NEW YORK (

TheStreet

) -- As if retailers didn't have enough to contend with after

disappointing April sales

, retail stocks are getting hammered after the Dow plunged in midday trading.

The S&P Retail Index is plunging 5.7% to 441.06, its biggest decline in at least a year. But which drops are deserved and which are infused with market fear?

Overall, April same-store sales actually grew 0.8% according to the International Council of Shopping Centers, better than its originally forecast for flat to a single-digit decline during the month.

Abercrombie & Fitch

(ANF) - Get Report

is sinking 9.9% to $39.85 after it reported a 7% decline in same-store sales, significantly higher than the 2.3% slip analysts predicted.

Liz Claiborne

( LIZ) is tanking 19% to $6.49 after it reported a loss in its first quarter and issued a disappointing outlook.

But even those companies that fared well in April are getting battered.

Macy's

(M) - Get Report

, for one, saw a surprising 1.1% uptick in comparable sales, versus Wall Street's estimates of a 0.4% decline. The department store also upped its first-quarter outlook, expecting to earn between 2 cents and 4 cents a share. It previously expected to break even.

One notable mention is

Fred's

, which oddly enough is actually in the green, gaining 0.5% to $13.38. The discounter reported an unexpected 1% jump in April same-store sales. Analysts expected a decline of the same percentage.

-- Reported by Jeanine Poggi in New York.

Follow TheStreet.com on

Twitter

and become a fan on

Facebook.