Acuity Brands (AYI) dropped nearly 15% on Wednesday after the company's third quarter earnings beat expectations but forecast a weak outlook for the rest of the year. The stock gapped open lower and continued to drop for the first 15 minutes of the day on heavy volume. The stock then traded with a lack of direction for the remainder of the session to close at $40.59 down $7.11.
With the decline, the stock fell below its 200-day moving average to set a three month closing low on above average volume.
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