By  on June 30, 2008

Shares of American Eagle Outfitters Inc. plunged on Friday, reaching the lowest level in six years after the teen retailer was downgraded on news that Susan P. McGalla, president and chief merchandising officer, will not renew her contract with the company.

Coming off Thursday's stock meltdown, most retail shares continued to slide and the Dow Jones Industrial Average almost reached bear market territory, down just under 20 percent from its October 2007 high. The S&P Retail Index fell 0.5 percent to 359.56. The Dow dropped 0.9 percent to 11,346.51 and the broader S&P 500 declined 0.4 percent to 1,278.38.

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