Q1 Beat Propels Abbott Laboratories To New All Time High

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Joel Elconin is the co-host of Benzinga's #PreMarket Prep, a daily trading idea radio show.
'' Abbott Laboratories
ABT
shares are trading higher by $0.95 at $48.07 in Wednesday's session, The catalyst for the rally is a Q1 beat for EPS ($0.47 vs. Est. $0.42) on slightly better revenues ($4.9B vs. $4.8B). The nickel beat has propelled the issue to new all time high at $48.40, eclipsing the former all time high that was made in February at $47.88). Over the past two months it had made several attempts to breach the former high but was turned back on all five prior attempts. As long its closes above $47.83, it will be posting a new all time closing high. It should be noted the move is taking place on higher than normal volume as it has already traded 4.5M shares versus its 20 day average of 4.375M with over two hours remaining in the session. Interestingly, the issue traded 8.6M shares in Tuesday's sessions as investors positioned themselves for today's release.
Posted In: TechnicalsIntraday UpdateMoversTrading IdeasPre-market outlook
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