MLR - PMP 7/2/14
Major averages rose strongly on higher volume as leaders continued to advance. All major averages hit new multi-year or all-time highs. Biotechs were one of the leading groups of the day as a number of them advanced into new high ground or rounded out their bases from the prior correction.
Biotech leader Biogen Idec (BIIB) had a pocket pivot yesterday as it broke out of its handle. Sales are accelerating strongly, pretax margin 41.1%, group rank 27.
3-D bioprinting company Organovo Holdings (ONVO) had another pocket pivot. We reported on this stock just recently.
Biotech Gilead Sciences (GILD) had a pocket pivot/breakout. Earnings and sales are accelerating strongly, pretax margin 41.7%, ROE 33.4%, group rank 27.
Pharmaceutical stock Salix Pharmaceuticals (SLXP) gapped higher yesterday after reporting favorable results for one of its drug trials. Earnings and sales are strongly accelerating, institutional sponsorship has grown 5 quarters in a row, pretax margin 35.8%, ROE 34.3%, group rank 2.
Solar stock GT Advanced Technologies (GTAT) had a pocket pivot yesterday on a base breakout. Future earnings are huge, the technical action is excellent, and certain members of the group have done well. We hold a position in GTAT.
Cloud networking software provider Arista Networks (ANET) had a buyable gap up yesterday on an analyst upgrade. Earnings and sales are soaring, ROE 87.9%.
This information is provided by Virtue of Selfish Investing, LLC (VoSI) is issued solely for informational purposes and does not constitute an offer to sell or a solicitation of an offer to buy securities. Information contained herein is based on sources which we believe to be reliable but is not guaranteed by us as being accurate and does not purport to be a complete statement or summary of available data. VoSI reports are intended to alert VoSI members to technical developments in certain securities that may or may not be actionable, only, and are not intended as recommendations. Past performance is not a guarantee, nor is it necessarily indicative, of future results. Opinions expressed herein are statements of our judgment as of the publication date and are subject to change without notice. Entities including but not limited to VoSI, its members, officers, directors, employees, customers, agents, and affiliates may have a position, long or short, in the securities referred to herein, and/or other related securities, and may increase or decrease such position or take a contra position. Additional information is available upon written request. This publication is for clients of Virtue of Selfish Investing, LLC. Reproduction without written permission is strictly prohibited and will be prosecuted to the full extent of the law. ©2016 Virtue of Selfish Investing, LLC. All rights reserved.