Lowe's Companies: A Case Of Sell The News

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Joel Elconin is the co-host of Benzinga's #PreMarket Prep, a daily trading idea radio show.

Lowe's Companies, Inc. LOW shares were trading lower by $0.46 at $74.19 in Wednesday's session. Despite exceeding Wall Street's expectations for EPS ($0.46 vs. $0.43) and sales ($12.5 billion vs. $12.3 billion), the issue is trading the red.

After a sharply higher open (Tuesday's close of $74.65 vs. Wednesday's open of $75.90), it immediately found resistance just above Tuesday and all-time high of $75.82, reaching $75.98 before reversing course.

The ensuing decline took the issue all the way to $73.25 within the first 30 minutes of trading. That level coincides with Monday's low ($73.27). Since making the low, it has rebounded to just ahead of its all-time closing high ($74.65) to $74.77 before retreating to its current level.

Lowe's has nearly tripled the broad market return (3 percent) rallying nearly 8 percent after ending 2014 at $68.80.

Posted In: TechnicalsIntraday UpdateTrading IdeasPre-market outlook
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