Resources Connection, Inc. RECN shares are trading lower by $1.57 (11 percent) at $13.40 in Thursday's session. There are two different catalysts contributing to the decline.
First of all, the company came up shy by a penny for its Q1 report. What may be weighing more on the issue is the announcement that its CEO has resigned.
Following a sharply lower open ($13.22 vs. Wednesday's close of $14.97), it continued in that direction until if found support at $12.41 and began to rebound. That low coincides with its April 8 low of $12.30.
Since making that low, it has rebounded to make a new high for the session at $13.57 and is not far off that level. In order to fill the void in price from Wednesday's session, it would need to reach $14.67, which represents the lower end of that session.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
