After a devastating earnings miss that sent shares of a New York-based retailer to a new 52-week low on Tuesday, it looks like the bulls are at least attempting to claw back some portion of their losses on Wednesday.
%PartyCity () went on to close down at $0.9114/share yesterday after the company posted Non-GAAP EPS of -$1.39. Shares of this small cap are currently getting bid up at $0.9316 (+2.22% implied open for sellers) in an apparent mean reversion move following yesterday’s plummet. Whether this is short covering or just investors buying the dip, it’ll be interesting to see how Wednesday plays out.
Party City Holdco Inc is a %PartyGoods retailer in North America that operates owned and franchised locations in the us, Canada, and Puerto Rico. Party City also sells internationally in countries like the UK, France, Germany, and Australia, among others. The company has two primary reporting segments: retail and wholesale. The retail operations sell through Anagram, Amscan, Designware, Costumes USA, and other party suppliers, such as Party City, Halloween City, and PartyCity.com. The wholesale segment sells party goods such as paper and plastic tableware, accessories and novelties, balloons, stationery, and gift items for all occasions. These products are sold by franchise stores, mass merchants, independent card and gift shops, dollar stores, and other retailers and global distributors.