Why American Eagle Outfitters Is Tumbling Today
Shares of American Eagle Outfitters (NYSE: AEO) are falling 7.4% at 11:28 a.m. ET on Friday in sympathy with rival Gap Stores (NYSE: GPS), which updated its first-quarter guidance yesterday to say its business is deteriorating worse than expected and sales would be down in the low-to-midteens compared to prior forecasts of a mid-to-high-single-digit decline.
Gap announced that the longtime president and CEO of its Old Navy brand had left the company and a search for a new executive had begun.
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Source Fool.com