Shares of American Eagle Outfitters are tumbling Wednesday after the retailer withdrew its financial outlook for the year citing “macro uncertainty” and said it would write down $75 million in spring and summer merchandise.

What Happened? Shares of young adult apparel retailer American Eagle Outfitters (NYSE:AEO) fell 6.9% in the morning session after the company pulled its financial outlook for the year, citing "macro uncertainty.

American Eagle Outfitters scrapped its outlook for the year, stating that macroeconomic uncertainty has made it too difficult to predict consumer spending.