Retail Winners: Rite Aid, Amazon Lift Sector
NEW YORK (
) -- It's a winning day for retail, with positive data boosting the market and investors getting a jolt of optimism after Federal Reserve Chairman Ben Bernanke declared that the recession is likely over.
The S&P Retail Index climbed 2% to 381.41, lifted by
Rite Aid
(RAD) - Get Report
, which ranked as one of the most active stocks on the New York Stock Exchange Wednesday afternoon.
The drugstore soared 12% to $2.04 in afternoon trading.
BJ's Wholesale
(BJ) - Get Report
was up 4% to $37.11 after being upgraded by Barclay's Capital to overweight. Analyst Robert Drubl said the company's shares have growth opportunity given its current pricing and the company's performance potential. Barclay's price target is $43.
Skate apparel retailer
Zumiez
(ZUMZ) - Get Report
increased 7.5% to $15.66 after Needham initiated coverage on the company with a hold rating.
Analyst Christine Chen said Zumiez is one of the only growth stories left in the specialty retail market.
Other notable gainers include
Amazon.com
(AMZN) - Get Report
, which jumped 7.5% to $89.83 and
Zale
(ZLC)
, which grew 6% to $8.21.
This morning the Labor Department said
consumer prices increased 0.4% in August
, the latest good news for the sector.
Earlier this week the Commerce Department said
retail sales grew 2.7% in August
, and
.
-- Reported by Jeanine Poggi in New York
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