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Cost-cutting plans lift American Eagle

from Pittsburgh Post-Gazette

American Eagle Outfitters shares rose almost 8 percent, after the South Side teen retailer laid out cost-cutting plans — including work force reductions and up to 100 store closures — and promised to respond faster to new fashion trends. The company also said back-to-school sales are up so far in August. That was the right message, according to analysts at Jefferies & Co. Inc., who put out a report mid-day predicting the company would be able to stop cutting its earnings projections and that the stock should start to trade higher. more

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