The “Chart of the Day” is McDermott International (MDR), which showed up on Monday’s “NYSE 12-month high” list. MDR on Monday rallied by +0.46% and posted a new 2-year high. Trendspotter(tm) has been long MDR since July 22 at $12.37. In recent news on the stock, McDermott on Sep 28 said that the fundamentals of its industry are attractive and that projects that were delayed in 2008-09 are being implemented this year. The company maintained its 10-12% margin guidance for 2H10 and expects a backlog of $1.5 billion to be recognized in 2H10. Morgan Stanley on Sep 16 initiated coverage on McDermott with an Overweight rating and a target of $20. McDermott, with a market cap of $3.5 billion, provides engineering and construction services for industrial, utility, and hydrocarbon processing facilities, and to the offshore oil and natural gas industry.
How we found the Chart of the Day:
We found the “Chart of the Day” by scanning the Barchart “New Highs/Lows” page. Then we clicked on the entry for NYSE 12-month highs. A new 12-month high is a popular sign of upside momentum. Then we applied a “Custom View” heading with the Barchart Opinion ranking as one of the columns. we then sorted the list by the Barchart Opinion ranking in order to find the stocks with the highest Opinion.
Barchart’s Opinion trading systems are all a Buy and Barchart’s daily Trendspotter(tm) 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.
