The Polo player was seemingly thrown off his horse Wednesday. Shares of Polo Ralph Lauren (RL) dropped 13% as sales disappointed Wall Street. There's been some discussion on Fast Money over the past few weeks about betting on companies that cater to the rich in the face of credit concerns and higher oil prices. Does Ralph’s poor earnings throw a wrench into that line of thinking?
Jeff Macke still thinks some companies that cater to the rich are smart trades. He says the play is getting long Coach (COH) on the current dip. Shares of Coach were dragged down by weakness in RL, he says.
Jeff also likes Tiffany & Co (TIF) and Saks (SKS).