Diamonds and Dogs
There is no lid on the stock of today's diamond, Genesco (GCO). The retail conglomerate is spiking over 10% thanks to earnings of their brand names like Journeys, Lids Sports, Johnston & Murphy and Schuh. Quarterly sales actually missed estimates by a slight margin, but earnings blew past estimates. In an environment where retail in general is struggling, it doesn't take much of a beat to get shareholders and investors in a buying mood. Unfortunately, the stock is still below the March and April highs.
If you want a sensory overload you could go to the stores of our dog of the day, Abercrombie & Fitch (ANF). The company stock is plummeting over 18% to a six month low. Retailing in the fickle teenage space is as tough as it gets. Aeropostale recently filed for bankruptcy, and the former powerhouse, Abercrombie and Fitch is struggling as well. The company reported a disappointing first quarter report with a loss of 59 cents per share. Net sales also declined 3% year over year. Topeka Capital downgraded the stock lowering earnings estimates once again telling their clients to stay on the sidelines and await greater visibility.