Li & Fung jumps 7 pct after interview

Shares of consumer goods exporter Li & Fung jumped more than 7 percent on April 29 after its president told Reuters in an interview that he expected to sign more outsourcing deals within months as cash-strapped retailers in the United States look to cut costs. He also said he believed the U.S. retail market was close to a bottom. Brokerage DBS Vickers Securities upgraded its recommendation for the stock to buy from hold and raised its target price, saying the news should give investors confidence in the company’s future growth. Bloomberg cited Reuters` interview as a reason the stock went up, and called up the president a day later. Dow Jones also quoted the Reuters interview. A UBS analyst said: “Your article had a much bigger impact than all our research combined”