RAPAPORT... Shares in Signet Jewelers rose 2 percent to hit $51.34 in late morning trading on the Nasdaq in New York. Signet's shares were up 36 percent year on year and just shy of a 52-week high of $51.44 in March. The latest bump followed a Citi Research report yesterday in which analyst Oliver Chen initiated the jeweler with a ''buy'' rating and target price of $60 per share.
Chen concluded that Signet's share of the U.S. market would grow and that the retailer's capabilities cannot be replicated by other jewelers.
Meanwhile, Zale, Signet's closest competitor, has experienced a strong gain in the past week. Zale's shares were up 41 percent year on year to $5.97 midday on the Nasdaq after hitting a 12-month high of $6.10 earlier this morning. Tiffany & Co. shares, however, were 11 percent lower from one year ago at $66.50 midday in New York.