It has been an interesting few days around the markets. Stocks bounced back this week, just when global and domestic political turmoil looked poised to deliver some unfamiliar volatility. For now, the bull market rages on, and a plethora of noteworthy stocks continue to surge to new highs.
In fact, according to Barchart.com, 80 companies touched 52-week highs on Wednesday morning, while 44 different stocks touched new all-time highs. Interestingly, the major indices opened the day in the red, so these stocks have been able to break higher despite a relatively weak day of trading.
What’s more interesting than that is the fact that a handful of today’s new highs are also on our Zacks Rank #1 (Strong Buy) list. Some investors may be hesitant to buy a stock at its all-time peak, but if the Zacks Rank is indicating that shares could move even higher, it could be a unique opportunity to ride a strong company’s momentum.
So what are these elusive companies? Check out four Zacks Rank #1 (Strong Buy) stocks that just touched new all-time highs today.
1. Activision Blizzard (ATVI - Free Report)
Shares of Activision Blizzard were actually down through morning trading, but the video game publisher briefly touched a new all-time high $64.48 per share on Wednesday. The gaming market has been relatively strong recently, and Activision is looking like one of the industry’s strongest stocks.
The publisher recently crushed earnings estimates by over 80%, and positive estimate revisions for its upcoming fiscal period have been pouring in. With a deep library of blockbuster games and profits expected to grow at nearly 14% click over the next three to five years, ATVI should continue to be a strong pick for some time.
2. Progress Software (PRGS - Free Report)
Progress is a global software company with a variety of solutions for integration, data interoperability and application development. Its stock has recovered from a big sell-off to start the year, and now shares are breaking into new highs. The company touched a new all-time high of $33.49 per share early Wednesday morning.
The stock has moved more than 11% higher since its last earnings report, which witnessed the company surpass the Zacks Consensus Estimate by five cents. With a beta rating of 0.70, the stock is hypothetically less volatile than average, but its “B” grade for Growth implies that it’s still an exciting growth option.
3. Weibo Corporation (WB - Free Report)
Thanks to a solid earnings report and strength throughout the Chinese internet market, Weibo—often referred to as China’s Twitter—has been soaring lately. Earlier today, the stock touched a new all-time high of $97.52 per share.
Weibo has been one of the hottest stocks on the market this year, and shares are now up more than 118% year-to-date. The company has posted eight-straight earnings beats, and this year we expect it to record EPS growth of 103% and revenue growth of 68%. China’s internet giants have been dominant as of late—Weibo is showing no signs of stopping.
4. Ferrari N.V. (RACE - Free Report)
This iconic luxury sports car manufacturer debuted on the market in late 2015, and its stock has been steadily climbing since then. Ferrari shares moved about 0.6% higher in morning trading Wednesday, touching a new all-time high of $116.38 along the way.
While the company has been dominant for years, its “A” grade for Growth proves it’s still a solid pick for growth-minded investors. Ferrari’s 83% RoE crushes its industry average, and its current cash flow growth of 19.5% and net margin of 14.4% further highlight its financial strength. The stock is now poised to be a leader in its industry, which currently sits in the top 18% of the Zacks Industry Rank.
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