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Solar City Back At September 2013 Levels After Q3 Miss

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SolarCity Corp (NASDAQ: SCTY) shares are trading sharply lower by $9.40 at $28.67 in Friday's session.

The catalyst for the rout is a Q3 EPS miss of $0.15 with a little 2 million more in revenues. Also, the company expects a much bigger Q4 loss ($2.60–$$2.75) vs. est. ($2.17).

After a sharply lower open ($30.98 vs. Thursday's close at$38.07), it briefly rallied to $31.55 before sellers flooded the market.

So far, it has taken the issue beyond its September 2013 ($28.31) to $28.11 before rebounding into the mid-$28 handle.

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

Do you like this article? Do you have suggestions for improvement? Please email feedback@benzinga.com.

Posted-In: Premarket outlookTechnicals Intraday Update Movers Trading Ideas

 

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