The squeeze is on at Abercrombie & Fitch

Shares of Abercrombie & Fitch (ANF) are setting up for a short squeeze after the retailer showed some signs of life with its FQ1 report.

Traders have their eyes on volatility today with short interest at over 20% of shares outstanding.

On the fundamental side, A&F drove some traffic with promotions and managed to improve its inventory position in relation to other teen retailers. Though the company's margins dropped precipitously during the recent quarter, analysts had expected the annual guide to be a bit worse.

ANF +7.4% premarket.

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