Why American Eagle Outfitters' Stock Is Down Today
Shares of apparel retailer American Eagle Outfitters (NYSE: AEO) were falling on Wednesday after the company said it plans to raise $400 million via a new debt offering to private investors and gave an update on its current condition.
As of 11:15 a.m. EDT, American Eagle's shares were down 16.6% from Tuesday's closing price.
In a regulatory filing on Wednesday morning, American Eagle said its customer traffic and sales have fallen sharply since the beginning of March, as consumers and local governments reacted to the outbreak of the COVID-19 virus.
Source Fool.com