Reuters: Hot Stocks: Saks shares rise on report it hired Goldman for strategic options

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Saks shares rise on report it hired Goldman for strategic options May 21st 2013, 20:31 NEW YORK | Tue May 21, 2013 4:31pm EDT NEW YORK May 21 (Reuters) - Shares of Saks Inc climbed higher Tuesday after the New York Post reported that the luxury department store chain hired Goldman Sachs to explore strategic alternatives, including a possible sale, citing a source briefed on the matter. Shares were up 18 percent at $16.15 in late trade. They closed up 11.3 percent at $13.67 in regular trade, giving Saks a market value of more than $2 billion. Before the report, shares rose as high as $13.55, their highest level in five years after the retailer reported better than expected sales in the first quarter. A spokeswoman for Saks declined to comment, citing company policy on market speculation. Goldman declined to comment. (Reporting by Phil Wahba in New York; Editing by Bernard Orr)

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