Dave & Buster's Makes New All-Time High After Q1 Beat

Dave & Buster's Entertainment, Inc. PLAY shares are trading higher by $1.64 at $71.81 in Wednesday's session.

The catalyst for the rally is a Q1 adj. EPS beat of 6 cents along with a sales beat of $4.25 million. The Street doesn't appear to be concerned with its slightly lower FY 2017 sales and net income guidance.

After a lower open, Dave & Buster's immediately bottomed at $67.90 and began to move higher. The swift rebound off that low easily surpassed its former all-time high that was made in Tuesday's session at $70.42, so far reaching $72.93.

Since making that high, the stock has fallen back into the mid-$71.00 handle.