Abercrombie & Fitch and Foot Locker reported second-quarter results
Shares of Abercrombie & Fitch Co (NYSE:ANF) and Foot Locker Inc (NYSE:FL) are gapping lower after the retailers’ respective second-quarter earnings reports. Though the former beat top- and bottom-line estimates and lifted its current-quarter outlook, its CEO also warned of an “increasingly uncertain environment.” Meanwhile, the latter shared a revenue miss.
ANF was last seen down 14.8% to trade at $141.96, on track for its worst day since May 2022. Shares are also gapping back below their 40-day moving average, after spending just two weeks above it, after failing to conquer the $175 region. Despite today’s losses, ANF still sports a 179.3% year-over-year lead.
FL is down 15.8% to trade at $27.63 at last check, adding to its 10% deficit so far in 2024. The stock is also slipping below the 20-day moving average, which contained a pullback earlier this month, as it paces for its worst single-day percentage loss since March.
Both equities are getting blasted in the options pits today. Options volume is running at 11 times the intraday average for ANF, with new positions being opened at the most popular contract, which is weekly 8/30 145-strike call. FL is seeing 26 times the intraday average options volume, with the weekly 8/30 33-strike call leading the pack.