Multi-year low for Express after earnings misfire

• Express (NYSE:EXPR) is now down almost 22% premarket as investors punish the company for a weak Q2 performance.
• The retailer reported that e-commerce sales fell 7% Y/Y, a rate of decline uncommon in the retail sector.
• Deutsche Bank lowered its rating to Hold from Buy. Wedbush and Mizuho were also caught on the spot with bull ratings on Express ahead of the poor Q2 report.
• Shares are threatening to open at a multi-year low.
• Previously: Express plunges after weak sales report (Aug. 24)