GAP Stores, which has a December fiscal year, reported miserable results for their March quarter. A major reason for that had to be the massive ice storms in the month of January.
My guess is that a large fund seeing the Gap results and seeing JCP unable to break $9 on a closing basis decided to bail. But the major thing being forgotten here is that JCP has a January fiscal year and they have ALREADY reported results which include the month of January. JCP's Q1 will NOT be negatively impacted by those ice storms at all and anyone concluding that Gap's results is what most retailers will report in Q1 is just plain wrong,. The "brilliant" funds strike again.