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Safeway Shares Higher on Possible Sale

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Shares of Safeway Inc. (NYSE:SWY) are advancing this morning on news that the grocery chain is attempting to sell itself. No suitors have been revealed yet. The company also cautioned that discussions are ongoing, but a possible sale is not guaranteed. Safeway has a roster of 1,335 stores in the U.S. On the other hand, the company reported 4Q earnings of 53 cents a share on revenues of $11.3 billion yesterday, which topped consensus by 5 cents.