Market Focus

Foot Locker

Despite a decline in profit, shares of Foot Locker rallied in today’s session. Higher expenses caused the athletic apparel retailer’s third quarter net-income slip about 2%, but Foot Locker still beat estimates and saw same-store sales rise. That sent shares on a 4% run up to $38.27.

PetSmart

PetSmart’s pet services businesses helped the company grow profit by 12% in the third quarter. The pet-centric retailer beat earnings estimates. Revenue matched forecasts. The company lowered its guidance for the year, which disappointed investors. That sent shares almost 2% lower to $75.53.

Ann Inc.

Ann Inc., the parent of Ann Taylor and Loft Stores got a lift from stronger sales. The retailer posted a quarterly earnings that beat analyst estimates, but margins declined because of a competitive promotional environment. Also Ann trimmed its forecast ahead of the holiday shopping season. That worried investors and the stock fell slightly to $36.20.

Vince

Wall Street went on a shopping spree buying up shares of Vince on its trading debut at the New York Stock Exchange. The high-end retailer is the first apparel IPO since Michael Kors. Shares were priced above the expected range at $20. It closed well above that at $28.66 up 43%.

Biogen Idec

Shares of Biogen Idec soared to an all-time high today after the drug maker’s multiple sclerosis treatment got the ok from regulators in Europe. Biogen now has 10 years of market exclusivity for the drug in the European Union. The stock jumped 13% to $285.62.

 

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