Aspen Aerogels, Fabrinet and Powell Industries are stocks to watch Tuesday as all three made early moves above buy points.
Stocks To Watch: Fabrinet
Fabrinet, the contract electronics manufacturer, advanced more than 9% during premarket action on Tuesday after fiscal fourth-quarter earnings and revenue topped analyst estimates. The company also forecast fiscal first-quarter 2025 profit of $2.33-$2.40 per share with sales totaling $760 million-$780 million.
Analyst consensus has Q1 EPS of $2.35 and sales coming in at $768 million.
Fabrinet is basing with an official buy point of 229.02. FN has been trading below its 50-day moving average since July 24 but is signaling an advance above that key level on Tuesday. On Monday, FN edged up 0.2% to 231.55 during stock market trade.
Aspen Aerogels
Meanwhile, Aspen Aerogels on Monday reported that it secured a $125 million term loan and a $100 million revolving credit facility with MidCap Financial. The company said it hopes to reduce its cost of capital and provide financing flexibility.
ASPN is in a buy range above a cup base buy point of 31.74 entry, according to MarketSurge analysis. The stock surged more than 22% on Friday in stock market action, part of a 70% advance since announcing better-than-expected second-quarter earnings and revenue late on Aug. 7. The company also increased its 2024 outlook.
Powell Industries Stock
Another stock to watch, Powell Industries advanced more than 3% early Tuesday, adding to a 1.5% gain on Monday to 171.04. Similar to Aspen Aerogels, Powell Industries has gained nearly 30% since July 30 after topping expectations with fiscal third-quarter earnings and revenue results.
Powell manufactures connection components for electrical grids and infrastructure. Powell executives told analysts last month that commercial activity "remains strong" and is "providing a tailwind as we close out the year and prepare for fiscal 2025."
The stock to watch has formed a cup-with-handle base and has a buy point of 188.45. The handle, however, is much deeper than the usual 12% maximum depth. This can add increased risk to a breakout.
All three of these stocks to watch have Composite Ratings in the 90s out of a best-possible 99. Aspen Aerogels stock has a perfect 99 Relative Strength Rating.
Please follow Kit Norton on X @KitNorton for more coverage.
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