Keurig Green Mountain Makes New Low For Move And Rebounds
Joel Elconin is the co-host of Benzinga's #PreMarket Prep, a daily trading idea radio show.
Keurig Green Mountain Inc (NASDAQ: GMCR) shares are trading lower by $0.70 at $83.60 in Friday's session. A downgrade by UBS from Buy to Neutral with a price target reduction from $114 to $86 appears to be one factor on investors' radar.
The move instigated a sharply lower opening ($82.35 vs. Thursday's close of $84.30), which had follow through taking the issue to a new low for the move at $80.83. That surpassed the former low of the move ($82.42), by almost $2.
The current low coincides with its February 5, 2014 low ($80.30).
It has rebounded off that depressed level and has found resistance just above Thursday's close ($84.30), reaching $84.43, before falling back under $84.
Friday's price action is taking place on heavier than average volume. So far, it has traded 1.9M shares compared to its 20 day average of 2.99M with over three hours remaining in the session.
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