Dicks Sporting Goods Revisits 2011 Lows After Q2 Miss

Dicks Sporting Goods Inc (NYSE:DKS) shares are trading lower by $6.87, or 19 percent, at $28.04 in Tuesday's session.

The catalyst for the sharp decline is a Q2 EPS miss of a nickel on inline sales. The company significantly reduced Q3 and FY 2017 EPS guidance.

See Also: Home Depot Nails Q2 Earnings; Coach, Dick's Whiff

After a lower open of $28.66 (Monday's close was $34.91), Dicks attempted to rally and reached $29.55 within the first 15 minutes of the session, but eventually ran out of buyers in the $29.00 handle. It has now fallen back through its opening price and continues to drift lower. As of 11:35 a.m. EST, the stock is closing in on $28.00.

The stock hasn't traded under $28.00 since August 11, 2011, when it bottomed at $27.19.