Big Lots Up Huge After Q2 Beat And Raised Guidance

em>Joel Elconin is the co-host of

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Big Lots Inc,

shares are trading sharply higher by $6.50 at $48.50 in Friday's session. The catalyst for the monster rally is a Q2 beat for EPS ($0.40 vs. Est. $0.34) and for sales ($1.21B vs. $1.20B). In addition, the company raised FY EPS trom Est. $2.87 to $2.90-$3.00 range. The rally, which started in the premarket session has spilled over into the regular session,. Before the open, it had risen from Thursday's close ($42) to the $46.50 area. Following an opening print at $46.86 it declined to $46.08 before resuming its rally. So far, it has reached $48.61 and is not trading far from that level. That marks the highest level for the issue since it peaked on April 8 at $48.82. Also, is nearly $10 higher than its low from Monday morning ($39.77). Today price action is taking place on much higher than average volume. With over three hours remaining. 4.6M shares have changed hands compared to 20 day average of 1.02M shares.