The consumer discretionary group is in-line with the broader market in early trade. The retail group is also lower with the Retail HOLDRS Trust (RTH) down 0.8% and the SPDR S&P Retail ETF (XRT) down 0.2%. Trading on upside: Stage Stores (SSI+3.9%) initiated with a Buy at Soleil… Hot Topic (HOTT +2.1%) higher following news that HOTT’s CEO resigned…Nordstrom (JWN+1.2%) upgraded to Buy from Neutral at Goldman… Express (EXPR +4.2%) beat by $0.06, beat on revs; guided Q1 EPS; guided FY12 EPS in-line… Notable Mentions: Wet Seal (WTSLA) names Ken Seipel as President and Chief Operating Officer
Car rental names outperforming today. Dollar Thrifty (DTG +3.1%) higher following guidance. Co sees Q1 revs below consensus; FY11 adjusted EBITDA above consensus. The Hertz Corporation (HTZ +3.4%) and its Car Rental Unit announced plans to expand its franchisee network as part of a Company-wide strategy aimed at increasing its presence in the airport and off airport car rental markets.
Other notable mentions: Leaders: Reed’s (REED +9.8%) reported FY10 EPS of ($0.14) vs ($0.28) last yr; rev +34% YoY to $20.4 mln… Nu Skin (NUS +3.7%) upgraded to Buy at Stifel Nicolaus; tgt $35… Laggards: Walgreens (WAG -7.9%) reported EPS in-line, revs in-line… Hormel Foods (HRL -1.7%) downgraded to Neutral from Buy at Davenport… Carnival reported (CCL -1.0%) EPS in-line, beat on revs; guided Q2 EPS below consensus; raises FY11 EPS guidance…
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