This regarding retail:
May 30, 2001
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Pacific Sunwear, Hot Topic Up After Tue Selloff -Analyst
Dow Jones Newswires
By Maxwell Murphy
Of DOW JONES NEWSWIRES
NEW YORK -- Shares of specialty retailers Pacific Sunwear of California Inc. (PSUN) and Hot Topic Inc. (HOTT) inched higher Wednesday after both stocks fell 21% last week.
Investors were likely looking for value in a sector that's been down recently, said Elizabeth Pierce, Wedbush Morgan Securities Inc. analyst. Pierce noted that both stocks closed downward Tuesday, but said the two were good bets in the sector.
Another analyst, who chose to remain anonymous, noted that Pacific Sunwear's management conducted a miniature road show, stopping in New York and Boston over the Memorial Day weekend. Other than being a volatile stock, the analyst couldn't say what caused Tuesday's dip.
Hot Topic shares recently traded up $1.24, or 4.2%, at $30.78. Volume was 885,100, compared with average daily volume of 821,900.
Shares closed down 4%, or $1.24, on Tuesday,
Pacific Sunwear recently traded at $22.41, up 2.7%, or 58 cents. Volume was 513,000 shares, compared with a daily average of 1.4 million.
Shares closed down 4.2%, or 95 cents, on Tuesday.
-Maxwell Murphy, Dow Jones Newswires; 201-938-5173; |
