Abercrombie & Fitch's Stock Tumbles To 6 1/2-year Low

Abercrombie & Fitch Co.'s stock dropped 5.6% in active midday trade to a 6 1/2-year low, as the teen apparel retailer's latest attempt to revitalize its brand failed to spark investor interest. Volume of 2.4 million shares was already more than the full-day average of 1.9 million shares, according to FactSet. The stock was on track to close at the lowest level since March 9, 2009, which was the same day the S&P 500 closed at the lowest point of the 2007-to-2009 bear market. Earlier, A&F announced the creation of six new management positions as part of its strategy to organize executives by brand, rather than product. Five of the people announced to fill those positions are from outside the company, with four joining earlier this year, and a fifth expected to join in September. A&F is scheduled to report fiscal second-quarter results on Aug. 26. Analyst Simeon Siegel at Nomura said on top of trend pressures on the teen retail sector, the fact that A&F has a relatively-large international exposure means it's facing a big negative impact from currency moves. A&F's stock has now tumbled 37% year to date, while the SPDR S&P Retail ETF has gained 1.6% and the S&P 500 Index has tacked on 1.9%.