Joel Elconin is the co-host of Benzinga's #PreMarket Prep, a daily trading idea radio show.
Zillow Inc Z shares were trading higher $18.27 (+17 percent) at $127.41 in Wednesday's session. In its first post-merger trading session after the acquisition of Trulia, investors are rallying the issue to its highest level since it peaked on September 19, 2014, at $133.59.
The only significant news out on the issue Wednesday was a price target upgrade by RBC Capital to $135.00. That level coincides with a trio of highs in the issue from September 16, 17 and 18 between $135.06 and $135.23.
The all-time high for Zillow was made in July 2014 at $164.90 before cascading to $92.40 by January 7. It should be noted the issue has already retreated nearly $6.00 from its intraday high ($133.20), falling below $130.00 for the first time since about 1:17 p.m. EST.
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