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DTE Energy Destroyed After An EPS Beat And Guidance Boost

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Earnings Scheduled For February 9, 2017
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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).

Posted-In: Pre-market outlookTechnicals Movers & Shakers Intraday Update Trading Ideas General

 

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