Stocks Jump on Budget Optimism
American Eagle Outfitters (AEO) shares jumped 7.1% after the Pittsburgh-based teen apparel and accessories retailer hiked its full-year outlook to $1.38 to $1.40 a share from its previous outlook of $1.33 to $1.36 a share as it posted better-than-expected third-quarter results.
Express (EXPR) shares advanced 8.9% after the specialty apparel and accessory retailer booked stronger-than-anticipated fiscal third-quarter profit and gave higher-than-estimated fourth-quarter guidance amid strength in its Black Friday sales.
Fresh Market (TFM) shares tumbled 12.4% amid some concerns about the company's full-year guidance. Fresh Market posted third-quarter profit that was in line with expectations.Costco Wholesale (COST), the warehouse retailer, plans to pay a special dividend of $7 a share, or about $3 billion. Costco also said Wednesday that first-quarter sales jumped 10%. Shares popped 6.3%. Virtu Financial has emerged as the early front-runner to buy Knight Capital Group (KCG)in a deal expected to value the brokerage firm at more than $1 billion, The Wall Street Journal reported, citing people briefed about the continuing sale talks. Knight's board is expected to get takeover offers as early as this week from Virtu and Getco, two high-speed trading firms. Knight Capital shares soared 15.2%. PVH (PVH), the owner of brands such as Calvin Klein and Tommy Hilfiger, said Tuesday that fiscal third-quarter profit rose 47%. Shares rose 6.6%. Medley Capital (MCC) shares fell 4.3% after the firm announced the public offering of 5 million shares of its common stock at a $13.75 a shares, with the intention of using proceeds to repay a portion of its outstanding debt. Akamai Technologies (AKAM) shares tacked on 3.8% after being upgraded to overweight from neutral at Piper Jaffray. -- Written by Andrea Tse and Joe Deaux in New York.
>To contact the writer of this article, click here: Andrea Tse. Follow @Commodity_Bull
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