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Below is a brief recap on each of the top-volume, news-driven movers in Tuesday's after-hours, taking a look at specific stocks' after-hours movement and how that trade may offer insight into potential floor supports, ceilings and trading ranges that could develop in today's pre-market and early regular session.

DOWNSIDE MOVERS

Collective Brands (NYSE:PSS) slumped lower in Tuesday's after-hours trade after missing Q1 expectations. PSS dropped through the 16.79 level to a first-half after-hours low of 15.31 before steadying between 16.10 and 15.84 through the bulk of its night trade. A pre-market open today may have legs surrounding the 16 mark. PSS has recorded an earnings-driven after-hours decline in 4 of the last 12 quarters tracked in our MT Pro database. 75.0% of the time (3 out of 4 times) the stock reversed in the opposite direction by the close of the next day's regular session compared to the Extended Hours "effective close". When it reversed, the price closed in the opposite direction on average by 9.1% (in 3 events) from the "effective close". The reversal pattern in place in PSS shares off evening declines, combined with some strong upside volume flowing into the shares Tuesday night off the lows would have us looking at a potential long play on the stock early Wednesday. More risk-tolerant morning buyers may want to linger near the 15.50 to 15.90 range, levels that could form as a floor support through the early going this morning and perhaps catch some upside turns back toward 16 or higher.

Applied Materials (NASDAQ:AMAT) declined in evening action yesterday after posting better-than-expected results but also issuing revenue guidance below estimates. AMAT touched a brief early evening high of 13.79 before sliding into the red and hitting a session low of 13.35. Shares stabilized in a downside range of 13.50 to 13.38 through the rest of the after-hours. A pre-bell open Wednesday may have potential in the 13.50 to 13.30 area. AMAT has a tendency to reverse its after-hours movement the next day following an evening earnings event. It has done so after 17 of the last 28 earnings events. Looking deeper into the performance data, AMAT has recorded an after-hours decline in 13 of the 28 quarters we've tracked, cutting back or reversing its decline seven times, 54% of the time. The historical data on the downside for AMAT isn't overly supportive in terms of jumping in on an enthusiastic short bet after Tuesday's rather modest after-hours decline. In fact, with some steady upside liquidity rolling into AMAT shares between the low of 13.35 and 13.45, we would be looking at testing the waters on the long side from here as traders may be able to peg this potential floor as an entry point that could see upside lift back toward 13.50 or above. Traders more inclined to lean toward a short bet may want to target a potential near-term ceiling developing close to the 13.62 to 13.50, levels that saw some of the strongest downside liquidity in Tuesday's after-hours.

Express (NYSE:EXPR)
declined in after-hours trade on the back of a Q1 beat and mixed guidance. EXPR dropped to a downside range of 21.95 to a low of 20.70 at the start of night trade before tightening its decline to levels between 21.50 and 21. A pre-market open Wednesday may have legs near the 21.50 to 21.25 area. The 21.50 level was marked as a potential ceiling throughout Tuesday's after-hours trade, pushing back several upside tests. However, buy liquidity was rather robust from 21 up to 21.40, an indication the 21.50 level could be tested again this morning, and perhaps with the added volume due tomorrow longs may have a better shot at punching through this prospective top.

UPSIDE MOVERS

Take-Two Interactive Software (NASDAQ:TTWO) edged higher in after-hours trade Tuesday night after topping Q4 estimates and issuing mixed guidance. TTWO was released from an after-hours halt and tumbled to a first-half low of 15. Buyers were quick to regroup and drive TTWO shares north from 15.45 to 16.45. The shares dipped back into the red near the mid-session before setting off on an upside turn in the second-half, rising from 15.75 to a late evening high of 16.48. A pre-bell open Wednesday may have potential in the 16.25 to 16.40 area. TTWO has recorded an earnings-driven after-hours gain in 9 of the last 12 quarters tracked in our MT Pro database. 66.7% of the time (6 out of 9 times) the stock followed-through in the same direction by the close of the next day's regular session compared to the Extended Hours "effective close". When it followed-through, the price closed further in the same direction on average by 4.1% (in 6 events) from the "effective close". TTWO bullish history of adding to earnings-driven evening moves, combined with some steady buy support Tuesday night at 15.80 and above, would have us looking at a potential long play in the shares this morning. Buyers may want to target possible entry points between 15.80 and 16.25, levels where a bottom support could develop and perhaps set up for bounces back into the mid- to higher-16s.

TiVo (NASDAQ:TIVO)
gained in Tuesday's evening trade after swinging to a Q1 profit on lower revenue. TIVO popped to an early after-hours high of 9.90, but some moderate sell pressure punched it back south, dropping as low as 9.30. It lingered near flat between 9.46 and 9.34 through the mid-session and early second-half of night trade before firming back into the green close to 9.55 late in the evening. A pre-market open Wednesday may have potential in the 9.45 to 9.55 area. TIVO recorded an earnings-driven after-hours gain in 9 of the last 12 quarters tracked in our MT Pro database. 56% of the time (5 out of 9 times) the stock followed-through in the same direction by the close of the next day's regular session compared to the Extended Hours "effective close". When it followed-through, the price closed further in the same direction on average by 6.8% (in 5 events) from the "effective close". The historical data on TIVO is decent, but with such a modest gain recorded late in Tuesday's evening trade, we would still be cautious in betting too aggressively on an expansion of last night's trade this morning. Longs may want to target early entry points at 9.40 to 9.50, levels that could form as a bottom support to start this morning and perhaps see some turns back into the higher 9s.

Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.

Source: Tuesday's After-Hours Downside/Upside Movers