UPDATE: Abercrombie & Fitch's Stock Soars Toward 5-month High After Report Of Fielding Buyout Interest

By Tomi KilgoreMarketsMarketWatch Pulse

Shares of Abercrombie & Fitch Co. soared 13% in premarket trade Wednesday, putting them on track to open at 5-month high, after Reuters reported the teen apparel retailer was fielding takeover interest from other retailers. The report, which cited people familiar with the situation, said Abercrombie had hired investment bank Perella Weinberg Partners to field the approaches. "We do not comment on market rumors," Abercrombie said in an emailed statement to MarketWatch. Abercrombie has reported same-store sales declines for the past four quarters, and for at least 19 of the past 20 quarter, according to available data from FactSet. The stock has surged 19% since closing at a 17-year low in early April, to be up 5.6% year to date through Tuesday. That compares with a 0.6% decline in the SPDR S&P Retail ETF and a 7.1% gain for the S&P 500 over the same time.

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