Retail Winners, Losers: Borders, GameStop
NEW YORK (
) -- Retailers are gaining on reports of aid coming to Greece.
The S&P Retail Index is rising 1% to 396.25 in afternoon trading after retail sales for the first week in February increased 1.4%, according to the International Council of Shopping Centers and Goldman Sachs.
Borders
( BGP) continues its rally, climbing 5.6% to $1.33 on no company-specific news.
There was news last week, when billionaire investor Bill Ackman of Pershing Square Capital told
CNBC
that Borders has a low chance of filing for bankruptcy and is a better stock pick than rival
Barnes & Noble
(BKS) - Get Report
.
Other notable gainers include
Big Lots
(BIG) - Get Report
, which is increasing 1.5% to $29.63,
Macy's
(M) - Get Report
, which is up 2.1% to $16.61,
Nike
(NKE) - Get Report
, which is growing 2.2% to $62.62 and
DSW
(DSW) - Get Report
, which is surging 5.6% to $26.33.
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There are some losers, despite the rally.
Blockbuster
( BBI) is declining 5.7% to 39 cents after it said that it
let go of a small percentage of its employees
this week. The layoffs affected all levels, including some senior management positions.
GameStop
(GME) - Get Report
is falling 4.9% to $18.72 after being
.
Analyst Gary Balter lowered the video game retailer to neutral from outperform and cut his target price on the stock to $25 from $28. Balter wrote in a research note that he fears the company is in a "value trap" and does not expect much multiple expansion.
Talbots
(TLB)
is also sinking 2.9% to $10.58, while
Zale
(ZLC)
is tumbling 4.7% to $1.95 in afternoon trading.
-- Reported by Jeanine Poggi in New York.
RELATED STORIES:
>>Blockbuster Tanks on Job Cuts
>>GameStop Stuck in 'Value Trap': Analyst
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