Some Stocks Are Already Hitting New Highs


Major indexes remain well below last year’s peaks despite their recent bounce. But some stocks are now trying to break out to new highs — unfazed by the volatility of late.

The screenshot below from TradeStation’s Scanner shows several companies at or near 52-week highs. Most are technology names with double-digit revenue gains — a sign that growth investing isn’t dead. It’s simply moving to smaller firms as bigger names pause.

Scanner and chart showing symbols within 3% of their 52-week highs, based on Tuesday’s close.

Here are some results:

  • Twilio (TWLO): One of 2018’s biggest gainers barely flinched when volatility swept the broader market in December. Now the cloud-software stock is pushing against the psychologically important $100 level.
  • Eli Lilly (LLY): The pharmaceutical maker has been consolidating over $100 since the summer amid strong quarterly results and positive drug news. Investors are looking for newer medicines to drive growth going forward.
  • Ciena (CIEN): The networking and fiber-optic company has gained market share from Chinese rivals, boosted margins and is buying back shares.
  • Glu Mobile (GLUU): The mobile-video game maker continues to benefit from user growth and better profitability after consolidating its developer centers.
  • American Tower (AMT): Wireless towers are a backbone of the digital age. The biggest player in the U.S., AMT has beat estimates for at least the last three quarters.

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Do you want scans for names like these? My search took less than five minutes to create and used three simple criteria:

  1. It looked for companies averaging at least 1 million shares of daily volume over the last two weeks.
  2. We wanted a minimum market capitalization of $1 billion. Both of those eliminated smaller and less liquid companies.
  3. The key ingredient was a custom indicator called “Distance from 52-week high.” Here’s the code:

    Plot1(((Last / high52wk ) -1)*100 ) ;

This single line of Easy Language shows a stock’s position relative to its 52-week high. Higher numbers are more potentially bullish because they mean a company took less of a beating in the recent selloff.

In conclusion, some new leaders may be emerging as calm returns to the markets. It’s a great time to learn more about TradeStation’s powerful tools so you can stay on top of the action all year long.

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