Genesco Inc. (GCO) will report earnings before the market opens on Friday, March 2.
GCO is expected to earn $1.67 for its 4th quarter. Top Equity News expects the clothing, footwear and accessories company to report earnings that will beat investors’ and analysts’ expectations. The TEN estimate is $1.72 cents – or a 4 cent upside surprise.
For the past four quarters, Genesco has topped Wall Street’s consensus profit number by an average of nearly 43%. The share price waffled a bit following the last two earnings reports. However, before that, investors enjoyed a 6 quarter streak of earnings induced rallies.
In the past 30 days, eight leading retailers reported earnings. Five of the eight companies rewarded traders with gains in the days surrounding the announcements. Shareholders were rewarded with returns ranging from 3.5% to 16.6%. On the downside, the worst offender lost 5.4%, the others were barely underwater.
Early in the month, GCO raced out to a new high and backed off the last couple of days, from an intra-day top of $69.45 to yesterday’s close of $65.50. The stock has preliminary support at $65 and another backstop at $63. The opportunity to pick up shares near support could limit downside and offer upside towards the peak mentioned above.
A close under $60 and Top Equity would head for the exits.
Trading Earnings: Is Genesco Ready to Flip its Lid? is an article from: 
