Arista Networks Lower After Approval Of Patent Workarounds Revoked

Arista Networks Inc ANET shares are trading lower by $7.50 at $92.77 in Tuesday's session. The catalyst for the decline may be the announcement that U.S. customs has ruled to revoke an approval of patent workarounds for the supplier of cloud networking solutions.

The issue, which made a new all-time high on January 5 at $103.00, is now trading in the lower $90.00 handle. After a lower open, it had a brief bounce to $94.34 before resuming its move lower. The ensuing decline found support just under its December 12 low ($91.04), reaching $90.52.

The rally off the lows has failed to make a new high for the day, as so far the rebound off that low has stalled at $93.73.