While investors wait for Nvidia's earnings on Wednesday, the market continues to fare well. And more stocks are clearing buy points from proper bases.
The action is all the more bullish because these stocks' relative strength lines are also at a new high, and are part of the IBD MarketSurge blue dot screen.
There are also strong indications that the rally is scaling out across more industry groups as health care, software, apparel and finance stocks find a spot on the screen.
Biotech Dyne Therapeutics has soared out of a consolidation with a buy point of 30.27 in strong volume. Shares surged on positive results from a clinical trial to treat patients with a rare genetic condition that results in muscles weakening.
Website builder Wix cleared a buy point of 146.21 and is already extended after first-quarter results beat expectations. Sales grew 12% while earnings per share of $1.29 rose 42% from the prior year. The company raised its full-year outlook, too.
Robinhood Stock Among Breakouts
Meanwhile, Hims & Hers Health is past a buy point of 17.16 after the company announced it will offer a weight-loss injection through its telehealth platform. First-quarter sales grew 46% to $278.2 million while earnings of 5 cents per share reversed a 5-cent loss in the prior year. For the current quarter, the company expects sales of $295 million at the midpoint.
In apparel retail, Abercrombie & Fitch rose past a buy point of 140.28 ahead of first-quarter results on May 29. Though sales growth is seen falling to 14% or $953.9 million, analysts polled by FactSet see earnings rising 311% to $1.60 per share. The Relative Strength Rating is an ideal 99.
Robinhood Markets is just past a buy point of 20.55 as a meme rally led to a spike in the stock. Its relative strength line is at a new high.
Please follow VRamakrishnan on X/Twitter for more news on the stock market today.
