NEW YORK (
) - Retail stocks were mixed on Tuesday, but several companies same saw large stock movements, despite the session's light trading.
The S&P Retail Select Industry Index was down 0.4% at last check to 3,979.96.
Abercrombie & Fitch
(ANF - Get Report)
was one of the top gainers on Tuesday. Shares jumped 3% to $47.58 on news of a larger insider purchase of the stock.
Director Craig Stapleton revealed in a filing that he bought 10,000 shares of Abercrombie for $440,000. The filing was dated June 25, 2013.
Bed Bath & Beyond Profit Falls
Oppenheimer mentioned Abercrombie among its top picks in the specialty retail sector in its July note to clients. Analyst Anna Andreeva rates Abercrombie shares "outperform," noting the company's "domestic margin recovery, expense savings and less bullish" investor sentiment of late bodes well for the stock.
In the research note, Oppenheimer analysts said they were biased towards companies with strong brands, operating margins and/or sales productivity metrics that are depressed versus historical levels and have a "disconnect" between investor sentiment and the stock's fundamentals, the note says.
Aside from Abercrombie, other top ideas in the retail space include
The Children's Place
Ascena Retail Group
Other retail stock winners on Tuesday included
(KSS - Get Report)
, up 1.5% to $52.33 and
(LOW - Get Report)
, up 2.7% to $42.19.
Best Buy Hits Two-Year High as Joly Forges Turnaround
(BBY - Get Report)
pulled back on Tuesday after a 10% run up in the stock yesterday, hitting a two-year-high, as
gave the company a vote of confidence.
Analyst Gary Balter resumed coverage of the electronics retailer, rating the stock "outperform" while raising his 12-month price target by $8 to $40.
Best Buy offers the most upside amongst so-called hardline retailers (companies that sell things like appliances, electronics and furniture), due to the steps CEO Hubert Joly and executive management are taking to turnaround the company. That includes Best Buy's cost-savings initiative as well as revamping its online channel (which includes creating a better "omnichannel" experience) and, most importantly, creating stores within its store with partnerships with
, Balter wrote Monday in a research note.
Best Buy shares were recently down 4.3% to $28.45.
-- Written by Laurie Kulikowski in New York.
To contact Laurie Kulikowski, send an email to:
>To submit a news tip, email:
and become a fan on