NEW YORK (TheStreet) -- Retail shares are rallying a day after the sector saw its highest sales gain since June 2008.
One of the biggest gainers is Macy's(M Quote), which is climbing by 5.9% to $19.09 in afternoon trading. The department store was upgraded by J.P. Morgan to overweight from neutral on a second month of improving sales. On Thursday, the company posted a 0.8% decline in October same-store sales, as it begins to benefit from its national roll-out of its My Macy's localization initiative. Saks(SKS Quote) is also gaining ground, up 3.9% to $6.13, after it announced that comparable sales for the month inched up 0.7%, significantly higher than the 3.6% decline Wall Street forecast. Meanwhile, CVS Caremark(CVS Quote) is regaining some of its massive loss from yesterday, when it reported that it lost $2 billion worth of business in its pharmacy benefits-management unit. The drugstore also said the Federal Trade Commission is investigating some of its business practices. Thus, despite a 39% surge in third-quarter profit, shares in CVS still tanked 20% on the news. Today, however, they are growing slightly, up 2.8% to $29.69. Whole Foods Market(WFMI Quote)vis rising, by 4% to $28.19, after shares tumbled earlier this week when it reported a modest sales forecast for 2010. And while CEO John Mackey said sales turned the corner and are starting to improve, his forecast of a gain of just 5% to 8% didn't impress investors. Other notable gainers included home furnishing retailers Lowe's(LOW Quote) and Home Depot(HD Quote), which are set to report earnings on Nov. 16 and Nov. 17, respectively. Lowe's is jumping 4.3% to $20.94, while Home Depot is up 2.2% to $26.18.- Loading Comments...
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