Urban Outfitters Shares Plummet on a Disappointing Third Quarter

Shares of Urban Outfitters (URBN) plunged on analyst actions after posting disappointing third quarter results, making it TheStreet's Move of the Day. The apparel retailer had its rating lowered by analysts at William Blair, citing lower margins and continued lack of near-term visibility. FBR Capital also lowered its price target on shares but, maintained its rating. For the third quarter, Urban Outfitters missed analysts' earnings estimates, but revenue slightly edged out analysts' expectations. However, the retailer said its discount-focused retail strategy hurt same-store sales as it declined 7% from the same quarter a year ago.