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Although we don't believe in timing the market or panicking over market movements, we do like to keep an eye on big changes -- just in case they're material to our investing thesis.
What: Shares of hip clothier Abercrombie & Fitch (NYSE: ANF ) fell more than 22% in early trading after reporting disappointing third-quarter sales. A Janney Capital analyst also downgraded the stock from "buy" to "neutral" and cut her fair value estimate by more than 30%, Barron's reports.
So what: For its part, Abercrombie said comparable-store sales fell in flagship stores in Europe, Japan, and Canada. Worldwide, comps rose 8% year to date, but pockets of international weakness weighed on the shares. Janney questioned the exportability of the Abercrombie concept.
Now what: Fools probably aren't surprised by the comments, even if Wall Street and Big Money investors were. Throughout the past year Abercrombie & Fitch has rated just one of out five possible stars in our Motley Fool CAPS investor intelligence database. How do you rate the stock? Would you buy shares of Abercrombie & Fitch at current prices? Please weigh in using the comments box below.
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