Egg producer Cal-Maine Foods (CALM) broke solidly into its buy zone Friday while biotech MannKind (MNKD) is near the top of its buy zone. Both stocks hit new highs this week in spite of the stock market’s downturn.
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The largest U.S. egg producer continues to record strong growth despite a bird flu outbreak that has decimated chicken flocks in 2022. The reduced supply has sent egg prices skyrocketing, fueling a recovery in earnings and sales growth, according to analysts.
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Cal-Maine gained 1.6% in Friday’s holiday-thinned market. Volume was down 30% ahead of the three-day weekend. Shares broke out Tuesday from a consolidation with a 62.74 buy point, according to MarketSmith analysis. They moved solidly into their buy zone Friday.
Earnings are due out next week, with consensus for a profit of $4.30 per share, up from 2 cents last year.
On Sept. 27, the Mississippi-based egg producer reported Q1 fiscal 2023 results, topping Wall Street’s high expectations. The company has posted five consecutive quarters of accelerating earnings growth.
Cal-Maine stock holds IBD’s highest ranking in the Foods-Meat Products industry group. Shares have a perfect 99 Composite Rating. The 95 Relative Strength Rating is also impressive. This metric is an exclusive IBD Stock Checkup gauge for share price movement, with a 1 to 99 score. The EPS Rating is 78.
Cal-Maine competitors include Mexico-based Industrias Bachoco (IBA), Vital Farms (VITL) and Pilgrim’s Pride (PPC).
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Source: https://www.investors.com/stock-lists/new-highs/top-stocks-egg-producer-and-biotech-hit-new-highs/?src=A00220&yptr=yahoo