DTE Energy Destroyed After An EPS Beat And Guidance Boost
Joel Elconin is the co-host of Benzinga's #PreMarket Prep, a daily trading idea radio show.
DTE Energy Co (NYSE: DTE) shares traded lower on Friday, finishing down $2.43 to $81.56.
Despite beating Q4 estimates on much better revenue ($3.08B versus Est 2.30B), and raising FY 2015 guidance from $4.43-$4.67 to $4.48-$4.72, the issue is struggling.
Believe it or not, traders rallied the stock to $86.84 in pre-market trading until finding willing sellers. By the time of its 9:30 AM opening, it had come to $84.52 and after a brief pop to $84.81, the bottom fell out.
This occured almost immediately after market open, with shares declining two points before finding intra-day support at $80.63.
DTE is now over $10.00 lower than its all-high made on January 28 ($92.27).
The low made in Friday's session coincides with its three lows from November 28 ($80.72), December 1 ($80.81) and December 2 ($80.71).
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