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D.R. Horton Rallies After Q3 Beat, But Finds Resistance

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D.R. Horton, Inc. (NYSE: DHI) shares are trading higher by $1.87 at $30.74 in Tuesday's session. The catalyst for the rally is a Q3 beat for EPS of $0.02 on slightly better revenue. In addition, the company raised FY 2016 sales guidance and increased it quarterly dividend to $0.08.

After a higher open, the issue retreated to $29.07 before resuming its rally. So far, it has reached $30.75 and is not far from that level. The current high coincides with a pair of highs from October 27 ($30.72) and October 28 ($30.75).

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

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