Shares of retailer Pier 1 Imports Inc. fell to a 14-year low Tuesday _ then more than recovered _ after an analyst said shoppers were making small impulse buys at its stores.
Shares rose 8 cents, or 2.6 percent, to $3.22 Tuesday after falling to $3.03 earlier in the day.
The company's stock hasn't traded at that level since July 1994.
In a note to investors Wedbush Morgan Securities analyst Joan Storms said the Forth Worth, Texas-based company saw "medium traffic" during its semiannual Pier 1 sale in June. And that prompted shoppers to purchase spa products, bags, cookbooks and jewelry.
"Markdowns were throughout the store in sync its semiannual sale," Storms, who has a "BUY" rating on the stock, wrote in a research note.
Pier 1 shares have fallen more than 33 percent in the past month after the company tried to acquire home furnishing retailer Cost Plus Inc. for $4 per share, or just over $88 million.
Oakland, Calif.-based Cost Plus rejected the bid and Pier 1 later withdrew its offer.
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