Shares of some top specialty retail companies were up at the close of trading:

Shares of some top specialty retail companies are up at noon:

Shares of some top specialty retail companies are mixed at 10 a.m.:

Shares in Esprit Holdings, the world's No. 5 fashion retailer, plunged nearly a fifth on Thursday to their lowest in two years after the firm missed earnings forecasts and warned investors of tougher times ahead.

By Parvathy Ullatil

Cautious apparel buyers are foregoing orders to be delivered months down the road and instead are buying for the moment, unwilling to take on excess inventory and unsure over what the future holds.

By Alexandria Sage

Shares of Gap Inc. rose Friday, a day after the San Francisco-based retailer posted better-than expected second-quarter profits helped by cost-cutting and tighter controls on inventory.

The financial sector's comeback and a more than $6 a barrel drop in oil prices gave stocks and end of the week pick-me up. Still, major indexes finished lower for the week and oil managed just mild gain.

Stocks advanced Friday after a double shot of soothing comments from Federal Reserve Chairman Ben Bernanke and the Oracle of Omaha, Warren Buffett. A $4 drop in oil prices also gave the market a boost. Financials blazed the trail amid speculation of a Lehman takeover.

Among the premarket stories for Friday, Aug. 22, from AP Financial News:

Stocks advanced Friday after a double shot of soothing comments from Federal Reserve Chairman Ben Bernanke and the Oracle of Omaha, Warren Buffett. A $3 drop in oil prices also gave the market a boost.

Shares of Gap Inc. moved higher in premarket trading Friday after the San Francisco-based retailer posted better-than expects profits helped by cost-cutting and tighter controls on inventory.

Stock-index futures jumped after Warren Buffett weighed in on everything from the dollar to Fannie mae and Freddie Mac.

Gap Inc <GPS.N> reported a 50 percent jump in quarterly net income on Thursday, beating Wall Street estimates, as cost-cutting, lower inventories and other moves that boosted profit offset declining sales at its family of clothing stores.