Why Safeway (SWY) Is Gaining Today

NEW YORK (TheStreet) -- Safeway (SWY) was gaining 5.6% to $36.55 on Thursday following news that the grocery store operator was looking to sell itself.

The company said that it is in ongoing discussions regarding a possible sale, though it warned the talks may not result in a deal. Safeway postponed its annual investor conference scheduled for March because of the ongoing discussions.

Safeway reported fourth-quarter earnings on Wednesday of 53 cents a share; analysts surveyed by Thomson Reuters expected earnings of 48 cents a share.

Must read: Safeway Considering Sale as Activists Loom

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