- L Brands (NYSE:LB) led the S&P 500 in today's trade with an 11% gain despite reporting a 10% drop in March same-store sales, but that was better than the 13% decline in February, and the company says it expects combined March-April comparable sales to come in lower by just mid-single digits.
- "People were thinking it would be much worse," says Buckingham Research's Kelly Halsor, adding that LB's sales raise hopes that slumping sales may be hitting a floor in the brick-and-mortar retail industry.
- Cowen reiterated an Outperform rating and $56 price target on LB, even while warning that much of today’s gain could be attributed to a short squeeze; even so, the firm thinks investors should stay optimistic, given that LB operating in an environment with bad mall traffic.
- Mall retailers Nordstrom (NYSE:JWN), Gap (NYSE:GPS), Kohl's (NYSE:KSS), Bed Bath & Beyond (NASDAQ:BBBY) and LB comprised five of the day's 10 best performing S&P stocks.
- ETFs: XLY, XRT, VCR, RTH, RETL, FXD, FDIS, RCD, PMR
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