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Best Buy, Dick's Sporting Goods: Tuesday's Retail Winners and Losers

NEW YORK (TheStreet) - Retail sector stocks were overwhelmingly in the black Tuesday after a plethora of earnings reports came out, including strong results from companies like Best Buy (BBY), Home Depot (HD) and TJX (TJX) that moved the sector higher.

The S&P 500 Retailing Index was rising 1.4% to 822.71 at last check.

Best Buy surged, hitting levels the stock hadn't seen since December 2010, after reporting quarterly earnings of 32 cents a share on a non-GAAP basis that were well above Wall Street expectations of 12 cents a share. Sales also came in higher at $9.3 billion vs. consensus estimate of $9.13 billion, fueled by online purchases. Investors took this to be a sign that the company's turnaround is well underway.

Shares were up 12% to $34.43 at last check.

TJX (TJX) shares also surged 6.9% to $54.24, following better-than-expected earnings and sales and an upbeat profit outlook for the rest of the year.

The Framingham, Mass.-based discount retailer reported quarterly net income of $480 million, or 66 cents a share, up 18% over last year's EPS. TJX's overall net sales rose 8% to $6.44 billion. Comparable store sales last quarter rose 4% over last year, with strong comparable sales of 8% in HomeGoods stores.

One company where a turnaround isn't going as smoothly is J.C. Penney (JCP). The department store chain reported dismal results, yet there were signs of life at the struggling department store.

The Plano, Texas-based company reported a net loss of $586 million, or $2.66 a share, chock full of extraordinary charges pulling the number down. The adjusted net loss for the quarter was $2.16 a share, but that still included 99 cents related to a tax valuation allowance. Wall Street expected a loss of $1.06 a share.

The company said while comparable store sales slumped 12% year over year, the number improved slightly from the first quarter.

Shares were rising 6.8% to $14.12, with one theory that shorts were covering their bets today. It remains to be seen how long investors will hold on if the company cannot significantly improve results this year.

Stock quotes in this article: BBY, DKS, HD, JCP, TJX 

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