Haemonetics (HAE) broke out of a buy point of 86.68 Tuesday amid a seven-day win streak to hit a new high, and the stock remains in a buy zone.
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The buy zone goes as high as 91.01. The stock’s relative strength line, which is also at a 52-week high, shows its superior performance compared with the S&P 500. The index is hitting resistance near its 200-day moving average.
Haemonetics ranks first in the medical systems and equipment group. Mutual funds have considerable interest in the stock, going by an Accumulation/Distribution Rating of A-. In fact fund managers hold 70% of shares outstanding, according to MarketSmith.
For its September-ended quarter, sales grew 24% to $297.5 million while earnings of 83 cents rose 38%. According to FactSet, December-quarter sales are expected to grow slightly to $299.1 million with earnings largely flat at 82 cents per share. Earnings are due Feb. 7.
The Boston, Mass.-based company runs blood and plasma collection centers and offers diagnostic services to hospitals.
LECO At New Highs
Lincoln Electric (LECO) also climbed to 52-week high Friday and also is in a buy zone after breaking out of a flat base. The buy point is 150.78, and the buy range goes to 158.32.
Volume surged on the breakout Jan. 6, a bullish sign.
The maker of welding, cutting, safety and other equipment and tools ranks first in the Machinery-Tools group. Sales of $935.2 million were up 16% while earnings of $2.04 per share rose 31% from the previous year. Earnings are due Feb. 21.
Source: https://www.investors.com/stock-lists/new-highs/new-highs-two-stocks-make-new-highs-enter-buy-zones-even-as-sp-500-hits-resistance/?src=A00220&yptr=yahoo