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Hedgeye's Brian McGough decides to rain on Abercrombie & Fitch's (ANF +28.3%) parade after...

Hedgeye's Brian McGough decides to rain on Abercrombie & Fitch's (ANF +28.3%) parade after the retailer soared off of Q3 results to put an end to the bleeding at the retailer for the moment. He calls the quarter "lousy" when viewed in isolation, while others note the large short interest position built up in ANF is accounting for part of the outsized rally with short covering in play.
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Comments (3)
  • Clumsy Rick, CFA
    , contributor
    Comments (70) | Send Message
     
    Lousy in isolation? earnings outlook 15%-20% higher now for this year, revenue declines look like bottomed in Q2 and improving...even if its somehow lousy, its a lot less lousy then what the market was baking into the stock
    14 Nov 2012, 10:30 AM Reply Like
  • anomaly1
    , contributor
    Comments (950) | Send Message
     
    How much short covering before it collapses again?
    14 Nov 2012, 11:49 AM Reply Like
  • anomaly1
    , contributor
    Comments (950) | Send Message
     
    ANF was at 5 days to cover on avg daily vol. per short interest. Today we are on track to trade 15X or greater avg. daily volume. Wait for a pullback if you are going to position long.
    14 Nov 2012, 12:53 PM Reply Like
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