After a strong recovery yesterday the market is showing why it can be so volatile. The Dow has dipped nearly 108 points this morning losing most of the ground it had made up earlier this week. The Nasdaq has fallen 25 points and the S&P 500 is down 11 points. Oil has dipped below $97 a barrel and gold is up 70 cents. Some big factors are at play affecting the markets volatility like European debt and its border impact on the Union, and US Clothing retailers GAP (NYSE:GPS) and Aeropostale (NYSE:ARO) have seen drops on weaker sales reports. Amid all of the turmoil in the market some companies are showing strong gains.
Footlocker Inc. (NYSE:FL) has jumped up this morning rising $2.68 to $24.94 per share. Volume has doubled to 4.1 million shares on the near 12% increase. Footlocker reported a 1Q profit jump of 76% as sales increased sharply. Footlocker said it earned $94 million or $.60 per share up from $54 million and $.34 per share last year. the $.60 per share gain bested forecast estimates of $.44 per share. During the quarter Footlocker closed 24 under-performing locations while opening 18 new stores.
Red Robin Gourmet Burgers Inc. (NASDAQ:RRGB) shares have soared up this morning climbing $5.58 to $34.10 per share. The 20% increase in the shares has led the volume of shares traded to jump 600% to 1.2 million shares. Like Foot Locker, Red Robin saw its 1Q earnings increas by 76%. The company earned $8.7 million or $.56 per share which was up from the $5 million $.32 per share last year. Red Robin owned 315 restaurants during the quarter with another 137 run as franchises.
Barnes & Noble, Inc. (NYSE:BKS) has been one of the biggest movers of the day. Share prices have risen $4.35 to $18.46 per share heading into midday trading. Volume is up to nearly 6 million shares traded a sharp increase from the average of 1.3 million shares. The jump comes as Liberty Media Corp. has offered to buy Barnes & Noble for $1 billion. The Offer is worth $17 per share and it sent shares of Barnes & Noble soaring 21% higher than the previous close of $14.11. Liberty Media Corp is headed by billionaire John Malone.
