Abercrombie's Stock Enjoys Biggest Jump In 2 1/2 Years

MarketWatch Pulse

Abercrombie & Fitch Co.'s stock enjoyed the biggest one-day percentage gain in 2 1/2 years, as investors cheered a fiscal first-quarter report that wasn't quite as bad as feared. The stock soared 13.49% on volume of 11.5 million shares, or more than five times the full-day average, according to FactSet. The surge comes a day after the stock closed below the $20 mark for the first time March 11, 2009. Although the apparel retailer reported a same-store sales decline for a 14th-consecutive quarter, the latest drop of 8% beat the FactSet consensus of an 8.9% slide. With the stock having plunged 31% year to date through Wednesday, sentiment was fairly negative leading up to results. The average analyst rating was hold, according to FactSet, and short interest through mid May was 30% higher than at the end of 2014.

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