Buffalo Wild Wings Reaching a Floor
Buffalo Wild Wings (BWLD) remains very weak, but it appears to be close to a bottom. Shares of the casual-dining outfit took an extremely heavy hit back on Oct. 24 after the company reported disappointing third-quarter results. The stock dropped more than 10% on the news as volume ramped to nearly 5x average. Since then, Buffalo Wild Wings has attracted very little interest. Shares held above the initial post-earnings lows for weeks, but last Wednesday -- during the broad flush -- the October lows were taken out. The stock's struggles have not eased since the third-quarter report, but indications of a near-term bottom are beginning to appear.
Buffalo Wild Wings (BWLD) -- Daily Source: TradeStation View Chart » View in New Window »The Oct. 24 breakdown was the second one for Buffalo Wild Wings during this year's second half. Back in July, shares equaled their October flush with a 10% drop on weak second-quarter numbers. At that point, the price pushed through its Feb. 8 breakout gap at $70.90; this key support level was unable to withstand some of the heaviest selling the stock had seen in years. The powerful momentum carried shares another $2 lower, but the end result was a spike low....232 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.
There’s no substitute for a trading floor to get great ideas, so Jim Cramer created a better one at Real Money and blogs there exclusively. We then added legendary hedge fund manager, Doug Kass, with his exclusive Daily Diary and best investing ideas. Staffed with more than 4 dozen investing pros, money managers, journalists and analysts, Real Money Pro gives you a flood of opinions, analysis and actionable trading advice found nowhere else, and allows you to interact directly with each expert.
Already a Subscriber? Please login.
