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Nearest Resistance: $14
Nearest Support: N/A
Catalyst: Outlook Miss
While earnings have been overwhelmingly positive today,
Crocs(CROX - Get Report) is getting shellacked after posting poor outlook numbers to the market. As I write, shares of the shoemaker are down more than 20%.
>>5 Toxic Stocks to Sell Now
It wasn't more than a handful of years ago that Crocs was the momentum stock of the day, taking off into the stratosphere as investors extrapolated its breakneck growth into the future. But clearly, that hasn't been the case -- and now, downside momentum is what makes Crocs stand out.
From a technical standpoint, this stock couldn't look much weaker. Today's move sent shares through their nearest support level at $14 (now a resistance level) to new 52-week lows in the high $12s. Until CROX can catch a bid, I wouldn't touch it. You shouldn't either.
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-- Written by Jonas Elmerraji in Baltimore.