Foot Locker Stomped On After Hibbett Sports Lowers Guidance

Foot Locker, Inc. FL shares are trading lower by $1.86 (4 percent) at $45.37 in Monday's session.

Investors are exiting the issue again after Hibbett Sports, Inc. HIBB sharply reduced its Q2 guidance. Fearful that Foot Locker will replicate its Q1 disaster on August 18 when it reports Q2 earnings, many investors abandoning the stock instead of waiting around for another sub-par report.

Since its last report on May 19, Foot Locker has fallen from the $70.00 area to the mid-$40s. On the bright side, the stock so far has survived a test of the former low for the move. On June 21, the stock bottomed at $44.87 and briefly traded over $50.00 before fading.

At this time, its sharp decline off the open found support just under that low, reaching $44.59 and rebounded back into the mid-$45.00 handle.