Urban Outfitters Sinks 15 Percent After First-Quarter Earnings Miss

Urban Outfitters (URBN) was the worst performing stock in the S&P 500 on Tuesday, making it TheStreet's Move of the Day. Shares slumped 15 percent after the retailer reported disappointing first-quarter earnings. Net income came in at $0.25 per share, missing estimates of $0.30, according to analysts polled by Thomson Reuters. As for the top line, the company reported revenue of $739 million, a 7.7 percent year-over-year increase, but shy of the $758 million analysts were looking for. Plus, same store sales rose just 4 percent, falling short of forecasts by a percentage point. This sparked a slew of downgrades from analysts: Piper Jaffray and JPMorgan Chase cut their rating to NEUTRAL from OVERWEIGHT, while the analysts at Oppenheimer downgraded the stock to MARKET PERFORM from OUTPERFORM. Shares of Urban Outfitters are trading at $34.56 per share and have fallen 3 percent since the start of the year.