More stocks topped buy points Thursday as the general market built on its rebound. Leading solar energy company SolarEdge ( SEDG ) broke out of a base.
[ibd-display-video id=3149216 width=50 float=left autostart=true] SolarEdge soared after reporting fourth-quarter earnings and sales that beat expectations Wednesday evening. The company also gave an outlook well above the consensus estimate. The stock gapped above the 40 buy point of an irregular base. Because of the breakaway gap, investors could try to buy near SolarEdge's opening price of 42.15.
Needham & Co., B. Riley and JPMorgan Chase raised or set price targets on SolarEdge after its report. Israel-based SolarEdge has the second-highest Composite Rating of 20 companies in the solar energy industry group.
Bank of N.T. Butterfield & Son ( NTB ) soared in volume nearly four times above its 50-day average, leaping to a record high. Shares are extended from the 40.90 proper buy point it first topped a couple of weeks ago. The relative strength line made a new high also, a bullish indication that offsets a mediocre Relative Price Strength Rating.
The Bermuda-based bank reported core earnings of 76 cents a share, up 23% from a year ago. Butterfield cited gains in fee income from its specialized banking and wealth management businesses, plus expanding net interest margins thanks to rising interest rates.
Thinly traded Carbonite ( CARB ) broke out of an odd-shaped base with a 27.10 buy point. The provider of mass data-storage services soared 22% Wednesday after Carbonite beat profit estimates.
ServiceMaster ( SERV ) gapped up to a new high in heavy trading after finding support in a pullback near the 50-day moving average. The relative strength line also made a new high after Instinet upgraded the stock to buy from reduce.
The company - which provides a number of residential services such as Terminix pest control and Merry Maids cleaning services - is reporting Q4 results the morning of Feb. 27. Analysts expect a 23% drop in EPS.
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