Monster Beverage Spooks Shorts Following Q3 Beat
Monster Beverage Corporation (NASDAQ: MNST) shares are trading sharply higher by $15.40 at $147.64 in Friday's session. The catalyst for the rally is a Q3 beat for EPS by $0.03 with $20 million more in revenues.
After a higher open, it immediately bottomed at $143 and continued to move higher. The ensuing rally found resistance just beyond its August 7 high ($152.74), reaching $152.87 before succumbing to some profit-taking.
Joel Elconin is the co-host of Benzinga's #PreMarket Prep, a daily trading idea radio show.
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