** charts after guidance **
Men's Wearhouse (NYSE:MW) ripped 43% downward to as low as 21.44, marking its lowest level since September 2010. The men's business and business-casual apparel retailer unveiled preliminary fiscal Q3 sales that showed "significant comparable sales weakness," down 14.6% at its Jos. A. Bank unit. Men's Wearhouse same-store sales grew 5.3%. The firm also sharply cut its adjusted EPS outlook to a range of 46 cents to 51 cents vs. a prior target of 87 cents.
In the week ended April 17, Men's Wearhouse had staged a solid breakout from a long cup with handle at 53.88. Within two months, the stock achieved a 23% gain, which was the right time to take profits.
The stock triggered more sell rules, such as a cut through the 10-week moving average in late July and failing to rebound back above the key support line.
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