Sealy Stock: First Down Day in Weeks
NEW YORK (TheStreet) -- Shares of Sealy (ZZ) are dipping in the red for the first time since Oct. 28.
Sealy stock is down 5.1% to $2.77.
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Between Oct. 28 and its last closing price, Sealy stock was up 18%.
"The volume is relatively low today, but it could just be some profit-taking," said
TheStreet.com's
portfolio manager David Peltier.
Analysts haven't seen any specific news driving the plunge of the stock so far, though BGC Financial director and technical analyst Roger Volz noted that the household products and furnishings group was somewhat light in trading volume late Monday morning -- perhaps the trickle-down effect of downgrades on
Home Depot
(HD) - Get Report
and
Lowe's
(LOW) - Get Report
.
Schaeffer's senior technical strategist Ryan Detrick meanwhile, noted that, from a technical perspective, Sealy stock was "up around an area that has given it some trouble since late June -- just beneath $3. At this time it seems the shares are pulling back into their range."
Detrick speculates that it's safe for longer-term investors to hold on to Sealy stock as the shares continue to consolidate. But he said that shorter-term traders should be concerned about a bigger pullback in the cards near the $3 level.
-- Written by Andrea Tse in New York.
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