La-Z Boy Gets Rocked After Mixed Q4 Report

em>Joel Elconin is the co-host of

, a daily trading idea radio show.

La-Z Boy

shares are trading lower by $1.13 at $26.03 in Wednesday's session. The catalyst for the decline is a mixed Q1 report. The company reported inline EPS at $0.38 but came up shy on sales ($374.9M vs. $379.13M). The announcement induced a sharply lower opening ($26.29 vs. Tuesday's close $27.16) and a brief pop to $26.59, the decline continued. The retreat continued until if found support at $25.13. That level coincides with a series of low it made at the $25.20 level in early March. Since reaching that depressed it has rebounded and is attempting to challenge the highs for the day, but has been turned back at $26.35.