Why L Brands Stock Is Surging Today
Investors are cheering a business update from L Brands (NYSE: LB), owner of the Victoria's Secret and Bath & Body Works retail chains. The company plans to cut annual costs by $400 million going forward -- a crucial move considering it's facing a steep drop in revenue from disruptions caused by the COVID-19 pandemic.
As of 12:40 p.m. EDT, L Brands stock was up a whopping 33% for the day.
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Source Fool.com
