Despite some good news from individual retailers, the sector was marred in red Wednesday afternoon.
The S&P Retail Index fell by a little more than 1% in afternoon trading to 334.49, as companies across the sector headed lower.
both had some good news for investors, but neither was exactly rewarded. Gap said it plans on remodeling 50 of its Old Navy stores, a plan that could help the company regain market share. Its stock slipped by 2% to $16.68.
J.C. Penney's CEO said during the Reuters Global Retail Summit that the
for the company, which should start to see the benefit of new style at affordable prices, Reuters reported. Shares of the department store fell by 2% to $28.47.
Other notable decliners included
Nike fell 3% to $56.78, Rite Aid sank 4% to $1.54, Target saw a 2% dip to $40.18, while rival
fell by 1.4% to $49.90.
Across the board the discount sector took hits, including
BJ's Wholesale Club
There was one standout, the exception that proves the rule:
99 Cents Only Stores
. The retailer topped New York Stock Exchange's list of biggest advancers, soaring more than 17% to $12.57 in afternoon trading.
On Tuesday the company said it
swung to a profit
in its fourth quarter -- evidence of the fact that consumers have just about 99 cents to their name.
The other unexpected standouts were
, which managed to climb 3% to $3.89,
Pacific Sunwear of California
, which rose 6% to $3.91, and
, which jumped 6% to $6.05.
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