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.
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