Ulta Salon Does An About Face After Q1 Beat

em>Joel Elconin is the co-host of

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Ulta Salon

shares are trading lower by $1.47 sy $154.80 in Friday's session. The issue is now in the red after posting a new all time high off the opening surpassing the former high ($159.97), reaching $159.85 before reversing course. The catalyst for the rally was a better-than expected Q1 results for EPS ($1.04 vs. Est. $0.93) and sales ($868.1M vs, Est. $846M). Also, comps were up 11.4 percent. The issue, which had a nice $6 rally over the last three days attracted a boatload of sellers who bought the issue in anticipation of a strong report. So far, it has declined to $154 and has been struggling to maintain the $155 . If the issue breaches its intraday low, there may additional support at Thursday's low ($152.80).