Despite the brief sell-off in the general market early Wednesday, a few top growth stocks were hitting new 52-week highs, including a strong breakout from a medical name. Meanwhile, two financial stocks continued to outperform.
[ibd-display-video id=3074620 width=50 float=left autostart=true] Robot surgeon Intuitive Surgical ( ISRG ) surged past a 405.15 flat-base entry , rising over 5% to an intraday high of 426. Early Wednesday, the company reported preliminary Q4 and full-year 2017 sales results that came in above the Street's targets. The upbeat sales guidance sparked the upside move.
In the third-quarter results announced Oct. 19, year-over-year earnings and sales growth came in at their highest levels in years - 34% and 18%, respectively. Its current quarter's final results are due Jan. 25.
Analysts expect the company's earnings to grow 17% in 2017 and 8% in 2018. Analysts have revised those estimates higher.
Even though the latest base was only second stage , it had a significant move up in 2017 following a cup-with-handle breakout in early February above a 233.55 entry. Following an over-70% move, the stock consolidated below its 50-day line for a number of weeks before regaining that level after the new year.
Later-stage bases have less upside potential than early-stage bases.
Charles Schwab ( SCHW ) was on track to extend a win streak to seven sessions with a rise to a 54.48 high in afternoon trading. Schwab cleared a short pattern of tight trading, although it wasn't a clear-cut buy area.
The brokerage firm has been a top performer since a base-on-base breakout on Nov. 21 above a 46.31 entry.
Check out the stock's relative strength line - the blue line displayed on every IBD and MarketSmith daily and weekly chart. It made a new high on the breakout day and continues to make new highs along with the stock, signifying strong market outperformance indicative of a market leader.
Asset manager State Street ( STT ) continued its trek into new-high territory Wednesday with a rally to its daily peak at 104.93.
Shares are on the cusp of being extended from a 100.09 cup-shaped base entry after a Dec. 13 breakout initially faltered. Shares regained that buy point Tuesday in slightly above average volume. The 5% buy range tops out at 105.09.
While the stock's relative strength line still hasn't reached a new high - a potential flaw - the stock does have an A- Accumulation/Distribution Rating, according to the IBD Stock Checkup . The rating indicates strong institutional demand over the last quarter.
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