After a brief pause Wednesday, the major market averages are back near new highs along with a number of leading growth stocks , including a FANG name.
[ibd-display-video id=3076727 width=50 float=left autostart=true] Netflix ( NFLX ) rose to new highs Thursday after Barclays initiated the video streamer with an overweight rating and a 245 price target. Barclays said the success of Netflix's original content will boost its financial results.
Meanwhile, UBS upped its price target on the stock from 237 to 250.
The stock advanced 2.5% to an intraday high of 217.75, moving out of the 5% buy range from a 204.48 flat-base buy point. The breakout day was Jan. 3 when the stock moved up 2% in 48% above-average volume, meeting the 40% minimum increase that is optimal for breakouts , according to IBD research.
Earnings are due out Jan. 22 after the market close. Analysts expect the firm to earn 42 cents per share on revenue totaling $3.28 billion - year-over-year increases of 180% and 33%, respectively.
Meanwhile, these three leaders were breaking out past buy points in the stock market today:
RingCentral ( RNG ) moved past a 50.05 flat-base buy point, rising to an intraday high of 51.01, as volume tracked over 40% above average. The buy range tops out at 52.55.
Last year, the software company made a profit after losing money the previous six years. For this year, analysts expect the firm's earnings to grow 111% and an additional 47% in 2018.
Ring Energy ( REI ) recaptured its 14.77 cup-shaped entry amid strength in the price of crude oil and is already extended. Crude oil is at its highest level in more than three years. However, the stock triggered the 7%-8% sell rule in December, which makes the new entry riskier.
The Texas-based oil and gas exploration company has three quarters of accelerating revenue growth, topped off with a 113% surge in the most recent quarter vs. the year-ago period.
Activision Blizzard ( ATVI ) also recovered back above its recent buy point, but this stock did not suffer a sell signal. Shares barely moved past a 67.13 flat-base entry on Dec. 18 before faltering. Over the next two weeks, the stock would go on to decline 6.8% from the buy point - just shy of the 7%-8% loss-cutting level. The stock found much-needed support at its 50-day line and has been rallying ever since.
Thursday's surge to an intraday high of 69.12 brought the stock convincingly back above the buy point, and shares are still in buy range.
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