The “Chart of the Day” is Emerson Electric Co (EMR), which showed up on Monday’s Barchart “NYSE 10-year high” list. Emerson on Monday rallied by 0.81% to post a new record high for the stock of $55.25. The monthly Barchart Trendspotter program has been long EMR since March 2010 at $49.67. In recent news on the stock, Emerson on Sep 9 provided guidance for FY2010 EPS of $2.70-2.85, above the consensus of $2.69. On Sep 15, JP Morgan resumed coverage on Emerson with a Neutral and a target of $56, while Citigroup initiated coverage with a Hold and a target of $53. Nomura on Oct 13 initiated coverage with a Neutral and a target of $56. Emerson received some buzz from the solar sector on Oct 7 when it won a contract from Quanta Services (PWR) to supply power inverters for what will be California’s largest solar PV facility. Emerson has also benefited from its 50% in revenue from overseas and the weak dollar. Emerson, with a market cap of $41 billion, is a major global industrial company with a focus on electrical and electromechanical products.
How we found the Chart of the Day:
We found the “Chart of the Day” by scanning the Barchart “NYSE Monthly 10-year High” list. In order to get to that list, we first clicked on the Stocks menu item on the Barchart home page, then on the “New High/Lows” menu item on the left menu bar, then on the “Monthly” menu item on the top of the table, and then on the entry for NYSE 10-year highs. A stock that has posted a new 10-year high is showing strong upside momentum.
Barchart’s Opinion trading systems are all a Buy and Barchart’s daily TrendSpotter trading system is a “Buy.” Please note that the Barchart Opinion indicators are updated live during the session every 10 minutes and can therefore change during the day as the market fluctuates. The indicator numbers shown below therefore may not match what you see live on the Barchart.com web site when you read this report.
- TrendSpotter: Buy
- Short-Term Indicators: 100% Buy
- Medium-Term Indicators: 100% Buy
- Long-Term Indicators: 100% Buy
- Overall Average 100% Buy
Chart of the Day provided by www.Barchart.com.
