Splunk Unchanged In Volatile Session Following Q4 Beat

Joel Elconin is the co-host of Benzinga's #PreMarket Prep, a daily trading idea radio show.

Splunk Inc SPLK shares were nearly unchanged at $69.57 in Friday's session after reaching $74.88 off the opening bell. That represents the highest level for it since it peaked at $76.26 in April 2014. The catalyst for the early rally was a Q4 beat for EPS ($0.09 vs. $0.04) with better than expected sales ($147.4 million vs. $137.05 million). The company also guided higher with sales for Q1 and for the full year.

With no follow-through off the open through the $75.00 level, profit-takers seized the moment as the issue ended Thursday's session at $69.77. The ensuing decline took it beyond Thursday's low ($67.88), reaching $67.25 before attempting to rebound. Since making that low, it has found some minor intraday resistance at the $70.00 level.