SOME RETAIL, APPAREL SHARES GAIN FROM DOW’S UPSWING

Byline: Arnold J. Karr

NEW YORK — The Old Economy came roaring back Monday, lifting the Dow 300 points to 11,221.93 and providing limited benefits to apparel and retail shares.
Underlying the Dow’s gains, and Nasdaq’s concomitant 349.15 drop to 4223.68, was a federal judge’s ruling Monday that Microsoft Corp. had violated antitrust laws. A failure to settle the government’s complaints against the company at the weekend sent shares plunging at the start of the trading day, pulling the Nasdaq down with it.
But the Dow defied gravity even as the Nasdaq gave into it, and some of the greatest benefits were realized by companies outside the high tech sector or even the hot luxury market.
Among retailers, the major winners were Venator Group, up 1 1/4, or 14 percent, to 10 3/16, and Ames Department Stores, up 2 3/8, or 9.7 percent, to 26 15/16.
Leaders in each of the principal retail segments all posted gains, none larger than Wal-Mart’s 4 1/2 point, or 8 percent, hike to 61. The nation’s largest off-price apparel chain, TJX Companies, enjoyed a 1 5/8 point, or 7.3 percent, boost to 23 13/16. Among specialty chains, Gap moved ahead 3/16 to 50 and Limited, 1 5/16 to 43 7/16.
Kohl’s continued its recent climb, moving up 1 5/8 to 104 1/8, and Target advanced 2 1/4 to 77. While J.C. Penney retreated 1/16 to 14 13/16, Sears moved up 1 9/16 to 32 3/16. Federated shares rose 1/2 to 42 3/4, while May Department Stores registered a 2-point gain, finishing the day ahead 7 percent to 30 1/2.
Wet Seal was up 1/2 to 16 1/4, part of an uneven performance among the specialty chains. Among the specialty chains advancing were Deb Shops, up 1 1/4 to 15; Talbots, 2 7/16 to 61 5/16; Wilsons, 3/4 to 14 1/4, and Chicos FAS, 39/64 to 17 9/16.
However, many of the specialists failed to take part in Wall Street’s low-tech celebration. American Eagle Outfitters and Pacific Sunwear both had more than 10 percent drops; the former was down 3 7/8 to 34 1/16 and the latter, 3 15/16 to 34 9/16. Less dramatically, Brauns Fashion gave up 1 3/16, finishing the day at 24 1/16, and Claires Stores was down 9/16 to 19 1/2. Cache’s stock was down more than 15 percent, losing 7/8 to finish at 4 7/8.
Lands’ End’s focus on e-commerce came back to haunt it Monday as the stock dropped 4 3/8, or 7.1 percent, to end the day at 56 15/16. Styleclick.com finished ahead 3/4 to 11 3/4; Cybershop.com moved up 3/16 to 1 3/4, and Fashionmall.com was up 1/8 to 3 3/4. While Fogdog moved up 1/8, to 5 5/8, Alloy was down 5/16, to 16 3/8, and Ashford.com declined 19/32 to 4 1/8. Freeshop.com was down 2 15/16 to 16 9/16 and iTurf was off 49/64 to 9 39/64.
Luxury issues were generally exempt from the day’s gains. LVMH Moet Hennessy Louis Vuitton declined 2 to 83 and Gucci Group was off 9/16 to 88 3/8. Shares of Tiffany dropped 5/8 to 83.
Among the biggest gainers among vendors was Polo Ralph Lauren, up 1 5/8, or 8.7 percent, to 20 5/16. Skechers handed in nearly a 24 percent advance, ahead 1 11/16 to 8 3/4, and Timberland added 3 points, or 5.9 percent, to finish at 54.
Estee Lauder was up 5/8, to 50 11/16, while Avon added 7/8 to end the day at 30 1/8.
Among suppliers, DuPont gained 4 5/8 to finish the day at 57 9/16 and Cone Mills advanced 5/16 to 4 5/8.
Other vendors joining in the Dow’s surge were Bernard Chaus, up 1/16 to 1 3/4; Fossil, 1 1/4 to 24 11/16; Liz Claiborne, 3/8 to 46 3/16; Nike, 3/8 to 40, and Russell 7/16 to 14 3/4.

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