Emcore (EMKR) Sells Off On Earnings

Emcore (EMKR) posted results this morning that weren’t all that bad, but failed to impress traders enough to keep the strong up trend intact.  This is a company that is still looking to return to profitability for the first time since 2006 and it’s getting close which has been the reason the stock has doubled in the past three months.  This feels like a sell the news day today with the company posting another quarterly loss of .02/share on revenues of $54 million.  That’s  the 4th straight quarter of accelerating revenue growth.  The company expects revenues to remain about the same for this quarter.

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Shares of EMKR are down over 20% today and taking out important support of the 20 day moving average.  The next key level is around the 1.25 level.  If it can hold up there, stabilize, and begin moving higher, it could retain a fairly bullish pattern on the daily chart.

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