Abercrombie & Fitch: Street Leaning Wrong Way Into Q4 Report

Abercrombie & Fitch Co. ANF shares are trading higher by $1.54 (13 percent) at $13.23 in Thursday's session.

The Street was heading the wrong way into the report as the issue came within $0.06 of its 17-year low ($10.91), when it bottomed at $10.96. Shares did rebound to end Wednesday's session at $11.69.

The Street got what it expected with a Q4 miss of $0.04 along with a slight revenue miss. However, when the issue didn't plunge off the report, some of the large short float (26.29 percent) began to scramble for cover.

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After a higher open off the poor report, the stock only retreated $0.08 to $12.40 before resuming its move higher. So far, the ensuing rally took the issue to $13.48 and backed off. That high is just shy of a pair of highs from December 16 ($13.58) and December 19 ($13.52).