$LNKD Falls On UnFriendly Charts
$LNKD hit a seven-month low intra day as investors turned away from an ugly chart. It fell more than 3% by mid-day, despite a lack of obvious negative news.
The bad news came last week for LinkedIn. On. Feb 6, the company reported fourth quarter EPS of $0.39, excluding special items such as stock-based compensation. That missed Wall Street consensus estimates by about a penny, according to the Analyst Ratings Network. Far worse, the GAAP EPS fell to $0.03, less than a third of the GAAP EPS for the same period in 2012. The stock fell more than 6% in the following 24 hours.
Analysts kept the hits to the stock coming. Seventeen firms lowered price targets for the stock the following morning. Then Forbes reported yesterday that Linkedin users were leaving due to anger about how it handles posts flagged by moderators.( http://tinyurl.com/kgzl6n4)
Last week’s bad news barrage pushed the stock past what many traders saw as key $200 support level today.
Feb. 12 at 12:13 PM
Now some traders say all bullish bets are off for the stock. It is no longer on an upswing.
Feb. 12 at 12:28 PM
Some cashtaggers believe the stock could drop another 8% to $180 per share before support levels return. That’s below the bottom-end of analysts’ revised Jan. 7 price targets.
Feb. 12 at 12:10 PM
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