Titan Machinery Major Support After Ugly Earnings
Nicholas Santiago | Sep 11, 2012 01:22AM ET
Titan Machinery Inc. (NASDAQ:TITN) is trading at $19.93, -5.43 (-21.41%). Monday morning they reported earnings that did not meet expectations. Titan Machinery Inc. (TITN), an agricultural and construction equipment seller told Wall Street total revenues in Q2 which ended in July climbed 32% to $410.1 million from $310.8 million in the same period of last year. Net income in the quarter slumped 16% to $5.2 million or 25 cents per diluted share compared to $6.2 million or 30 cents per share a year ago earlier.
As the stock takes a beating, a key level emerges as support. This currently sits at $18.60 and can be seen on the chart below. It is a fantastic trendline stretching back to 2009.
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