G-III Apparel shares pop despite disappointing earnings

G-III Apparel (GIII)shares rose on Friday despite the company reporting disappointing earnings after the close Thursday.

The apparel company's shares initially fell 16 percent in after-hours trade Thursday but reversed to briefly climb more than 6 percent Friday. They closed about 3 percent higher.

This occurred after G-III Apparel reported third quarter earnings per share of $1.50, which missed the $1.54 a share consensus estimate for the quarter. Third-quarter earnings were lower than the earnings per share of $1.85 during the same period last year.

According to FactSet, 14.1 percent of shares available for trading were sold short, or in anticipation of share price decline.

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