Lowe's Sharply Lower After Q1 Report

Lowe's Companies, Inc. LOW shares are trading lower by $3.40 (4.3 percent) at $78.94 in Wednesday's session.

The catalyst for the decline is a Q1 EPS miss of three cents along with a slight revenue miss. Lowe's sees FY2017 EPS guidance at $4.30 vs. $4.64 estimates.

After a much lower open, Lowe's had a brief rally to $79.96 before continuing its descent lower. So far, the ensuing decline has reached $78.40 and is attempting to reenter the $79.00 handle.

The stock is now trading in an area with few technical reference points. The reason being it has a void in price from its March 1 session between $75.93 and $80.60, when it gapped higher and never looked back after its better-than-expected Q4 report.