Urban Outfitters Slammed After Lowered Guidance

Urban Outfitters, Inc. URBN shares are trading lower by $1.66 (5.8 percent) at $26.23 in Friday's session. The catalyst for the decline is lowered guidance offered in its 10Q. Also, Goldman Sachs lowered its price target to $29.

After a lower open, it went straight down to $25.62 before staging a rebound. That puts the issue in a thinly traded area that was created when it gapped higher after a better-than-expected Q1. In order to fill that void in price, it would need to reach $25.30.

So far, the ensuing rebound has taken the issue to $26.42 and it is not far off that level.