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Market Update

Burlington Stores, HD Supply, Pep Boys Rise; RadioShack Drops


Author: Mukesh Buch
ticker.com
Last Update: 12:59 PM ET June 10 2014

12:50 PM New York Burlington Stores net swung to profit after sales soared. HD Supply net loss narrowed but sales climbed 6%. International Game Technology hired bankers. Metlife plans to repurchase shares up to $1 billion. Pep Boys net tumbled 59%. RadioShack net loss widened.

Burlington Stores Inc (BURL) climbed 5.1% or $1.43 to $29.60 after the off-price retailer said net sale in the first-quarter ending on May 3 soared 5.9% to $1.13 billion. Comparable store sales in the quarter increased 2.7%.

Net in the quarter swung to profit $11.8 million compared to a loss of $5.56 million a year earlier.

HD Supply Holdings Inc (HDS) jumped 2.2% or 61 cents to $28.22 after the industrial distributor reported net sales in the first-quarter ending on May 4 climbed 6% to $2.16 billion.

Net loss in the quarter narrowed to $12 million or 6 cents a diluted share compared to $131 million or $1.

International Game Technology (IGT) slid 2 cents to $14.28 on the media reports that the company hired Morgan Stanley to find potential buyer for the business.

Metlife Inc (MET) gained 22 cents to $54.88 after the insurance company said it plans to repurchase shares up to $1 billion, first purchase plan since 2008.

The Pep Boys - Manny, Moe & Jack (PBY) soared 6.2% or 65 cents to $11.17 after the auto vehicle services provider reported sales in the first-quarter ending on May 3 edged up 0.5% to $538.8 million. Comparable sales in the quarter fell 1.4%.

Net earnings in the quarter tumbled 58.9% to $1.6 million or 3 cents a diluted share compared to $3.9 million or 7 cents.

RadioShack Corporation (RSH) plunged 9% or 14 cents to $1.39 after the consumer electronics goods retailer said total sale in the first-quarter ending on May 3 plunged 13.2% to $736.7 million. Comparable store sales in the quarter declined 14%.

Net loss in the quarter widened to $98.3 million or 97 cents a diluted share compared to $28 million or 28 cents.

The company said plans to shift its fiscal year from 2015 from February 2, 2014 through January 31, 2015.

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Sources: Data collected by 123jump.com and Ticker.com from company press releases, filings and corporate websites. Market data: BATS Exchange. Inc