Blood in the Streets: Dip Buyers Bet $1M on Sinking Apparel Stocks

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Blood in the Streets: Dip Buyers Bet $1M on Sinking Apparel Stocks

In Monday's Blitz Daily, we take a look at shoemaker Skechers as apparel names across the industry sell off on a string of negative headlines.

January is historically a rough month for retail as sales fall after the holiday shopping season.

So when bearish news hits in the gap between Christmas and earnings season, it can sink stocks in a hurry. And Monday, they were hit with a double whammy.

First, HSBC hit retail giant Nike with a stock downgrade, citing weakening sales in China. If that weren’t enough, powerhouse women’s athleticwear firm Lululemon announced it expects earnings near the low end of its guidance after the omicron variant outbreak hurt operations in Q4 2021.

That one-two punch had apparel stocks on the ropes with blood in the streets during Monday’s session, including footwear name Skechers…

But where there’s blood, there’s blood-buying… and the bulls didn’t pull their punches on SKX calls!

And that wasn’t the only tape bomb hitting the scanners Monday…

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All the best,
Lance Ippolito
New Money Crew

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