Stock Alert: Caleres Jumps 62%

(RTTNews) - Shares of Caleres Inc. (CAL) are surging more than 62 percent in Tuesday's trading at $6.84 despite no stock-specific news. The stock has traded in a range of $3.12 to $28.50 in the past 52 weeks.

U.S. stocks are rising on Tuesday amid signs that the spread of the coronavirus is slowing in hot spots such as New York. New York Governor Andrew Cuomo said Monday that the number of new coronavirus deaths in the state has been "effectively flat" over the past two days.

Caleres said last Thursday that in response to the COVID-19 pandemic, its branded retail and Famous Footwear stores will remain closed until further notice.

Caleres added that it found it necessary to lay off or furlough associates across its retail stores, distribution centers and corporate operations, and has implemented a meaningful salary reduction across all levels of the remaining global workforce. This includes the executive leadership team and the company's board of directors.

The company noted that furloughed employees will continue to receive healthcare benefits, with Caleres paying both employee and company premiums during this time. The company expects to maintain minimal staffing levels while its stores are closed.