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Signet Jewelers Under Heavy Selling Pressure

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Signet Jewelers Ltd. (NYSE: SIG) shares are trading lower $3.00 at $51.53 in Thursday's session. After being pounded on Wednesday, falling from $58.38 to $54.53, the stock is deeper in the red.

Before the open, Signet reported a huge Q1 EPS miss of 65 cents along with a sales miss of $68 million. Comps were down 11.5 percent and the FY 2018 outlook was slashed.

In a wild session, the stock has found resistance just four cents above Wednesday's high ($56.00), only reaching $55.96.

On the downside, the stock traded down to $51.11 and is attempting to re-enter the $52.00 handle. it's now trading at levels not seen since November 2012, when it bottomed at $50.44

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