Chain store stocks soar after Macy's lops off 15% of store base

• The retail sector is racking up sizable gains after Macy's set the table with a major store closing announcement (15% of full-line stores).
• Earnings beats at Macy's and Kohl's, along with a surprise upgrade on American Eagle Outfitters (AEO +4.6%) are also helping to boost sentiment.
• Notable gainers include Guess (GES +4.3%), Dillard's (DDS +5.8%), Ascena Retail Group (ASNA +4.6%), Stage Stores (SSI +7.7%), Sears Holdings (SHLD +4.6%), Gap (GPS +3.5%), Abercombie & Fitch (ANF +3.2%), Barnes & Noble (BKS +3.2%), Urban Outfitters (URBN +1.3%), Francesca's (FRAN +2.5%), DSW (DSW +3.5%), Pier 1 Imports (PIR +4%), and Finish Line (FINL +2.4%).
• The S&P 500 Retail ETF (NYSEARCA:XRT) is up 2.1% on the day off the chain store buzz.
• Retail ETFs: XLY, XRT, VCR, RTH, RETL, FXD, IYC, FDIS, SCC, RCD, UCC, PMR, JHMC, CNDF