Their Q1 EPS estimates were in the wrong direction from what the street was expecting. The street was expecting 0.25 while the company said between 0.16 and 0.19.
Now, once could theorize AEO management is gaming the system .... They authorized a $20MM buy back while at the same time increasing the dividend from 0.11 to 0.125/share. By revising Q1 EPS downward, they virtually guaranteed a sell-off where they could repurchase shares at a discount.
In a couple of months, I predict they will make an announcement that revises the Q1 EPS upward to something like 0.22 to 0.26. And the PPS takes off to the $23 - $24 range.