With the market running towards highs and in the midst of a strong move off the lows, it feels like everything is going to go up forever. You need to be cautious as that is never the case. While there are plenty of stocks which have moved for the right reasons, there are some duds out there you could be running into. One way to avoid those duds is to lean on the strength of the Zacks Rank. Stocks with solid Zacks Ranks like today’s Bull of the Day have strong earnings trends which help underpin market moves.
Today’s Bull of the Day is Zacks Rank #1 (Strong Buy) Rogers (ROG - Free Report) . This company designs, develops, manufactures and sells engineered materials and components for mission critical applications. The Company's segments are Advanced Connectivity Solutions (ACS), Elastomeric Material Solutions (EMS), Power Electronics Solutions (PES) and Other.
The reason for the favorable Zacks Rank lies in the recent moves coming from analysts. Analysts have pushed up their estimates for the current quarter and current year. This bullish sentiment has increased our Zacks Consensus Estimates from $1.42 to $1.55 for the current quarter while current year numbers have gone up from $5.93 to $6.64. That’s the main reason why this stock is currently a Zacks Rank #1 (Strong Buy). Also, the Electronics – Miscellaneous Components industry is in the Top 38% of our Zacks Industry. Strong stock from a strong industry which could lead to strong returns.
Here’s a picture of a stock that has already started to run off a Fibonacci retracement level and the 200-day. There is some overhead resistance here at the 50-day, likely to be smashed over the short-run. That would put the recent highs over $200 within earshot. This are long-term bullish targets but north of $200 the stock could run to $250 before stronger resistance peeks in.
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