Urban Outfitters Plunged on Profit Warning and Downgrade

After issuing a profit warning, shares of retailer Urban Outfitters fell sharply on Friday, making it theStreet's Move of the Day. The Philadelphia-based clothing company warned that its fourth quarter profits may be hurt by lower-than-expected sales in after hours trading Thursday. The company said it believes the gross profit margin could narrow at a rate greater than the first half of the year in large part due to its continued declines in same-store sales. Besides its flagship, the company also operates under other brands including Anthropologie and Free People. Urban Outfitters had its rating cut at Goldman Sachs Friday morning. Analysts at the firm also removed the lifestyle retail company from its 'America's Buy List' citing lower sales and margins.