Limited's (NYSE:LTD) shares experienced quite a run-up yesterday on speculation that the company might sell its Limited and Express apparel concepts, but investors might want to set some limits on their excitement as it relates to such rumors.

Women's Wear Daily is apparently the source of the sale report, although people have been speculating this might come to pass for quite some time. It's thought that Limited could sell the two apparel brands for somewhere around $1 billion.

It certainly isn't an outrageous concept. Limited has liberated many brands from its portfolio, including Abercrombie & Fitch (NYSE:ANF), Tween Brands (NYSE:TWB), and New York & Co. (NYSE:NWY), formerly known as Lerner New York.

This kind of speculation is indeed interesting, but it doesn't excite me as an investor. After all, speculation of sales or spinoffs has bolstered shares of many retailers lately, with nothing coming to pass. Gap (NYSE:GPS) provides a good recent example. Furthermore, I'm not sure how much excitement lies in the lower-growth Limited and Express brands. Who would want to buy them, unless the buyer is very confident that it could rejuvenate the brands in a highly competitive market for apparel retail?

Last but not least, Victoria's Secret and Bath & Body Works have been Limited's shining stars for quite some time with their impressive growth. Can there be yet more growth to come? Merchandise margins at Victoria's Secret have been weak lately, a slump that may suggest that customers are less enamored with the concept than they used to be. 

Chico 's (NYSE:CHS) recently said that it's not attempting to woo Victoria's Secret customers with its Soma intimates brand, but it certainly could gnaw at the older edge of the Victoria's Secret's customer base that has grown past its youthful years.

On the other hand, Limited is known for its solid cash flow and its dividend policy -- which is part of why it's a recommendation in Motley Fool Income Investor, where advisor James Early has noted its position as a "branding behemoth." (Read more with a 30-day free trial). And I admit, I do my fair share of shopping at Bath & Body Works, which is always a fun place to spend discretionary dollars. (My last trip probably made the salespeople rejoice.)

However, picking up Limited shares on current speculation seems to be a symptom of premature euphoria, which often happens in investing when whispers of deals start circulating. 

For related Foolishness, see the following articles:

Limited is a Motley Fool Income Investor recommendation. Motley Fool Hidden Gems selected New York & Co., and Gap is a Motley Fool Inside Value and Motley Fool Stock Advisor pick.

Alyce Lomax does not own shares of any of the companies mentioned.