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Monday, U.S. markets picked up where they left off on Friday and rallied strongly. Though the major indexes pulled back toward the end of the day and finished off their highs, leadership in the market continued to broaden. Below are three breakouts to watch that occurred in recent days in different industry groups:
1. Impinj (PI - Free Report) provides radio frequency identification devices (RFIDs) to retail, pharmaceutical, healthcare, and other industries. Companies such as Delta Airlines (DAL - Free Report) have been adopting the company’s low-cost tracking devices. For Delta, Impinj’s chips have meant less lost luggage for customers and industry awards. The growing adoption of Impinj’s products has led to outstanding earnings. Unlike most other semiconductor stocks, it has been crushing earnings. PI has surprised to the upside for 18 straight quarters!
Image Source: Zacks Investment Research
Pictured: Impinj has rewarded investors with 18 straight upside earnings surprises.
The stock is a growth/momentum play. Though shares have gained more than 50% in value over the past year, they are consolidating smartly. In late October, shares popped nearly 30% on turnover six times the norm after the company swung to a quarterly profit. Since then, PI pulled into its rising 50-day moving average and broke out of a descending trendline today.
Image Source: Zacks Investment Research
Pictured: PI staged an impressive breakout Monday and refused to pull back with the market late day.
2. Occidental Petroleum (OXY - Free Report) is an integrated oil and gas company with significant exploration and production exposure. A beneficiary of higher energy prices, OXY made headlines in 2022 when Warren Buffett’s Berkshire Hathaway purchased more than a quarter of the company and got authorization to purchase up to half of the company. Like a typical Warren Buffett stock, OXY is attractive on a valuation basis. OXY’s P/E ratio stands at 6.93X, which compares favorably to the Oil and Gas – Integrated Group (8X) and the S&P 500 Index (17.69X).
Image Source: Zacks Investment Research
Pictured: OXY has an attractive P/E ratio when compared to the market and its peers.
Monday, Occidental nearly retook its 200-day moving average and is trying to break above recent resistance. The stock has the rare combination of both strong growth and a reasonable valuation.
Image Source: Zacks Investment Research
Pictured: OXY is attempting to break out above its 200-day moving average.
Top-ranked industry group peer Halliburton (HAL - Free Report) also attempted to break out.
Image Source: Zacks Investment Research
Pictured: HAL, a top ranked Zack's stock, also staged a break out attempt.
The sector was boosted by news that a ship had run aground in the Suez Canal – one of the world’s most critical energy trade routes.
3. Super Micro Computer Inc (SMCI - Free Report) designs, develops, and manufactures high-performance, energy-efficient servers. Last quarter, SMCI grew EPS by an eye-popping 490% on revenue which grew at a 79% clip. The quarter was the third straight with triple-digit EPS growth.
Image Source: Zacks Investment Research
Pictured: SMCI has some of the most impressive EPS growth in the entire market.
Despite the stock’s surge over the past year, SMCI’s P/E ratio remains at a reasonable 9.96X – lower than its industry (Computer- Storage Devices) and the S&P 500.
Image Source: Zacks Investment Research
Pictured: Despite the gangbuster growth and price appreciation, SMCI's valuation remains reasonable compared to that of the S&P 500 Index.
Monday, the stock attempted to break out of resistance and found support at its 50-day moving average. SMCI is set to report earnings on February 1st.
Image Source: Zacks Investment Research
Pictured: SMCI fell late day, but broke out nonetheless.
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3 Stocks Staging Breakouts
Monday, U.S. markets picked up where they left off on Friday and rallied strongly. Though the major indexes pulled back toward the end of the day and finished off their highs, leadership in the market continued to broaden. Below are three breakouts to watch that occurred in recent days in different industry groups:
1. Impinj (PI - Free Report) provides radio frequency identification devices (RFIDs) to retail, pharmaceutical, healthcare, and other industries. Companies such as Delta Airlines (DAL - Free Report) have been adopting the company’s low-cost tracking devices. For Delta, Impinj’s chips have meant less lost luggage for customers and industry awards. The growing adoption of Impinj’s products has led to outstanding earnings. Unlike most other semiconductor stocks, it has been crushing earnings. PI has surprised to the upside for 18 straight quarters!
Image Source: Zacks Investment Research
Pictured: Impinj has rewarded investors with 18 straight upside earnings surprises.
The stock is a growth/momentum play. Though shares have gained more than 50% in value over the past year, they are consolidating smartly. In late October, shares popped nearly 30% on turnover six times the norm after the company swung to a quarterly profit. Since then, PI pulled into its rising 50-day moving average and broke out of a descending trendline today.
Image Source: Zacks Investment Research
Pictured: PI staged an impressive breakout Monday and refused to pull back with the market late day.
2. Occidental Petroleum (OXY - Free Report) is an integrated oil and gas company with significant exploration and production exposure. A beneficiary of higher energy prices, OXY made headlines in 2022 when Warren Buffett’s Berkshire Hathaway purchased more than a quarter of the company and got authorization to purchase up to half of the company. Like a typical Warren Buffett stock, OXY is attractive on a valuation basis. OXY’s P/E ratio stands at 6.93X, which compares favorably to the Oil and Gas – Integrated Group (8X) and the S&P 500 Index (17.69X).
Image Source: Zacks Investment Research
Pictured: OXY has an attractive P/E ratio when compared to the market and its peers.
Monday, Occidental nearly retook its 200-day moving average and is trying to break above recent resistance. The stock has the rare combination of both strong growth and a reasonable valuation.
Image Source: Zacks Investment Research
Pictured: OXY is attempting to break out above its 200-day moving average.
Top-ranked industry group peer Halliburton (HAL - Free Report) also attempted to break out.
Image Source: Zacks Investment Research
Pictured: HAL, a top ranked Zack's stock, also staged a break out attempt.
The sector was boosted by news that a ship had run aground in the Suez Canal – one of the world’s most critical energy trade routes.
3. Super Micro Computer Inc (SMCI - Free Report) designs, develops, and manufactures high-performance, energy-efficient servers. Last quarter, SMCI grew EPS by an eye-popping 490% on revenue which grew at a 79% clip. The quarter was the third straight with triple-digit EPS growth.
Image Source: Zacks Investment Research
Pictured: SMCI has some of the most impressive EPS growth in the entire market.
Despite the stock’s surge over the past year, SMCI’s P/E ratio remains at a reasonable 9.96X – lower than its industry (Computer- Storage Devices) and the S&P 500.
Image Source: Zacks Investment Research
Pictured: Despite the gangbuster growth and price appreciation, SMCI's valuation remains reasonable compared to that of the S&P 500 Index.
Monday, the stock attempted to break out of resistance and found support at its 50-day moving average. SMCI is set to report earnings on February 1st.
Image Source: Zacks Investment Research
Pictured: SMCI fell late day, but broke out nonetheless.