Midday Report: Netflix at Records on High Hopes for International Profits; Wall Street Rises

Summary: The S&P 500 and Nasdaq surged to fresh intraday records after a series of positive retail earnings boosted consumer stocks. The S&P was on track to close with its sixth straight session of gains. Best Buy rallied after posting unexpected growth in same-store sales over its recent quarter. The electronics retailer cited a strong performance in gaming and improving sales trends tied to tax refunds as reasons for its solid quarter. Nasdaq component Sears rocketed higher after reporting its first GAAP profit since its second quarter of last year. Investors overlooked a wider adjusted loss and its 11th straight quarter of declining same-store sales. Netflix traded at records after a bullish note from Piper Jaffray analysts. The firm believes current estimates for international profitability are too conservative.