Great Atlantic & Pacific Tea Drops on Disappointing Earnings

Great Atlantic & Pacific Tea (GAP) reported disappointing earnings this week [conference call transcript here] and the share price dropped by 14%. Up to that point, market sentiment had been strongly positive, with the share price rising from 6 to 11 in the space of a few weeks. The current short base of more than 12% of the shares outstanding was built up over the same period. The missed estimate hit the prices in other stocks in the sector.

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