Filed under: Major movement, Earnings reports, Good news, Industry, Abercrombie and Fitch (ANF), Options, Technical Analysis, Nordstrom, Inc (JWN)

Abercrombie & Fitch Co. (NYSE: ANF) shares are getting a boost this morning after fellow high-end retailer Nordstrom (NYSE: JWN) posted a third-quarter profit well above analysts’ expectations. JWN’s Q3 profit rose 22% to $165.7 million, or 68 cents per share, while analysts were looking for 52 cents. Investors are bidding up luxury retailers today in anticipation of good results from similar companies. If you think that ANF won’t fall by too much in the coming months, then now could be a good time to look at a bullish hedged trade on that stock.

After hitting a one-year high of $85.77 in October, the stock has declined over the past month. ANF opened this morning at $72.50. So far today the stock has hit a low of $72.01 and a high of $75.00. As of 11:15, ANF is trading at $74.66, up $2.30 (3.2%). The chart for ANF looks bearish and steady, while S&P gives the stock its highest 5 STARS (out of 5) strong buy rating.

Continue reading Abercrombie & Fitch (ANF) gets a boost from Nordstrom (JWN) results

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This entry was posted on Wednesday, November 21st, 2007 at 3:50 am and is filed under Stocks Money News. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.