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Strategies & Market Trends : Z PORTFOLIO
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To: Larry S. who wrote (3395)10/13/1999 5:50:00 PM
From: DanZ  Read Replies (2) of 11568
 
ANF.

Gee, Larry. I go out of town and look what YOU do to ANF lol. I don't think the comments from Robertson Stephens (below) justify the whacking that the stock got today and I agree with your purchasing more.

"We are lowering our rating on Abercrombie & Fitch from a Buy to a Long-Term Attractive, as third-quarter 1999 comp store sales are tracking at lower levels than street expectations," said Kloppenburg. "We believe that Abercrombie should at least achieve our current earnings-per-share estimates in third-quarter 1999 and fourth-quarter 1999. However, we caution that the company's historical pattern of significantly beating estimates may not continue to the same degree in the near-term, given difficult comparisons and industry-leading sales productivity and operating margins," said Kloppenburg."

Looking at a chart of price vs. volume, there was very little size until the stock fell to 29. It traded about 500k there and then fell on no size until 26 1/2. This looks like a case of small investors selling and nobody willing to buy. It's almost as if the institutions wanted to let it fall so they could buy it cheaper. Almost half of the volume was done at 26 1/2 (looks like about 3.5 million shares). My guess is that the stock will rally as if in a vacuum just like it fell. Good luck if you bought it in your personal account.

Dan
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