Mobileye Rallies Off Q1 Beat

Joel Elconin is the co-host of Benzinga's #PreMarket Prep, a daily trading idea radio show.

'' Mobileye NV MBLY shares are trading higher by $1.20 at $47.01 in Monday's session. The catalyst for the rally is a Q1 beat for EPS ($0.08 vs. Est. $0.07) and for revenue ($45.6M vs. Est. $44.23M). In the first fifteen minutes of the trading the issue made its high and low, which are still in tact. After trading above and below the $47 level for most the premarket session, it swooned to $46 off the open, which coincides with Friday's high ($45.99). From there it quickly rebounded to $47.86, which coincides with its April 29 high ($47.84) before falling back under $47. Today's rally is taking place on much higher than average volume. So far, it has traded 3.2M share compared with it 20 day average of 2.6M with with a few hours remaining in the session.