Nearest Resistance: $23
Nearest Support: $25
Catalyst: Mixed Earnings Results
Finally today, Safeway ( SWY) is getting sold off today after the grocer posted first-quarter numbers that Wall Street wasn't impressed by. While Safeway's earnings met the consensus estimates for the firm, it clearly wasn't enough to appease investors - and the stock is down more than 18% as a result. The drop comes just days after the IPO of Safeway's BlackHawk ( HAWK) gift card unit spurred shares higher.Now Safeway is looking rough from a technical analysis standpoint. While the firm does have a decent support level at $23 to rest on, this massive breakdown shattered the uptrend in shares that's been in place since all the way back in November. More downside looks like the likeliest outcome in the near-to-mid-term. To see these stocks in action, check out the at Most-Active Stocks portfolio on Stockpickr. -- Written by Jonas Elmerraji in Baltimore.
Twitter and become a fan on Facebook.
Check Out Our Best Services for Investors
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts