Shutterstock Attempting To Shrug Off Multiple Downgrades

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em>Joel Elconin is the co-host of
Benzinga's #PreMarket Prep
, a daily trading idea radio show.
Shutterstock Inc.
SSTK
shares are trading higher by $0.25 at $34.67 in Friday's session. The issue is attempting to rebound from its $16 plus shellacking it underwent in Thursday's session. Along with a mixed Q2 report for adjusted EPS ($0.31 vs. $0.30) with lower sales ($104.4M vs. Est. $105.4), the company lowered Q3 sales and FY sales to $425M-$430M vs. Est. $440.7M. To make matters worse, the company's CFO Tim Bixby resigned. The trio of bad news resulted in a decline from Wednesday's close of $50.75 all the way to $32.32 before rebounding to close at $34.42. Amidst of slew of downgrades this morning, the issue declined off the open but found support ahead of Wednesday's low (S32.54) and rebounded to $35.24, before falling back under $35. Investors buying the issue as it came off its lows may be banking on a double bottom being put in place for the time being.
Posted In: TechnicalsIntraday UpdateMoversTrading IdeasPremarekt outlook
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