By Ryan Vlastelica
NEW YORK (Reuters) - Shares of Ascena Retail Group Inc
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.
(Editing by Andre Grenon and Nick Zieminski)
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