Sector Snap: Teen apparel retailers
By
Associated Press
July 18, 2008
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Teen apparel retailers shares fell on Friday, reversing a weeklong rise amid volatility in the market.
During the week, oil prices fell for three straight days before rising on Friday. Earnings reports were mixed, including a positive report from Citigroup and disappointing results from Google Inc. and Microsoft Corp.
The Dow Jones industrial advanced on Wednesday and Thursday more than 480 points combined, but on Friday wobbled in a narrow range between a slight loss and a slight gain.
Also during the week, American Eagle Outfitters Inc. held an analyst day, detailing their strategy to improve results by updating merchandise and focusing on a value message.
The teen apparel retail sector mirrored the Dow.
Following a 20 percent rise earlier in the week, American Eagle Outfitters Inc. shares fell 10 cents to $14.39 in afternoon trading Friday.
Aeropostale Inc. rose 6 percent during the week and fell 26 cents to $31.92 Friday.
Urban Outfitters Inc. rose 10 percent during the week and fell 34 cents to $31.82 Friday.
Abercrombie & Fitch Co. rose 15 percent during the week and fell $1.24, or 2 percent, to $59.18 Friday.