These three stocks were from the MarketSmith Blue Dot Scan. All three have continued higher despite market weakness. Privia Health (PRVA) rocked higher more than 18% in the past 17 trading days, closing at $34.37 on Thursday. Meridian Bioscience (VIVO) the developer of diagnostic test kits broke above its pivot of ($28.72) on June 21, closing 13.23% higher today, while Funko, Inc. (FNKO) is trying to break out of a year-long cup pattern. All three were reviewed on the June 21 weekly video.
MarketSmith Blue Dot Scan Winners
Privia Health Group (PRVA) continues its ascent above its cup base, after breaking above its 9-day handle. The stock bounced off the 50-d moving average on above average volume, with its RS Line climbing to 97 in the interim. The stock is extended past its buy point now, ripe for profit taking in the short-term. The company has beat revenue estimates for 13 straight quarters, in addition to the most recent quarter by 33%.
On May 6, the company posted an 18% increase for the March quarter. Analysts expect fiscal 2022 earnings of $1.30 to $1.40 per share on revenue of $330.0 million to $345.0 million.
Funko (FNKO), a well known manufacturer and distributor of licensed pop culture products, has a growth rate of 17%. The stock is currently building a large cup pattern with a pivot buy point at 25.18. RS line dipped a bit to 98, and still strong. The stock has an impressive Composite Rating of 99, beating earnings for 6 straight quarters. Volume tapered off on the fade this week.
Earnings are tentaively scheduled for the first week of August. At present, analysts expect earnings to rise 34% to $1.90 a share this year, a number not seen in eight years.
MarketSmith Blue Dot Video Review PRVA VIVO FNKO
Thursday’s Stocks on the Move
Stocks showed strong follow through today, despite the negative effects following the Wednesday downbeat CPI report. Economic headwinds are keeping a lid on the markets for now.
Costco Wholesale (COST) had a huge day climbing 4% after scaling +20.00 points to close at the high of the day. Deutsch Bank upgraded its PT to $579, from $550 early in the Thursday session. BJ’s Wholesale Club (BJ) with a similar format, is on the watchlist again this week. The stock is forming a double-bottom base and closing in on an entry point of 71.10.
Qualcomm (QCOM) broke above resistance today closing above the 50-day moving average finishing the session up 4.62%. Semiconductors were strong today after Taiwan Semiconductor’s (TSM) beat earnings by 66%. The company gave bullish guidance that the Wall Street liked, in contrast to thoughts that the company and semis would dissapoint.