Boeing (BA), CyberArk Software (CYBR) and Medpace (MEDP) are this week’s top stocks to watch, along with Churchill Downs (CHDN) and Smith & Nephew (SNN).
BA stock flirted with a buy point Friday after hitting a 52-week high Monday, amid news of rising jet deliveries. CYBR stock rallied near a buy point as fundamentals improve. Smith & Nephew offered an early entry from a bounce off key support, and Churchill Downs could do the same soon. Medpace is not far below an entry. All show relatively solid relative strength lines, a sign that they held up amid recent volatility.
CHDN stock is on IBD Leaderboard. Boeing stock is on SwingTrader. MEDP stock is on the IBD 50 list as well as the Long-Term Leaders list.
The stock market rally is going strong but getting extended, especially the Nasdaq. So investors should be careful about making new buys, especially tech stocks, in the very short term.
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Top Stocks: Boeing
Shares of Boeing rallied for a third straight week and are poised to break out of a flat base with a 221.33 buy point. BA stock is already actionable from some early entries. It hit a 52-week high Monday.
The Dow Jones aviation giant is heading to the Paris Air Show starting Sunday, June 18. Expect a bevy of Boeing jet orders at the Air Show.
Boeing has surged in 2023 as commercial air travel recovers from the pandemic, and jet orders and deliveries as well.
But the plane-maker still faces production and certification challenges.
Boeing screens mixed in terms of key IBD ratings. It earns a Composite Rating of 83, EPS Rating of 59 and RS Rating of 89, all out of a best-possible 99.
The 89 Relative Strength Rating means that BA stock has outperformed 89% of all stocks in IBD’s database over the past 12 months.
Boeing’s dull EPS score reflects recent quarterly and annual losses. Analysts expect revenue to rebound in 2023 with earnings to follow in 2024, FactSet shows.
CyberArk stock shows a 159.60 buy point in a consolidation from late May. It remains well below the entry for now. CYBR stock has been finding support near the 21-day line. Investors could use a move above Friday’s high of 156.45 as an early entry.
CyberArk is benefiting from improving fundamentals and a new CEO. More generally, cybersecurity stocks are getting a boost as governments and corporations try to stave off ransomware attacks and other forms of cyber warfare.
The cybersecurity company carries a Composite Rating of 75, EPS Rating of 32 and RS Rating of 75.
CYBR stock was named IBD Stock of the Day on June 15. Analysts expect CYBR stock to swing to a full-year profit of 28 cents a share in fiscal 2023, from a 44-cent loss last year.
Shares of Medpace went on a wild ride in the past year. MEDP stock offers a 231.63 buy point in a choppy cup-with-handle base. Investors could use 236.55 as an alternative “handle within a handle” entry.
Medpace stock rallied nearly 7% for the week but remains below both entries for now.
The current base is next to two other bases going back to late 2021.
Medpace is a contract research organization, or CRO. It helps companies run the clinical studies they need to gain approval of new drugs and medical services. In April, MEDP stock soared on an earnings beat-and-raise report.
Medpace stock bears a Composite Rating of 93, EPS Rating of 99 and RS Rating of 91.
Shares of Churchill Downs are testing support at the 50-day moving average after an earnings spike in late April. A strong rebound off that support level could offer an early entry around 141.89, which would also mark a trendline break. CHDN stock remains below that entry for now and is far below a 150.45 flat-base buy point.
Churchill Downs owns and operates the Kentucky Derby. Its recent June 5 stumble followed news that Churchill Downs will suspend racing through July 3, following the deaths of 12 horses.
The gaming stock shows a Composite Rating of 98, EPS Rating of 94 and RS Rating of 89.
Top Stocks: Smith & Nephew
Shares of Smith & Nephew surged nearly 7% on the week to offer an early trendline entry. It’s still below an official 33.08 flat-base buy point.
Medical device makers rallied broadly after UnitedHealth (UNH) warned on higher costs as more older patients seek surgeries. Smith & Nephew makes knee and hip implants.
The U.K.-based medical technology stock earns a Composite Rating of 85, EPS Rating of 83 and RS Rating of 82.
For more high-quality stocks with strong RS lines, check out IBD’s Relative Strength At New High stocks list. Our stock research platform, MarketSmith, also has a screening tool for stocks with RS lines making new highs.
For other great stock ideas, check out IBD’s proprietary watchlists, like the IBD 50 and the IBD Big Cap 20.
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