The latest weekly update of the IBD Breakout Stocks Index serves up a diverse menu of stocks in or near buy zones. From Korean BBQ IPO Gen Restaurant Group and Chinese retailer Miniso to the Amazon of Latin America MercadoLibre and oil sector giant SLB, the screen offers a smorgasbord of items for investors to consider. Of course, action in the market indexes will flavor how sweet or sour these stocks taste.
Miniso — profiled in IBD's The New America on Aug. 4 — remains in buy range after bouncing off its 21-day exponential moving average.
IMAX also appears on the marquee alongside Marvell Technology, Box, InMode and Airbnb.
IBD Leaderboard stock MongoDB also makes the breakout index, although selling pressure in the market has dragged the database software play below its 50-day moving average. STMicroelectronics also retreated below that 50-day benchmark.
In addition to the names of this stock screen exploring new buy zones, Adobe, Parsons and Frontdoor are among several showing strength as they climb beyond buy range. Shake Shak and Caterpillar also fit that bill.
The resilience of ADBE, CAT stock and the others could be a harbinger of a rebound in the market. But that remains a question mark as the Nasdaq slides below its 50-day line.
See The Full List Of Growth Stocks On The IBD Breakout Stocks Index
Savory Korean BBQ And 63% Growth Put Gen On IPO Breakout Menu
Based in Cerritos, Calif., Gen Restaurant went public on June 28. The all-you-can-eat Korean BBQ restaurant has over 30 locations in seven states.
The purveyor of experiential Asian dining offers guests the chance to be their own chefs preparing meals on embedded grills in the center of each table. The menu features traditional Korean and Korean-American food, including high-quality meats, poultry, seafood and mixed vegetables.
Wall Street will get a taste of how investors feel about GENK stock when the company reports earnings on Aug. 14.
The young IPO — as new issues often do — has a mixed and not-yet-established report card in IBD Stock Checkup. But the aroma of 63% earnings growth last quarter and a 1.8 up/down volume ratio attract attention.
Following three quarters of triple-digit sales growth, Gen posted three quarters of single-digit gains to close out its 2022 books. Revenue jumped to $43.9 million in Q1, a 15% year-over-year increase.
After a disappointing first-day debut, GENK stock rebounded just over a month later to briefly clear a 19.99 buy point in its IPO base.
The stock quickly retreated below that entry, but since then Gen Restaurant Group has show resilience, bouncing higher the last two days. GENK stock reversed higher off its lows Tuesday to spice up a nearly 5% one-day gain. That lifted the stock back above the initial entry and into buy range.
Despite a sharp drop in the Nasdaq Wednesday, Gen has shown relative strength. While down for the session so far, the stock has come off its lows as it tries to hold near the 19.99 buy point.
While that's an encouraging sign of power and resilience, note that it's risky to buy any stock just before it reports earnings.
Follow Matthew Galgani on Twitter at @IBD_MGalgani.
