Granite Construction Gets Crushed

Granite Construction (GVA) is getting hit hard today. The heavy construction outfit is off by more than 11% in heavy trade following this morning's fourth-quarter earnings report. The aggressive selling began shortly after the bell and quickly pushed shares to fresh 2013 lows. Solid gap support left behind after the powerful Jan. 2 session was easily taken out as well. What was developing as a rather ominous-looking top earlier this month is now confirmed. GVA peaked on the Feb. 20 with a key downside reversal day and is now off more than 18% in less than seven days.

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