Urban Outfitters Up 16% After Q2 Beat

Urban Outfitters, Inc. URBN shares are trading higher by $2.88 at $19.70 in Wednesday's session.

After Tuesday's close, the company announced a Q2 EPS beat of 7 cents along with a sales beat of $11 million. At this time, the Street isn't concerned that comps were down 4.9 percent.

See Also: Dressed To Kill Or Going Out In Style? Analysts Mixed On Ailing Urban Outfitters' Q2 Beat

After a much higher open, Urban Outfitters continued in that direction until finally peaking at $21.31 and reversed course. That high marks the highest level for the stock since it peaked May 15 at $21.90.

Profit-takers have come into the stock and it has continued to make lows for the session. As of 11:30 a.m. EST, the low for the day stands at $19.64.