Large Stock Focus: Sallie Mae Rises 10%; Nike Declines 3.3%
NEW YORK -- Stocks staged a broad rally as Bed Bath & Beyond rose on a profit report and SLM spiked on an analyst upgrade.</br></br>Investors seem to be changing their mind every couple days about when they think the economy is going to bottom, said Uri Landesman, head of global growth strategies at ING Investment Management. "Investors wanted to see the glass as half full [Thursday]. They were taking pieces of news and interpreting it positively," he said. "I'm not sure we can say: Happy days are here again."</br></br>Positive earnings from a retailer helped consumer-discretionary stocks do well. Bed Bath & Beyond (Nasdaq) gained $2.69, or 9.5%, to $31.08. The retailer's fiscal first-quarter profit jumped 14% on higher sales.</br></br>SLM, commonly known as Sallie Mae, added 87 cents, or 10%, to 9.20. J.P. Morgan upgraded the stock to "overweight," saying that the company's transition to primarily a loan servicer will lower interest-rate and funding risks, thus improving earnings visibility.</br></br>Nike fell 1.74, or 3.3%, to 51.28. The shoemaker's fiscal fourth-quarter profit dropped 30% on $195 million in restructuring charges, as revenue and margins slid and future orders dropped in all regions.