American Eagle Outfitters chairman Jay Schottenstein showed his faith in the specialty retailer by snatching up 1 million of its shares.
And investors followed Schottenstein's lead, pushing the stock up as much as 12.3 percent to $12.54, though the issue settled to $12.15 — up 8.8 percent — in midday trading.
According to a filing with the Securities and Exchange Commission, Schottenstein bought 565,200 shares for $11.28 each on Wednesday and then 434,800 shares for $11.06 a piece on Thursday, for a total investment of $11.2 million.
Schottenstein beneficially owns 12.2 million shares of the company directly or through various trusts, according to the filing.
At 12:45, the S&P Retail Index was ahead 0.7 percent, or 3.75 points, to 509.83, as the Dow Jones Industrial Average gained 0.9 percent, or 101.72 points, to 10.873.20.
Markets sank in Asia with the Nikkei 225 down 2.2 percent in Tokyo and the Hang Seng Index off 1.5 percent in Hong Kong, though sentiment was better in Europe, where the DAX gained 1.8 percent in Frankfurt and the CAC 40 rose 1.8 percent in Paris.
Peter Kim's Los Angeles-based premium denim line has always had its finger on the pulse of youth. This season, novelty is back in a way reminiscent of early Aughts, with studs, lace-ups, racing waxed denim and more. For more highlights if some of the key brands at the Vegas trade shows, go to WWD.com. #wwdfashion (📷: Patrick Gray; Styles by @thealexbadia; Story by @karihamanaka and @marcy_wwd)
"I was driving back on Saturday afternoon from the beach, and I just saw this sign saying 'Skydiving for $95.' And I was like, I can't not sky dive for $95," says Tom Bateman about a moment in Hawaii while shooting "Snatched." #wwdeye (📷: @vsteves; Interview by @ktauer; Styled by @thealexbadia)