After a big day on Friday last week, shares of Ascena Retail Group (NASDAQ: ASNA) were on the move once again on Monday, rising to close the day up 8.6%.
Ascena shares ascended despite the company’s report of a massive $1.3 billion asset writedown and a huge $5.29-per-share loss for its business last quarter on Friday. The reason: Apparently, Ascena will be doing less business in the future — and perhaps, therefore, losing less money.