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PetSmart(PETM) is a specialty provider of products, services and solutions for the lifetime needs of pets. This stock is trading up 10.8% at $61.66 in recent trading.
Today's Volume: 3.9 million
Average Volume: 2.8 million
Volume % Change: 690%
Shares of PETM are skyrocketing today after the company beat Wall Street expectations as all aspects of its business grew. One analyst called the results a "howler" of a first quarter. (I featured PetSmart earlier this week in "
5 Stocks Set to Soar on Bullish Earnings.")
From a technical perspective, PETM is gapping up sharply higher here on above average volume. This move has pushed PETM into breakout territory since the stock has blown through some near-term overhead resistance at $59.36.
Traders should now look for long-biased trades if PETM can manage to take out its daily high with strong volume. At last check, PETM has hit an intraday high of $62.10 and volume is well above its three-month average action.
On the flipside, traders should look for short-biased trades if PETM takes out today's low of $59.80 with heavy volume.