Ascena has worst day since 1990 after results

By Ryan Vlastelica

NEW YORK (Reuters) - Shares of Ascena Retail Group Inc were suffering their biggest one-day decline in 14 years on Tuesday, a day after the company reported weak fourth-quarter results.

After the market closed on Monday, Ascena reported adjusted earnings that missed expectations, along with weaker-than-forecast revenue. The apparel retailer also gave a 2015 outlook.

The stock lost 16.8 percent to $13.75, its biggest daily drop since Sept. 24, 1990. Volume of about 6.87 million shares made for the most active day since September 2013 and was many times the company's 50-day average of about 922,000 shares. Year-to-date, the stock is down about 35 percent.

 

Following the results, at least two brokers lowered their price targets on the stock, with Piper Jaffray cutting its target to $18 from $22 while SunTrust Robinson lowered its from $21 to $17.

Index snapshot at 13:51 EDT:

* S&P 500 was falling 6.4 points, or 0.32 percent.

* Nasdaq Comp was losing 7.92 points, or 0.17 percent.

* Dow industrials was dropping 78.18 points, or 0.46 percent.

* Russell 2000 was falling 7.2 points, or 0.64 percent.

* S&P MidCap was dropping 5.92 points, or 0.42 percent.

* S&P SmallCap was losing 4.48 points, or 0.69 percent.

(Editing by Andre Grenon and Nick Zieminski)