NEW YORK (TheStreet) -- Retailers are rallying on Friday, after the first round of companies that reported earnings this week came in better than expected.
The S&P Retail Index is growing 1.2% to 405.51, led up by big movers like rue21(RUE Quote), Abercrombie & Fitch(ANF Quote) and J.C. Penney(JCP Quote). Rue21 began trading on the Nasdaq today with much fanfare. Shares of the teen retailer are soaring 29.7% to $24.65 after its initial public offering priced at $19, above expectations. The company is offering about 6.8 million shares to garner $128.6 million. Rue21 originally expected the deal to price between $16 and $18 a share. Abercrombie & Fitch reported a 39% plunge in its third-quarter earnings and same-store sales tumbled 22%, but still managed to top Wall Street's expectations. As a result, shares of the teen retailer are spiking 9% to $40.08 in afternoon trading.- Loading Comments...
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