Dick's Sporting Goods' stock soars toward record close after Golfsmith bankruptcy
Dick's Sporting Goods Inc.'s stock surged 2.4% in midday trade Thursday, putting it on track for a record close, in the wake Golfsmith's bankruptcy filing. Deutsche Bank analyst Mike Baker wrote in note to clients Wednesday that a Golfsmith bankruptcy would be "an incremental positive" for Dick's, as it would be "another step in the industry shakeout which is clearly helping [Dick's] pick up market share." The stock has soared 70% year to date, while the SPDR S&P Retail ETF has tacked on 1.5% and the S&P 500 has gained 4.7%.
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