NEW YORK (
) -- Retail stocks are rallying after positive earnings reports coming out of the sector.
The world's largest apparel maker,
, had the biggest impact on corralling the retail market after it blew past second-quarter estimates and raised its full-year forecast.
V.F. supplies merchandise to a bevy of retailers, especially the department stores. As a result, department store stocks are on the rise, with
gaining 5% to $19.11,
advancing 4.4% to $24.68,
growing 4.8% to $66.22, and
gaining 2.6% to $47.75.
is another big gainer following its impressive earnings report. The company posted a
, boosted by strong same-store sales.
During the quarter, the company, which went public less than a year ago, saw earnings hit $7.3 million, or 26 cents a share, compared with $4.2 million, or 10 cents, in the year-earlier. Excluding items, Vitamin Shoppe actually earned 29 cents a share, better than the 26 cents analysts were expecting. Vitamin Shoppe sales jumped 12% to $192.2 million, while same-store sales climbed 9%.
Shares of the company are ascending 11.3% to $27.40 in midday trading.
is continuing on its ride up, after it reported
after the close on Wednesday.
During the quarter, the Internet retailer earned $412 million, or 40 cents a share, two cents higher than analysts' estimates. Sales rose 6% to $2.22 billion, also surpassing expectations of $2.17 billion. PayPal continues to be the biggest driver of growth, with revenue at the unit surging 22% to $817 million. eBay's marketplace saw sales grow 11% to $1.4 billion.
While the company lowered its full-year outlook, shares are swelling 4.5% to exchange hands at $21.07 in afternoon trading.
announced today that its Chief Operating Officer Sam Martin is leaving the company to take the reins at an undisclosed company. CEO Sam Duncan, who said he would retire from his post early next year, will assume the COO responsibilities. The company does not plan on hiring a new chief operating officer.
While this might appear to be a red flag, Janney Capital Markets analyst David Strasser said OfficeMax not hiring a new COO could mean that it is getting close to naming a new chief executive. Martin leaving the company could mean he was passed over from the spot of CEO, Strasser wrote in a note.
Strasser continues to hold a buy rating on OfficeMax. Shares of OfficeMax are up 6.4% to $13.65.
is one of the few retailers in the red, despite reporting yet another quarter of record earnings. Shares of the movie rental retailer are plunging 10.5% to $107.06, after sales missed expectations, as investors fear
Also on the losing side are the grocery stocks, being pulled down by
, which reported weak second-quarter earnings and cut its full-year outlook. Shares of Safeway are falling 1.4% to $19.94, weighing on
, which is falling 0.8% to $20.47, and
, which is down 0.3% to $11.12.
-- Reported by Jeanine Poggi in New York.
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