Why Five Below Stock Plunged Today
Shares of Five Below (NASDAQ: FIVE) were heading lower today as the discount retailer fell alongside the broader market in a sweeping sell-off. As the coronavirus outbreak becomes more dire and the response to the virus gets more extreme, investors believe that consumers will avoid shopping malls and other "gathering places," which is a problem for mall-based retailers like Five Below.
Shares of the chain were down 14.9% as of 12:20 p.m. EDT, while the S&P 500 had given up 8.3% at the same time. The SPDR S&P Retail ETF (NYSEMKT: XRT) was off 11%, indicating that retailers were underperforming the broader market.
Image source: Five Below.
Source Fool.com
