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.
@moncler unveiled its latest project, #MonclerGenius, yesterday at Milan Fashion Week. The Italian outwear maker gave show-goers a preview of the monthly collections – which were created by eight designers and creative talents including Pierpaolo Piccioli, Simone Rocha, Craig Green and more – that will start rolling out in the summer.
In honor of Rihanna’s 30th birthday, we took a look back at an interview with the Barbados-native when she was just 18 years old. Here, she talked about her second album, “A Girl Like Me” in 2006. “I want to be me. I want people to fall in love with who Rihanna is, and that’s why I want the album to be about me so people can really find out who this girl Rihanna is, because they only know the ‘Pon de Replay’ girl.” Fast forward 12 years, and she’s released six more albums and has become a powerhouse in both the fashion and music industries. Happy birthday, @badgalriri 🎈(📷: Pavel Antonov) #wwdarchive