Retailers were up across the board in morning trading after
upgraded its ratings on a number of companies in the industry.
The firm added
Federated Department Stores
to its U.S. recommended for purchase list, upgrading the companies from market outperformer ratings.
was also added to the list and upgraded from market performer.
Goldman Sachs upgraded
to market outperformer ratings, from market performers.
Leading the way in morning trading was Gap, which rose $3.31, or 12.7%, to $29.31 in recent
New York Stock Exchange
trading. Federated Department Stores rose $2, or 5.3%, to $40, and Sears gained $2.02, or 6%, to $35.70 on the Big Board. Target jumped $2.63, or 8%, to $35.38. TJX rose $1.50, or 5.5%, to $29, and Tommy Hilfiger was up $1.25, or 10.9%, to $12.75, also on the Big Board.
Making modest gains were Phillips-Van Heusen, up 38 cents, or 3.2%, to $12.19 and Jones Apparel, up 31 cents, or 0.9%, to $36.81.
Guitar Center was up 88 cents, or 6.4%, to $14.63, and Nautica Enterprises gained $1.44, or 9%, to $17.50 on the