Foot Locker: A Potential Bullish Play Ahead Of Earnings
Foot Locker, Inc. (NYSE: FL) is trading up over 5% Thursday afternoon, ahead of its second-quarter earnings release before the market opens Friday.
Traders may be speculating Foot Locker could be another sympathy retail play like Target (NYSE: TGT) and Dick's Sporting Goods (NYSE: DKS), both of which traded sharply higher following strong earnings results.
Foot Locker's stock is trading around $41.94 at time of publication, which is near its 52-week low of $36.81. The stock's 52-week high is $68. It will be interesting to see if Foot Locker follows suit with most of the other retailers this week.
Benzinga's Take: Foot Locker's stock is down 30% in the past six months, so it appears traders could be trying to find the next retailer to bounce back. Of note, Foot Locker recently made a large investment in sneaker marketplace, GOAT.
Related Links:
Target's 'Transformational Quarter' Keeps Analysts Bullish On The Future
Dick's Sporting Goods Trades Higher On Q2 Earnings, Guidance Raise
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