Municipal infrastructure provider and top stock Lindsay (LNN) broke out from a cup base to new highs on Friday. Building products distributor Griffin (GFF) also hit new highs and is extended past its 33.63 buy point.
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Lindsay shares climbed 1.7% Friday, passing its buy point of 171.79.
MarketSmith pattern recognition calls this a large cup with handle, but the handle is just way too deep. As a result, the handle has formed its own cup base. Shares are trading above the 50- and 200-day moving averages and the relative strength line is rising.
Lindsay reported fiscal Q4 earnings of $1.62 per share on Oct. 20, easily beating Wall Street estimates. LNN stock carries an EPS Rating of 95 and a perfect 99 Composite Rating.
Lindsay And Griffin Are Among Top Stocks
Lindsay and John Deere (DE) share the IBD farm machinery group’s top rating.
Deere reports earnings next week. The farm equipment giant and top stock has been holding gains after topping the 400 level and a 406.12 buy point.
Griffin broke out on Nov. 11 and soared more than 7% Friday to new highs, extending above the 5% buy zone from the 33.63 entry.
The company reported fiscal Q4 earnings Thursday, beating Wall Street expectations with a profit of $1.09 per share. The stock has a Composite Rating of 93 and an even stronger 99 EPS Rating.
“Regarding 2023, we expect revenue of $2.95 billion and at least $500 million of EBITDA (earnings before interest, taxes, depreciation and amortization) before unallocated costs. For Home and Building Products, we expect a moderate decline in sales and EBITDA margin due to reduced residential demand and inflationary effects,” the company said in its earnings report Thursday.
Follow Michael Molinski on Twitter @IMmolinski
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Source: https://www.investors.com/stock-lists/new-highs/building-and-infrastructure-among-top-stocks-hitting-new-highs/?src=A00220&yptr=yahoo