Here are four stocks to watch with strong price momentum fueled by earnings.
Denali Therapeutics (NASDAQ:DNLI) jumped $2.17 to $24.37 on 1.19 million shares Wednesday, nearly 3 times its average volume. The move followed Tuesday's earnings release by the biopharmaceutical company, which is developing treatments for neurodegenerative diseases. With the move, the stock took out multiple tops, and looks like it could extend further. Watch next for a test of the February high near $25.75.
Guardant Health (NASDAQ:GH) (NASDAQ:GH) exploded for $24.45, or 27.6%, to $94.45 on 3.7 million shares Wednesday, 3 1/2 times its average volume. The move came as the cancer diagnostics company beat Wall Street expectations in its fourth quarter earnings report. The stock is extended and could pull back and consolidate, but eventually ride the rising channel up to above $120.
Vera Bradley (NASDAQ:VRA) popped $2.44, or 22%, to $13.62 on 3.1 million shares Wednesday, nearly 9 times its average volume. The luggage and handbag maker's fourth-quarter financial results beat Wall Street estimates. The stock faces resistance near the $14 level, from which it could back and fill, with our next target at $16.
YETI Holdings (NYSE:YETI) gained $1.85 to $26.27 on 2.8 million shares Wednesday, or more than 6x its average volume. Shares in the company, whose line of products are geared toward outdoor recreation, surged after its February 14 earnings release exceeded analyst estimates, and then recently flagged before Wednesday's breakout. The stock has been in a rising channel since its post-IPO low in December, with the top of the channel pointing toward $31-32 next.
Harry Boxer is founder of TheTechTrader.com, a live trading room featuring his stock picks, technical market analysis, and live chart presentations.
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