Taser Shares Zapped After Lowered Guidance

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Joel Elconin is the co-host of Benzinga's #PreMarket Prep, a daily trading idea radio show.

Taser International, Inc. TASR shares were trading lower by $2.60 (8 percent) at $29.10 in Thursday's session. Despite a better-than-expected Q2 report for EPS and better sales, the weak guidance provided by the company has the issue deeply in the red after being higher by over $1 off the open.

The issue has begun to tail off before the cautious comments were made, falling from its intra-day high ($32.82) to the $31 level before the announcement accelerated the decline.

The sell-off continued until the issue found support at $27.63 and rebounded back over $29. The current low coincides with its April 29 low at $27.88.

Today's price action is taking place on much heavier volume. So far, 5.84 million shares have changed hands compared to its 20-day average of 1.78 million with three hours remaining in the session.

Posted In: TechnicalsIntraday UpdateMoversTrading IdeasPremarket outlook
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