Stock markets punished short-sellers who took too big a position against Abercrombie & Fitch (ANF) and Bath & Body Works (BBWI). The short float is 12.65% and 7.33%, respectively.
ANF stock entered a downtrend in the summer. That ended on Tuesday when shares gained 37.3%. The retailer posted a 6.6% Y/Y growth in revenue, to $1.29 billion. Net cash from operations grew, adding $313 million. It expects full-year net sales growth of 6% to 7%.
Meta Platforms (META) discussed buying Alphabet’s (GOOG) TPUs. TPUs are chips that process math matrices effectively, whereas Nvidia (NVDA) GPUs consume lots of power. Meta left out Advanced Micro Devices (AMD), which sent AMD stock to as low as $195. AMD recovered, though, dropping by 4.02% to close at $206.41.
Strategy (MSTR) continued to reel lower. Despite Bitcoin (BTC-USD) falling by 0.95%, MSTR stock lost 3.83%. The leveraged balance sheet created more beta (volatility) on Strategy stock.
In the food sector, J.M. Smucker (SJM) broke below its three-month low, closing at $100.79. Despite the White House dropping tariffs on coffee, the company said it would not hike prices. It absorbed most of the inflationary pressure related to unprocessed coffee already. Last year, it increased prices.
SJM stock will likely continue its downtrend that began in August. Investors are avoiding food stocks amid high inflation and ongoing tariff pressures. This hurts product demand.
