Abercrombie and Fitch (ANF) is down 12% after releasing a dismal earnings report at 7am. The clothing company says it lost 9-cents a share, less than the 25-cents it lost a year ago, but still almost twice as much as estimates. Revenues also missed by more than $100-million dollars. Same store sales are down 15% from a year ago. The chain says that's largely because of inventory shortages. Up until this morning, Abercrombie shares have been up 14% year-to-date.

Next is an Abercrombie competitor, The Gap (GPS), which has seen its shares drift as much as 5% lower after releasing its earnings. The company beat estimates on both the top and bottom lines posting 71-cents a share on $3.73 billion in revenue. The quarter was also a marked improvement over the same period last year when earnings were 47-cents a share. The company was helped by a rise in same-store sales at its namesake Gap stores as well as Old Navy stores. Growth in Asia was also strong. Shares of the Gap are up 53% over the

Weather or not? How much does rain really hurt retail sales? Vote below in our Hot Stock Minute Poll.

Yahoo! Finance's Lauren Lyster and Mike Santoli discuss the fact that so many retailers have been blaming bad weather for lackluster earnings this season. The pair also talk about the sudden CEO switch at Procter & Gamble and new numbers on durable goods.