I agree, and what is driving it is panic and fear. I've been long since the lows in '09 and I've learned not to underestimate these forces, especially fear of loss. I still remember '08 - '09 when many great companies were selling at 5,4 and 3 times earnings. Many of those companies are up 400%, 500% plus now. Starting to see some other stocks begin to drop like back then. BTW, this is the 2nd 40% plus drop in ANF in the last 2 years.
There is a difference between now and the Nov 2008 and March 2009 lows for ANF.
Back then, management refused to discount, even when their competitors and real luxury department store retailers were discounting.
They learned their lesson. I can't see the HCo/ANF US web sites from Canada (it is not Thanksgiving here, there is no Black Friday here, and the biggest discount shopping day here is the day after Christmas), but as of midnight, they're advertising 50% off everything at Gilly Hicks for Black Friday. I would guess they're showing the same thing in the US for ANF and HCo right now.