Opening Glance: Specialty retailers decline

By Associated Press May 20, 2008 Comments (0)

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Shares of specialty retailers fell in early trading Tuesday after Home Depot blamed the downturn in the housing market for a 66 percent drop in first quarter profit.

A large charge for store closures and a cutback in the company's growth plans also contributed to the results.

Meanwhile, oil prices spiked to a new record of $129.31 in pre-opening trading on the New York Mercantile Exchange, and a government report on wholesale inflation showed that higher prices for energy and food appear to be seeping into other parts of the economy.

How some specialty retailers were trading:

OfficeMax Inc. fell 39 cents to $20.04.

Lowe's Companies Inc. dropped 55 cents to $23.70.

Gap Inc. dipped 7 cents to $18.64.

TJX Cos. slid 37 cents to $31.34.

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