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spiked down to $28.64 at the beginning of August on the sales underperformance. Cut FY2012 est's by @ $1. Going nowhere.
After it decreased its estimates by about $1, it beat the new estimates several weeks later on earnings. HFT/momo pushed it back up.
Fade this spike because
is not going to change the fundamentals on this one. No one with any sense will buy it at a premium.
should have mentioned that the beat on earnings was by only +$0.02 after lowering by @ $1. Another HFT/momo short squeeze fiasco.
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Abercrombie & Fitch
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