American Eagle Outfitters saw its shares surge more than 20 per cent overnight, reaching their highest closing price since May 13. This jump follows an endorsement from former US President Donald Trump regarding the company’s latest advertising campaign, which features actress Sydney Sweeney. American Eagle Outfitters is an American lifestyle, clothing, and accessories retailer. The company designs, markets, and sells on-trend clothing, accessories, and personal care products at affordable prices under its American Eagle and Aerie brands.
The campaign showcases Sweeney in denim attire, humorously connecting the words “jeans” and “genes.” The recent increase in share value comes after a week of significant volatility for the stock. After the campaign’s initial launch on July 23, shares climbed by 18 per cent by July 28. However, this gain was subsequently eroded by a near 11 per cent drop over the next four trading sessions due to social media backlash.
Trump’s endorsement, which was posted on Truth Social on Monday, led to a 23.7 per cent increase in share value, closing at $US13.28. Trading after hours saw an additional gain of 0.1 per cent. In his post, Trump commented, “It’s for American Eagle, and the jeans are ‘flying off the shelves.’
