UPDATE: Gregg stock gyrates after earnings report

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Shares of HhGregg Inc. shot up more than 7 percent this morning only to tumble back to the $13.50 range where the stock started the day.

The swing followed the first earnings report the Indianapolis-based appliance and electronics retailer filed as a public company. Gregg said it turned a $2.9 million profit in its fiscal first quarter ended June 30 versus a $1.4 million loss a year earlier.

Gregg attributed the improvement to strong growth in comparable stores and rising gross profit, among other factors.

Comparable-store sales increased 8.8 percent mostly due to higher average selling prices for such big-ticket items as video and major appliances.

Gregg, which operates more than 400 stores, launched its long-anticipated IPO on July 20 at $13 a share. The stock closed at $13.41 yesterday.

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