, Amazon.com was 1.2% better at $74.05 and
Nordstrom Inc. advanced 7.1% to $37.72.
Tomi Kilgore
tk1
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