Cheesecake Factory Pops And Drops After Q3 Beat

Cheesecake Factory Inc CAKE shares are trading higher by $3 at $52.12 in Thursday's session. The catalyst for the rally is a Q3 beat of $0.09 along with a slight beat for sales.

Its opening print of $54.00 has turned out to be the exact high for the session. That level comes in just below a pair of highs from March 17 ($54.13) and March 18 ($54.06).

Since reversing course, it has continued to make new lows for the session with the current one standing at $51.55. In order to fill the void in price action from Wednesday's session, it would need to reach the top of the range from yesterday at $49.96.

Today's price action is taking place on much higher than average volume. With just over fours remaining in the session, it has already traded 1.2 million shares compared to its 20-day average of 694,000.