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Street Not Approving Of Urban Outfitters Move Into The Restaurant Business

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Urban Outfitters, Inc. (NASDAQ: URBN) shares are trading lower by $1.14 at $23.35 in Monday's session. The company has chosen a peculiar time to enter the restaurant business with its purchase a large portion of Vetri Restaurants. Also, the company will announce its Q3 results after the close and it is in the midst of a four-day losing streak that has seen its share price decline from its November 10 close ($28.72) to its current level.

The issue has been selling off since the opening bell. Its first print of the day marked the high ($23.92). So far, it has found intra-day support at $22.71, but is struggling to reclaim the $33 handle. This marks the lowest level for the issue since it bottomed in October 2011 at $21.47.

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

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