Bob Evans Sinks After Lower Guidance

Bob Evans Farms Inc BOBE shares are trading lower by $4 99 percent) at $40.74 in Wednesday's session. Despite a Q4 beat of a nickel with a $5 million beat for revenues, the Street is punishing the issue for lower FY2017 guidance.

After a lower open, it continued in that direction until it found support at $40.41 and staged a rebound to $41.84. It is now drifting back towards the lows for the day.

The issue has not traded under $40 since February 16, when it bottomed at $39.54.