(GIL: 24.02 +7.91%) Gildan Active Wear

Gildan Activewear 2Q Net, Sales Drop; Activewear Sales Dn 22%

Gildan Activewear Inc.’s (GIL) earnings and gross margin were significantly lower in the second quarter as sales dropped almost 17%.

Sales of $245 million in the fiscal second quarter were down from $294 million a year earlier, hurt by an almost 22% …

As this news was released, the stock went on to gain 28%.

Short interest is about 5% of the float with 2.4 days to cover. So, is it a squeeze?

What do you do here? Short it or go long?