NEW YORK (AP) -- Shares of Hibbett Sports, which has been on a tear all year long, fell for a second-straight trading day with some industry watchers believing there isn't much more room to move higher.
THE SPARK: Dan Wewer of Raymond James reduced Hibbett Sports Inc. to "Market Perform" from "Outperform," though he still ranks the retailer as one of his favorites.
THE ANALYSIS: Wewer noted that shares have jumped 30 percent this year, on top of 22 percent last year, even as comparable store sales growth begins to decelerate. Shares hit an all-time earlier this month.
BACKGROUND: On Friday Hibbett Sports reported that its fiscal second-quarter net income climbed 34 percent, but its revenue performance missed Wall Street's view. The Birmingham, Ala. company still raised its fiscal 2013 earnings forecast, citing its strong results for the first half of the year.
SHARE ACTION: Shares of Hibbett Sports dropped 6 percent, or $3.55 to $55.67 in midday trading. Over the past year, the stock has traded between $31.03 and $63.39.
- Hibbett Sports
- Raymond James