Why Are These Five Stocks Deep in the Red?

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Weak Same Store Sales Hurt Buckle 

Buckle Inc (NYSE:BKE) is 4.6% in the red today after the retailer announced disappointing comparable store net sales for the 4-week period ended August 27. For the period, comparable-store sales dropped by 14.8% year-over-year, while net sales decreased by 14%. Buckle bulls hope that the company’s comparable sales numbers will improve in the future so that the stock’s dividend yield of almost 4% remains secure. Jim Simons’ Renaissance Technologies cut its stake in Buckle Inc (NYSE:BKE) by 46% in the second quarter to 170,100 shares.

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Technical Trading Detected at Fitbit

Although there isn’t any fundamental news concerning the company today, Fitbit Inc (NYSE:FIT) shares are 3% lower, partly on the back of technical selling. Although the stock has rebounded sharply from its June lows due to value buying, Fitbit shares have had trouble passing the $16 per share resistance level in recent days. In the medium term, the 200-day moving average could also present further resistance. According to our data, the hedge fund activity in Fitbit has been relatively stable in the second quarter. The number of investors from our database with holdings in Fitbit Inc (NYSE:FIT) fell by just one quarter-over-quarter to 29 at the end of June.

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