Why Signet Jewelers, Abercrombie & Fitch, and RH All Fell Double Digits Today
Shares of Signet Jewelers (NYSE: SIG) were off by as much as 10.5% at one point on May 18. Abercrombie & Fitch (NYSE: ANF) was lower by almost 12% at its worst. And RH (NYSE: RH) pulled up the rear of this trio, with a decline of as much as 12.5%. All three were off their worst levels of the day by roughly 3:30 p.m. ET, but were still holding on to steep losses. The big story? Target (NYSE: TGT).
Emotions have been running high on Wall Street lately. All it takes is falling short of expectations for a stock to get slammed. Target, which reported earnings that were well short of consensus, plunged as much as 28% today. Investors read into the company's results, noting that it is something of a bellwether name in the retail sector, and sold off just about anything that has to do with retail, including both retailers and companies that produce things that retailers sell.
Image source: Getty Images.
Source Fool.com