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Ferrari Soars Past Buy Point; CME Reports 1st Quarter With Bitcoin Futures

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Ferrari ( RACE ) sped to a new high, racing past a 121.24 buy point in a breakaway gap-up.

[ibd-display-video id=3119852 width=50 float=left autostart=true] Shares gapped up in huge volume after the sports-car maker forecast that core earnings will double to 2 billion euros no later than 2022, implying annual growth of 14%, Reuters reported.

The move solidified a breakout as volume ran more than six times its average. The relative strength line is not at a new high but at a new high over the handle area.

CME Group ( CME ) jumped above the 155.39 buy point of a flat base after edging past that entry in the past several days. It is in buy range, although its relative strength line is lagging. The operator of derivatives exchanges including the Nymex and CME topped expectations with adjusted earnings of $1.12 a share .

It started trading Bitcoin futures in December. CME got more than $5 of revenue from each Bitcoin contract traded, much more than the 74 cents it got from all its derivatives, Bloomberg reported.

Meritor ( MTOR ) leapt past the 28.06 buy point of a shallow cup-without-handle base and is barely holding onto buy range. Volume was well above normal as the stock continued to rally from Wednesday's earnings report. The RS line is virtually at a new high.

The maker of parts for commercial vehicles and heavy equipment blew past expectations with adjusted earnings of 62 cents a share, an increase of 148% from a year ago.

Pawnshop operator and lender EZcorp ( EZPW ) gapped above the 12.60 buy point of a flat base in huge volume and is already extended from its buy zone.

The company late Wednesday reported an earnings surge of 53% to 23 cents a share, well above estimates. Revenue rose 6% to $204.5 million. The Texas-based company cited expansion in Latin America and cost controls.

Qorvo ( QRVO ) broke out of a cup-without-handle base, gapping above the 81.30 buy point in tremendous volume. The chipmaker topped earnings expectations, although it guided well below Wall Street's targets for the current quarter.

It earned $1.69 a share for an increase of 25%. Profit growth accelerated from a 19% decline two quarters ago to an 18% increase in the September-ended quarter. Sales rose 2%, the first increase in three quarters. The company also disclosed a big contract win from Apple (AAPL).

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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