Stock of Pacific Sunwear of California Inc., a retail chain that sells West Coast-inspired apparel, jumped Tuesday the most in three weeks after a director bought 30,000 shares in the company.
The Anaheim, California-based company rose 8.3 percent to $1.57 at 3:16 p.m. in New York, after earlier rising as much as 9.7 percent, its biggest intraday gain since June 5. The shares had declined 15 percent this year through Monday.
Board member Brett Brewer purchased shares in the company from June 22 to June 25 at prices ranging from $1.45 to $1.56 a share, the company said today in a filing with the Securities and Exchange Commission.
Pacific Sunwear posted a $15.6 million loss in the first quarter ended April 28, compared with a $31.5 million loss a year earlier. Its competitors include Zumiez Inc. and Tilly’s Inc., which both sell similar skate- and surf-inspired clothing.
© Copyright 2013 Bloomberg News. All rights reserved.