UA - Why the Panic Sell-Off Crashed These Retail and Consumer Stocks on Thursday
Shares of more retailer and consumer goods companies fell hard in today's massive stock sell-off. Four of the hardest hit included discount retailer Ollie's Bargain Outlet Holdings (NASDAQ: OLLI), footwear and apparel makers Skechers (NYSE: SKX) and Under Armour (NYSE: UA)(NYSE: UAA), and Latin-American e-commerce giant MercadoLibre (NASDAQ: MELI). All four fell by double digits during the trading session, with only MercadoLibre avoiding a 10% drop at the close, finishing down 9% on the day. After-hours trading has seen several fall even more:
OLLI Price data by YCharts
Today was the worst day for stocks in more than 30 years. Both the Dow Jones Industrial Average and S&P 500 index fell 10%, with the NASDAQ nearly joining the two with a 9.4% decline. Stocks haven't fallen this sharply since the 1987 crash, and we have now seen the market lose almost 27% of its value in less than a month. The stocks above have fallen even further, losing between 32% and 46% of their values over the same period of time.