Courtesy of Benzinga.
Ross Stores, Inc. (NASDAQ: ROST) shares are trading higher by $5.00, or 9 percent, at $58.33 in Friday’s session.
The catalyst for the rally is a Q2 EPS beat of a nickel along with a slight revenue beat. Comps were up 4 percent year-over-year and the company anticipates this trend will continue through the remainder of 2017.
After a higher open, Ross Stores continued in that direction before peaking at $59.53 and then reversed course. That marks the highest level for the stock since it had a pair of highs over $60.00 from June 19 ($60.84) and June 20 ($60.62).
Since reaching that elevated level, profit-takers have come into the stock and it made a new low for the session at $58.03 as of 11:00 a.m. ET. Support underneath that level may be limited as the top of Thursday’s range doesn’t come in until $54.36.
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