3D Systems Stages Surprising Rally During Conference Call
Joel Elconin is the co-host of Benzinga's #PreMarket Prep, a daily trading idea radio show.
3D Systems Corporation (NYSE: DDD) shares were trading higher by $1.50 (4 percent) at $31.52 in Thursday's session. Despite a Q4 miss ($0.21 vs. $0.25 EPS) on lower sales ($187.4 million vs. $202.3 million), the issue is staging an impressive rally.
Related Link: 3D Systems Q4 Conference Call: A Chronological Recap
After a sharp decline to $28.50 off the headline news during pre-market trading, it quickly reversed course. The surprising rally may be attributed to a comment from the company's CFO Chuck Hull that "we believe fundamentals of business model remain in tact and we expect gross profit margin to resume expansion."
3D Systems bears were scrambling for cover as the issue staged a dramatic $4.00 rally to $32.40 over the next few hours. That level is shy of its February 14 high at $32.99. Since making the high, it has retreated to $31.20 and is attempting to find intraday support.
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