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Although we don't believe in timing the market or panicking over market movements, we do like to keep an eye on big changes -- just in case they're material to our investing thesis.
What: Shares of Foot Locker (NYSE: FL ) ran faster and jumped higher today when they rose 12% during intraday trading.
So what: Foot Locker blew past all estimates propelled by same-store sales, which were up 12.8% in the quarter. Revenue came in at $1.45 billion and earnings per share of $0.60 easily topped the $0.44 analysts expected.
Now what: This is one of the few happy retail stories we have today, with Gap (NYSE: GPS ) and Aeropostale (NYSE: ARO ) both trading lower on bad news today. Foot Locker isn't necessarily a direct competitor, but its retail space is shining where its mall neighbors are diming. Foot Locker shares aren't cheap at 16 times forward earnings, but I like the size of the company's earnings beat today, so I think shares can continue moving higher from here.
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