The IBD 50 list shows several leading growth stocks performing well with earnings reports either just out or due soon. Some are still in buy zones or near support levels, while others are extended after rallies. Several growth stocks that have made power moves have exited the list on weak signals.
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Growth Stocks Await Earnings Near Buy Points
Allegro MicroSystems (ALGM) is in a buy zone from a cup base’s entry of 48.72, according to IBD MarketSmith. Shares have broken out ahead of earnings on Aug. 1. Allegro makes sensor integrated circuits for the automobile and industrial markets. Allegro has a perfect Composite Rating and EPS Rating of 99, while the RS Rating is also nearly perfect at 97. For the fiscal first quarter, Allegro saw 35% sales growth, while earnings rose an impressive 76%.
Axcelis Technologies (ACLS) is finding support at its 21-day exponential moving average after rebounding from the 50-day line. The stock has risen past its profit zone from a buy point of 136.38.
Perfect technical ratings support the action for this semiconductor stock as well. The Composite and RS Rating are 99, while the EPS Rating is 97. Axcelis makes equipment for ion implantation and other processes for silicon chipmakers. Second-quarter earnings are due on Aug. 2. The company has shown steady sales and earnings growth over the past seven quarters. Sales grew 25% to $254 million in the first quarter, while earnings per share rose 17% to $1.43.
Other IBD 50 Stocks
Here are a few other stocks on the list that offer entries.
Celsius (CELH) and Monday.com (MNDY) are other growth stocks that are finding support at the 21-day line after a recent rebound from the 50-day line.
On Holding (ONON) is back in a buy zone from a cup with handle’s 33.67 entry. United Rentals (URI), IBD’s Stock Of The Day, is also approaching a buy point of 471.82 in a cup with handle after falling on earnings.
Several growth stocks are extended.
Uber (UBER) is extended and above its profit zone. The stock is also well above its 50 and 21-day moving averages.
Copa Holdings (CPA) is in a profit zone. Global E-Online (GLBE) is also in a profit zone, but is finding support at the 21-day line.
Among other software growth stocks, Datadog (DDOG) is above a buy zone after breaking out of a cup with handle’s 103.80 entry. Workday (WDAY) is also extended from a cup’s entry of 206.68. Zscaler (ZS) may offer an entry at 162.67, while MongoDB (MDB) is finding support at the 21-day line. ServiceNow (NOW) is rallying after a test of the 50-day line following earnings on Wednesday.
Some Exited
Several growth stocks have exited the elite 50 and have broke down. Tecnoglass (TGLS), Arista Networks (ANET), Ryanair (RYAAY) and Hubbell (HUBB) are below their 50-day lines. Symbotic (SYM) is trying to retake the key level.
Alphatec (ATEC) is at risk of triggering a round-trip sell signal. Shares broke out of a consolidation at 17.13 and reached a high of 19.14 — a 12% gain from the buy point, but have since fallen back to the buy zone.
The IBD 50 holds a gain of 14.6% so far this year, compared with the S&P 500’s stronger 19.5%.
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Source: https://www.investors.com/stock-lists/ibd-50/growth-stocks-growth-leaders-near-buy-points-earnings-season-unfolds/?src=A00220&yptr=yahoo