Pier 1 Imports Pops And Drops After Q1 Report

shares were trading higher by $0.03 at $12.04 in Thursday's session. It has been a wild day for the issue after reporting inline Q1 EPS, but with a slight miss in revenue. The company also reaffirmed FY 2016 guidance. Perhaps what got investors excited off the open was that Q1 comps were higher by 4 percent. After a sharply higher open ($12.75 vs. Wednesday's close of $12.01), it rallied another nickel to $12.80, before the bottom fell out. That level is just above its June 1 high of $12.66. The buyers off the open never had a chance as the issue sliced through the major support at the $12 level, falling to $11.68 before staging a rebound back into the $12 handle. Today's price action is taking place on much heavier than average volume. With less than one hour remaining in the session, it has traded 8.6 million shares compared with its 20-day average of 2.6 million shares.