NEW YORK (TheStreet) -- Shares of Dick's Sporting Goods (DKS) - Get Report are up 2.24% to $44.26 in midday trading after the Coraopolis, PA-based sporting goods retailer purchased Sports Authority's brand name and other intellectual property at an auction early Thursday.
Dick's Sporting Goods purchased the haul with a $15 million bid, the Wall Street Journal reports. The company beat out British sports retail company Sports Direct International (SDIPF) for the Sports Authority name with a $13 million bid.
The company also won 31 Sports Authority store leases for an additional $8 million at auction.
Sports Authority filed for Chapter 11 bankruptcy in March, planning to close only about one fourth of its 463 stores. The company had struggled to pick up sales against its massive online competitor, Amazon.com (AMZN).
Failing to reorganize, however, Sports Authority chose in early May to liquidate instead.
Separately, TheStreet Ratings rated this stock as a "hold" with a ratings score of C+.
The company's strengths can be seen in multiple areas, such as its revenue growth, reasonable valuation levels and largely solid financial position with reasonable debt levels by most measures. However, TheStreet Ratings finds weaknesses including feeble growth in the company's earnings per share, weak operating cash flow and a generally disappointing performance in the stock itself.
You can view the full analysis from the report here: DKS
Recently, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.