After careful investigation, it appears that the general consensus in Wall Street is that the company's Q2 earnings guidance was below the Street's. For that reason people panicked. The company lowered its Q2 guidance based on the fact that the previous calculation did not factor in information related to the Cost Plus Inc. acquisition. Integration and transaction costs will negatively affect Q2 earnings.
To me this from a technical and fundamental point of view looks like a quick way to make a profit by going long. There is a gap we need to fill at about $66 and support is just at the bottom blue line. We see our first test of resistance at just below $64 a share.
Disclaimer: This article is written for informational purposes only and isn't intended as investment advice.
Disclosure: I am long BBBY.