the reality is that the slide probably has less to do with the company per se than with the sorry, hysterical state of the market (and our shortened attention/expectations span). Remember, the IPO came at a time when the DOW was almost 1000 points higher, so everyone who bought COLM then paid a premium; I jumped in a little later, at 20, so I too paid a premium-- especially when you consider that small caps have done worse than the DOW.
Today's chart suggest that a fund may have unloaded some shares-- not a great many but enough to drive the price down by more than 4%. Why? Maybe the manager didn't like the recent debt news-- precisely because at a time of general volatility it doesn't seem very prudent to go into debt. Notice also that COLM's slide continues to be in concert with the sector-- which may be paradoxical, considering that it's a quintessentially domestic sector-- but there you have it. Contrary to expectations, other segments of the retail sector aren't doing well either. Go figure.
I heard today a talking head say either the small caps would go up or the blue chips must go down-- in which case I'm afraid the small caps would go down, too. I, for one, prefer paper losses, so I'm staying in (although I've had occasions to regret my obstinacy).