Saks Stock Soars 23% on Report (Update)

Investors are eating up Saks'(SKS Quote)smaller-than-expected first-quarter loss, sending shares soaring 23% in morning trading.

But this surprise does not negate the fact that the high-end retailer has been one of the hardest hit chains during the recession. During the holiday season the company was forced to resort to deep discounts of more than 70% in order to attract consumers.

Saks' stock price has averaged approximately $2.89 per share since the beginning of 2009 and at one point this year reached an all-time low of $1.55 per share. ...