NEW YORK (
) -- The retail industry moved into positive territory as Moody's Investors Service upgraded the sector.
The ratings agency said it expects credit conditions for the industry to improve over the next year to 18 months. Moody's expects operating income to grow in the mid-single digits, boosted not just by cost cuts, but also by consumer spending.
, will moderate, Moody's said.
Moody's called out drugstores, discounters and auto-parts retailers as the most stable segments in retail, but believes the department store sector will continue to be pressured. The home-improvement sector should continue to stabilize due to pent-up demand, while supermarkets are in the midst of a turnaround.
Several retail stocks are on the upswing Friday afternoon.
( BGP) is surging 8.5% to $2.94 after the company received a $700 million loan facility from
Abercrombie & Fitch
are rising after being
Other notable gainers include
, which is spiking 8.8% to $15.99,
, which is rising 1.7% to $37.10,
, which is advancing 4.5% to $26.91 and
( BBI), which is up 4.8% to 30 cents a share.
There are some stocks, however, in the red this afternoon.
99 Cents Only Stores
( NDN) saw its stock price sink 4.2% to $15.70 after the company posted a 3.5% increase in same-store sales in the fourth quarter and 3.9% gain for the full year.
is tumbling 10.5% to $3.40 after it was downgraded to hold by Soleil Securities.
--Reported by Jeanine Poggi in New York.
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