Deckers Outdoor Corp. Advances on Investors’ Short-Covering |
| Bloomberg - Dec 27, 2012 |
Deckers Outdoor Corp. (DECK) climbed after a research report about high consumer interest in the company’s Ugg brand prompted investors to cover short positions.
Deckers advanced 9.3 percent to $38.11 at the close in New York, the biggest increase since Dec. 3. The shares have dropped 50 percent this year.
Ugg was the most searched brand online this holiday season, Experian, an Internet tracking firm in New York, said today in an e-mailed statement. Investors have been concerned that shoppers have switched from Ugg sheepskin boots to other leather styles as the company’s sales growth has shrunk to what analysts on average estimate is 4 percent this year from 38 percent in 2011.
“There is a very high short interest in Deckers and any little bit of positive data has been reason for covering those shorts,” Corinna Freedman, an analyst with Wedbush Inc. in New York, said in a phone interview today.
Read Full Article from Bloomberg
- Posted: 2012-12-27 16:46:49
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