Foot Locker Off To The Races With Q4 Beat

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

Foot Locker, Inc. FL shares were trading higher by $2.24 (4 percent) at $59.27 in Friday's session. The catalyst for the rally is a Q4 EPS beat ($1.00 vs. $0.91 estimates) on better revenue ($1.91 billion vs. 1.87 billion).

The issue, which began the year with a sharp decline and bottomed at $51.12 on January 16, was within a few dollars of its former all-time high ($59.19) at Thursday's close of ($57.03).

When the earnings were announced, it rallied to $60.50 in pre-market trading before retreating to the $58.70 level just ahead of the opening bell. After a higher open, it declined to $58.11 before mounting another rally. However, the ensuing rebound could not test the $60.00 level so far, reaching $59.74 before retesting the low for the session.