While Q2 earnings results has been mixed, Harry Boxer identifies four technology stocks that are breaking out following strong earnings reports.
Here are four stocks in technology and solar energy that have broken out on earnings.
Enphase Energy, Inc. (ENPH) popped $6.50, or 30%, to $28.15 on 22.2 million shares Wednesday. On Tuesday the supplier of solar power microinverters released favorable second quarter financial results. The stock has been rallying since starting the year under $5, and Wednesday's move, on more than 5x its average volume, broke price out from the bottom of the rising channel through the top. Watch for an extension to next resistance near $32, using Wednesday's low at around $26.25 as support.
Lattice Semiconductor Corporation (LSCC) jumped $2.97 to $19.34 on 12.2 million shares, more than 6x its average volume. The programmable chipmaker beat Wall Street estimates in its second-quarter earnings release. Wednesday's move broke the stock out of a mini flag within its rising channel off the November low under $6. The channel top points to a target of $25 on an extension of this move.
MagnaChip Semiconductor Corporation (MX) gained 45 cents to $11.05 on 1 million shares Wednesday following the release of quarterly results that beat analyst estimates. The move, on more than 3x its average volume, continued the stock's rally off its February low under $6. The stock got as high as $12 intraday and looks poised to test its quadruple top up around $13.25 next.
NCR Corporation (NCR) rose $1.36 to $33.81 on 1.9 million shares, more than double its average volume. The software and services provider and ATM manufacturer reported better-than-expected second quarter results. Wednesday's move, the 8th consecutive up-session, broke the stock out of a nearly three-month consolidation after its pop in May. Target is $38 with support at $33.
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Harry Boxer is founder of TheTechTrader.com, a live trading room featuring his stock picks, technical market analysis, and live chart presentations.
