NEW YORK (
) -- Retailers are rising as wholesale inventories and sales both grew in April.
Wholesale inventories increased by a seasonally adjusted 0.4% at $397.8 billion in April, while sales inched up 0.7%. As a result, the S&P Retail Index is climbing 1.7% to 429.23 in afternoon trading.
Among the stocks that are seeing some of the biggest increases are those that made presentations at Piper Jaffray's Consumer Conference in New York this week.
all said they are cautious on the consumer, but remain confident in their businesses going into the second half of the year.
Abercrombie & Fitch
, a brand high school students, during a
, deemed "un-cool," is still trending higher Wednesday afternoon, up 4.1% to $35.22.
is advancing 3.7% to $40.50 ahead of it first-quarter earnings report due out after Thursday morning. The yoga-inspired retailer is expected to earn 21 cents a share on revenue of $128.2 million.
is also on an upswing as its rivals,
CVS said on Wednesday that it is kicking Walgreen out of its pharmacy benefits management business at the end of the month. This comes after Walgreen said earlier in the week that that it will no longer handle prescriptions managed by Caremark because of disagreements over CVS's business practices and drug pricing.
Shares of CVS are down 1.4% to $30.73, while Walgreen is off 1.3% to $30.21, but Rite Aid is surging 6.5% to $1.14 in midday trading.
Another notable gainer is
, which is spiking 5.6% to $116.60, flirting with an all-time intraday high of $119.50.
-- Reported by Jeanine Poggi in New York.
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