Facebook Shares Have Flopped Since Q1 Earnings Beat
Joel Elconin is the co-host of Benzinga's #PreMarket Prep, a daily trading idea radio show.
Facebook Inc (NASDAQ: FB) shares were trading lower by $1.40 (1.7 percent) at $77.41 in Tuesday's session. It has been nothing but downhill for the issue since it reported a Q1 beat for EPS, but missed on revenues on April 22.
Off the report, it rallied to $85.59 at the open, but retreated to close at $82.41, a close it has not been able to revisit. From there, it zig-zagged lower and ended Monday's session just off its low of the day ($78.63) at $78.81. Off today's open, it found resistance just below the close, only reaching $78.80 before heading lower.
So far, it has reached $77.22 and is attempting to rebound. The current low coincides with a pair of lows from March 11 ($77.26) and March 16 ($77.36).
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