The Standard & Poor's MidCap 400 index rose in midday trading Thursday as investors digested last week's drop in jobless claims and a better-than-expected slew of May sales reports from the nation's retailers.
The S&P MidCap 400 is an index used to track mid-sized companies which have a market capitalization of $1.5 billion to $5.5 billion. According to S&P, midcap stocks make up roughly 7 percent of the U.S. equities market.
The index gained 10.7 points to 887.81.
Shares of Collective Brands Inc., which runs Payless ShoeSource stores, surged $1.52, or 13.5 percent, to $12.79. The company posted a fiscal first-quarter profit Wednesday that, excluding a massive one-time charge related to a court decision, beat Wall Street's expectations.
Shares of Vertex Pharmaceuticals Inc. gained $3.65, or 12.7 percent, to $32.50. A Cowen & Co. analyst upgraded the company Thursday.
Shares of Borders Group Inc. jumped 60 cents, or 9.7 percent, to $6.77. The bookseller said Thursday it will sell its businesses in Australia, New Zealand and Singapore for as much as $104 million.
On the losing side, shares of Webster Financial Corp. slipped $3.62, or 14.1 percent, to $22. The company, which runs banks in the Northeast, said Thursday it would sell $225 million worth of convertible preferred stock in an effort to boost its cash base.
Candle maker Blyth Inc.'s shares shed $2.39, or 12.4 percent, to $16.95. The company posted a steep drop in first-quarter earnings Thursday and lowered its 2009 earnings guidance.
Shares of Carpenter Technology Corp. fell $2.82, or 5.5 percent, to $48.40. A JPMorgan analyst downgraded the specialty metals company Thursday.
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