New highs have become commonplace in today’s bull market. Time and time again, investors have profited by jumping on a stock as it hits a peak, only to ride that stock even higher. And with an upbeat global economy and strong earnings growth throughout many sectors, this brand of momentum investing looks to continue its winning ways as we approach the New Year.
Of course, there are several global and domestic political risks that threaten Wall Street’s current overall strength, and buying individual stocks as they hit new highs is inherently slightly risky. But momentum investors believe that that once a trend is established, it is more likely to continue in that direction than to reverse the trend—and that could still be a winning strategy right now.
With all of this said, today marked another busy morning for new-high stocks. In fact, according to Barchart.com, at least 62 companies touched a new all-time high during Tuesday morning trading. Of these, several are also sporting strong Zacks Ranks, making them the perfect candidates for investors looking to find breakout stocks.
Check out these buy-ranked stocks that just hit all-time highs today:
1. Arista Networks, Inc. (ANET - Free Report)
Arista Networks is a provider of cloud networking solutions for datacenter and cloud computing environments. The stock surged as much as 1.63% in morning trading, touching a new all-time high of $228.84 per share in the process. After crushing our consensus estimate for earnings by nearly 34% in its most recent quarter, Arista has been on fire. ANET is currently sporting a Zacks Rank #1 (Strong Buy).
2. DTE Energy Company (DTE - Free Report)
Detroit-based utility giant DTE Energy has emerged as one of the strongest stocks in its industry. Shares have been consistently rising for two years, and the stock has been near its all-time peak for most of the last month. On Tuesday morning, DTE touched a new high of $115.18 per share, which was about 0.81% higher than Monday’s closing price. The stock remains a Zacks Rank #2 (Buy).
3. Cognex Corporation (CGNX - Free Report)
Cognex is a world leader in the machine vision industry. CGNX has been red-hot in 2017, and heading into the day, shares were up more than 116% on the year. That strong momentum continued in morning trading, with Cognex shares touching a new all-time high of $140.94 in morning trading. That intraday peak marked a 2.50% climb from Monday’s close. Cognex is currently a Zacks Rank #1 (Strong Buy).
4. TransUnion (TRU - Free Report)
The massive data breach suffered by rival Equifax has shifted more attention to TransUnion, at a time when the company was already performing well. Before today, shares were already up more than 74% on the year, and that run is looking poised to continue. TRU surged as much as 1.83% to touch a new all-time high of $55.00 per share on Tuesday morning. The stock is currently sporting a Zacks Rank #2 (Buy) and a “B” grade for Growth in our Style Scores system.
5. IPG Photonics Corporation (IPGP - Free Report)
IPG Photonics is the world leader in high-power fiber lasers and amplifiers. Shares of the company were up more than 127% heading into today. In morning trading, the stock touched a new all-time high of $229.65 per share, which was about 2.21% higher than Monday’s close. IPGP is currently a Zacks Rank #1 (Strong Buy).
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