Tuesday, October 18, 2005

PNRA breaks out

Former SOTD Panera Bread (PNRA) is breaking out today. The company raised earnings guidance for the upcoming quarter, saying that higher-than-expected sales will result in higher profit. Panera said quarterly sales increased 31%, and that same-store sales rose +8.2% for the quarter.

The news has the stock gapping higher by nearly 7%. The stock is up on very strong volume, and is breaking above its overhead 200-day moving average. I took profits on my trading position into the spike, but will probably regret it and look to buy back the stock on any weakness.


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