With the Nasdaq and S&P 500 driving a strong stock market rebound in recent weeks, leading stocks to watch like Amazon.com (AMZN), Microsoft (MSFT), Alibaba (BABA), ServiceNow (NOW) and Veeva Systems (VEEV) have already broken out.
As earnings seasons heats up, be sure to check the earnings calendar to see when stocks you’re tracking are scheduled to report and how they behave before and after releasing the latest numbers.
Stocks To Watch: Amazon, Alibaba, Veeva, ServiceNow, Microsoft
Looking at AMZN, BABA, VEEV, MSFT and NOW on a weekly chart, you can see that each of these leaders is at or near all-time highs. That’s a remarkable sign of resilience considering the major market damage caused by the coronavirus crash just a few months ago.
Although it has hit resistance this week, the tech-heavy Nasdaq is showing resilience and has been leading the stock market rebound. The index reflects the strength of technology powerhouses like Amazon, Microsoft and Alibaba. MSFT, BABA and NOW have all also earned a spot on the list of IBD Long-Term Leaders.
Breakout Watch: LMNX, RGEN, AUDC, AEIS, FOXF
While the Nasdaq tests a new all-time high, and the S&P 500 and Dow Jones Industrial Average challenge recent areas of resistance, several stocks to watch on the IBD Breakout Stocks Index are setting up.
Featured in the IBD Stock Analysis on July 17, highly rated semiconductor industry stock Qorvo (QRVO) is testing a new 119.04 buy point. With two quarters of accelerating earnings and sales growth behind it, Qorvo is set to report fiscal 2021 Q1 numbers on July 29.
Luminex (LMNX), which develops biological testing systems, is building a cup-shaped base with a 40.31 entry. The company is scheduled to report Q2 earnings Aug. 4, with analysts expecting 180% EPS growth. Luminex is running into resistance Wednesday.
With a 98 Composite Rating in the No. 23-ranked medical products industry group, life sciences company Repligen (RGEN) is targeting a potential 144.03 buy point. Repligen is on tap to report Q2 earnings July 30 before the stock market open. Analysts see earnings slowing by 10% for the quarter.
The star Wednesday was AudioCodes (AUDC), which soared over 10% for Wednesday, shooting past a 40.16 entry in heavy volume. Based in Israel, AudioCodes designs advanced voice-over-IP (VoIP) products and apps. It earns the highest-possible 99 Composite Rating, tying it for top honors with ServiceNow, DocuSign (DOCU), Coupa Software (COUP), and Dynatrace (DT) in the enterprise software industry.
AudioCodes reports Q2 earnings on July 28 before the stock market open.
As Advanced Energy (AEIS) prepares to report Q2 earnings Aug. 5 before the market opens, the maker of power conversion products is working on a cup pattern showing a 75.52 entry. The stock has been finding support above its benchmark 10-week line as it approaches that possible buy point.
Fox Factory is also revving its engines as it tries to motor past a 91.94 entry. A breakout would mark an all-time high for the Georgia-based maker of high-performance suspension products for all-terrain vehicles and mountain bikes.
IBD Breakout Opportunities ETF
The IBD Breakout Opportunities ETF from Innovator Capital Management tracks the IBD Breakout Stocks Index. As with other index ETFs, this allows you to essentially invest in the entire index in addition to or rather than buying individual stocks. Learn more here about the ETF and Innovator funds.
Follow Matthew Galgani on Twitter at @IBD_MGalgani.
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