WINDERMERE, Fla. (Stockpickr) -- At Stockpickr, we track daily portfolios of stocks that are hitting new 52-week highs and 52-week lows.
When you see a stock that’s hitting new 52-week highs it often means that the uptrend is very strong and the buyers are in full control (and the opposite for stocks setting new 52-week lows), and momentum traders often look at 52-week high lists to find new trading ideas. Keep in mind, though, that new highs can also mean that the stock is overbought or has run up too far too fast.
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That’s why it’s important to combine a number of technical indicators like volume, price, trend and momentum indicators such as RSI before you make an investing or trading decision. Combine all of those things with fundamental trends, disciple and sound money management and you will be well on your way to investment success.
Let's take a closer look at several stocks that hit new 52-week highs today.
Google (GOOG) is focused on improving the ways people connect with information. This stock is trading up 0.3% to $667.58 in recent trading after hitting a 52-week high of $670.25 earlier today.
Today’s Range: $660.62-$670.25
52-Week Range: $473.02-$668.15
Volume: 2.1 million
Three-Month Average Volume: 3 million
Google has a market cap of $216.47 billion and an enterprise value of $180.22 billion. This stock trades at a trailing price-to-earnings of 22.79 and a forward price-to-earnings of 15.22. Its estimated growth rate for this year is 24.6%, and for next year it’s pegged at 19.2%. The current short interest as a percentage of the float for Google is very low at 1.7%.
From a technical standpoint, GOOG recently triggered a major breakout when it moved above some past overhead resistance at $642.96. As long as GOOG can hold above that breakout level and continue to push higher with volume, then this stock should re-test its next significant overhead resistance level at $700 in the near future. Look for the up days on GOOG to show volume that’s near or above 3 million shares.
Google, which shows up on recent lists of 13 Tech Stocks to Buy in 2012 and the 10 Best Revenue Growth Stocks for 2012, was featured earlier in "5 Tech Sector Stocks That Funds Love."
Cintas
Cintas (CTAS) provides highly specialized products and services to businesses of all types throughout the North America, Latin America, Europe and Asia. This stock is trading up 3% to $36.31 in recent trading after hitting a 52-week high of $36.54 earlier in the day.
Today’s Range: $35.23-$36.54
52-Week Range: $26.39-$35.70
Volume: 1.3 million
Three-Month Average Volume: 1.2 million
Cintas has a market cap of $4.71 billion and an enterprise value of $5.52 billion. This stock trades at a trailing price-to-earnings of 18.37 and a forward price-to-earnings of 14.93. Its estimated growth rate for this year is 29.2%, and for next year it’s pegged at 12%. The current short interest as a percentage of the float for Cintas is notable at 5.3%.
From a technical standpoint, CTAS recently a href="http://stockpickr.com/breakout-trading-technical-analysis-primer.html?cm_ven=sptext"> triggered a major breakout< when the stock moved above some past overhead resistance of $33.91 on strong volume. Volume today is also tracking in strong, with the stock ramping to the upside.
Traders should continue to look for long biased trades in CTAS as long as the stock remains above $33.91 and it closes near its daily highs. A reasonable target for CTAS is $40 in the near future as long as $33.91 holds, and the volume remains strong on the up days.
Cintas was featured recently in "7 Relative Strength Stocks for 2012."
Abbott Laboratories
Abbott Laboratories (ABT) is engaged in discovery, development, manufacture, and sale of diversified line of healthcare products. This stock is trading down 0.8% at $56.26 in recent trading after hitting a 52-week high of $56.84 earlier in the day.
Today’s Range: $56.35-$56.84
52-Week Range: $45.07-$56.84
Volume: 3 million
Three-Month Average Volume: 8.4 million
Abbott Laboratories has a market cap of $87.88 billion and an enterprise value of $97.10 billion. The stock trades at a trailing price-to-earnings of 19.46 and a forward price-to-earnings of 11.22. Its estimated growth rate for this year is 11.5%, and for next year it’s pegged at 8.2%. The current short interest as a percentage of the float for Abbott Laboratories is very low at 1.4%.
From a technical standpoint, ABT recently triggered a breakout trade when the stock moved above some past overhead resistance at $55.61. Volume so far today is very light, with the stock reversing from gains to losses after hitting its 52-week high of $56.84.
Market players should continue to look for long biased trades in ABT as long as it remains above that recent breakout level of $55.61. A potential target is its next significant overhead resistance level of $60.
Abbott, one of the highest-yielding drug stocks, shows up on recent lists of 10 High-Quality Stocks for 2012 and 7 Pharma Buys for 2012.
Flotek Industries
Flotek Industries (FTK) is a diversified global supplier of drilling and production related products and services. This stock is trading up 14.5% at $12.05 in recent trading after hitting a 52-week high of $12.23 earlier in the day.
Today’s Range: $10.50-$12.23
52-Week Range: $3.89-$10.77
Volume: 4.4 million
Three-Month Average Volume: 1.6 million
Flotek Industries has a market cap of $591.92 million and an enterprise value of $594.78 million. The stock trades at a forward price-to-earnings of 14.95. Its estimated growth rate for this year is 134.5%, and for next year it’s pegged at 19.4%. The current short interest as a percentage of the float for Flotek is very high at 15.7%.
From a technical standpoint, FTK has triggered a major breakout today now that this stock has moved above some past overhead resistance at $10.57 to $10.77 on monster volume.
Traders should continue to look for long biased trades in FTK if the stock can manage to close near its daily highs. A strong close should set this stock up to trend back towards its next significant overhead resistance level at around $14 or possibly even higher.
Liz Claiborne
Liz Claiborne (LIZ) designs and markets a portfolio of retail-based brands, including Juicy Couture, Kate Spade, Lucky Brand and Mexx. This stock is trading up 6.9% at $9.20 in recent trading after hitting a 52-week of $9.43 earlier in the day.
Today’s Range: $8.50-$9.43
52-Week Range: $4.02-$9.18
Volume: 3.9 million
Three-Month Average Volume: 3.8 million
Liz Claiborne has a market cap of $864.58 billion and an enterprise value of $1.55 billion. The stock trades at a forward price-to-earnings of 36.46. Its estimated growth rate for this year is 12.8%, and for next year it’s pegged at 136.8%. The current short interest as a percentage of the float for Liz Claiborne is extremely high at 29.1%.
From a technical standpoint, LIZ has started to flirt with a major breakout today since the stock is challenging some near-term overhead resistance at $9.18. At one point today the stock hit $9.43, but since then it has pulled back to just above $9.
Market players should now watch for LIZ to sustain a high-volume move and close above $9.18 and then $9.72 to trigger a major breakout. Look for volume on a move and close above those levels that’s near or above 3.75 million shares. If we see that action soon, look for long biased trades because the odds of a large spike higher in LIZ will increase dramatically.
Nike
Nike (NKE) is engaged in design, development and marketing of footwear, apparel, equipment and accessory products. This stock is trading up 1.6% at $98.31 in recent trading after hitting a 52-week of $98.75 earlier in the day.
Today’s Range: $96.51-$98.75
52-Week Range: $69.43-$98.25
Volume: 1.6 million
Three-Month Average Volume: 2.6 million
Nike has a market cap of $45.23 billion and an enterprise value of $41.56 billion. The stock trades at a trailing price-to-earnings of 21.09 and a forward price-to-earnings of 16.98. Its estimated growth rate for the current quarter is 12.3%, and for this year it’s pegged 17.6%. The current short interest as a percentage of the float for Nike is extremely low at 1%.
From a technical standpoint, NKE has entered all-time-high territory today after the stock hit a daily high of $98.75. Shares of NKE have also started to flirt with a major breakout above some near-term overhead resistance at $98.25.
Market players should watch for NKE to sustain a high-volume move and close above $98.25 to signal this stock wants to trend significantly higher. Look for volume that’s near or above 2.6 million shares. If we get that action, then NKE should easily hit $100 to $105 in the coming days or weeks.
Nike shows up on a recent list of Goldman Sachs' Consumer Stock Best Buys for 2012.
Parker Drilling
Parker Drilling (PKD) is a provider of contract drilling and drilling-related services. This stock is trading up 1.9% at $7.56 in recent trading after hitting a 52-week of $7.62 earlier in the day.
Today’s Range: $7.29-$7.62
52-Week Range: $3.60-$7.55
Volume: 684,000
Three-Month Average Volume: 1.3 million
Parker Drilling has a market cap of $881.27 and an enterprise value of $1.25 billion. The stock trades at a trailing price-to-earnings of 33.84 and a forward price-to-earnings of 10.11. Its estimated growth rate for this year is 550%, and for next year it’s pegged at 44.2%. The current short interest as a percentage of the float for Parker Drilling is notable 4.9%.
From a technical standpoint, PKD is starting to trigger a big breakout today with the stock moving above some major overhead resistance at $7.45. That $7.45 level has stood as overhead resistance on PKD since last May.
Traders should now watch for a sustained move and close above $7.45 on strong volume. At last check, volume is well below its three-month average, so look for that volume to improve into the close.
-- Written by Roberto Pedone in Winderemere, Fla.
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To see more stocks hitting new 52-week highs today, check out the Stocks Hitting New 52-Week Highs portfolio on Stockpickr.
At the time of publication, author had no positions in stocks mentioned.
Roberto Pedone, based out of Windermere, Fla., is an independent trader who focuses on stocks, options, futures, commodities and currencies. He is also an outside contributor to Beconequity.com and maintains the website Maddmoney.net, which he sold to Blue Wave Advisors in 2008. Roberto studied International Business at The Milwaukee School of Engineering, and he spent a year overseas studying business in Lubeck, Germany.
