NetApp Plummets After Earnings

on Thursday reached lows it hasn't seen since November 2012. The company on Wednesday reported earnings below estimates. The stock sunk past its support level of $34.50, with a five-day moving average of $34.38, and was recently down more than 12 percent. During Thursday's after-hours trading, the stock fell to $32.45 from $35.33, on top of JP Morgan downgrading the company to Underweight from Neutral. Selling continued in the pre-market session, hitting a low of 30.65. During regular session, NetApp was able to find support just below $30.85. It rebounded to $31.19 by midday, but then sank back down to $30.99. "We are not satisfied with our fourth quarter results and are taking concrete action to transition NetApp for the next phase of growth," said NetApp Chairman Tom Georgens. The question now is where investors can expect to view the new support and resistance levels.