Previous IPO Stock Of The Week Allegro MicroSystems (ALGM) surged past a new buy point this week, while IBD Leaderboard stock On Holding (ONON) is trying to break out past its own entry. ALGM and ONON stocks are both on IBD’s IPO Leaders stock screen in the stock market today.
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On Thursday, Allegro stock surged more than 9%, breaking out past a 48.72 buy point in a cup base. Shares declined almost 2% Friday, falling back into buy range.
Allegro is a designer, developer and marketer of specialized integrated circuits used mostly in automobile and industrial markets. The devices also show up in a range of consumer and computer segments. These integrated circuits — or ICs — can precisely measure motion, speed, position and current in a wide variety of environments and applications.
ALGM stock boasts a perfect 99 IBD Composite Rating, making it an IPO stock to buy and watch. This ranking blends key fundamental and technical metrics to help investors easily find top stocks.
On Holding Breaks Out
Retail leader On Holding is trying to break out past a 33.67 cup-with-handle buy point. The 5% buy zone runs through 35.35, according to IBD MarketSmith chart analysis.
ONON stock was Thursday’s IBD Stock Of The Day and is also a current IBD Leaderboard member. Meanwhile, IBD SwingTrader opened a position in ONON at 33.90, aiming for a 5%-10% profit.
IPO Stock To Buy And Watch: Airline Leader
Sun Country Airlines (SNCY) operates as a low-budget passenger and cargo airline, unsurprisingly focusing on bringing cold-winter travelers to sunny destinations around Mexico, Central America and the Caribbean.
Shares of Sun Country Airlines broke out of a handle pattern with a 22.73 buy point in Tuesday’s trading. The stock is testing its buy point amid a recent pullback.
Follow Scott Lehtonen on Twitter at @IBD_SLehtonen for more on growth stocks and the stock market.
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Source: https://www.investors.com/stock-lists/ipo-analysis/ipo-stock-of-the-week-roundup-allegro-onon-stock-sun-country-break-out-stock-market-today/?src=A00220&yptr=yahoo