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Chris Gutek, an analyst for Morgan Stanley, said he heard a ``momentum investor,'' someone who had acquired volume in the stock a number of months ago as H&R Block had been going up consistently, ``has been exiting the stock fairly aggressively in the last day or two.''
``That does seem to be a specific factor negatively impacting the stock today,'' he said.
Gutek said although the current tax season was off to very good start and very likely will continue to be very strong due to changes in tax laws, the H&R Block stock had been ``under pressure for the last week and a half.''
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