The “Chart of the Day” is Scotts Miracle-Grow (SMG), which showed up on Monday’s “NYSE 12-month high” list. Scotts on Monday rallied by 1.77% and posted a new record high of 49.50, edging above the previous record high of 49.44 posted earlier this year on April 26. Barchart’s daily Trendspotter(tm) program has been long Scotts since July 23 at $46.74. Scotts, with a market cap of $3.2 billion, is the world’s largest marketer of consumer products for lawn and garden care, with products for professional horticulture as well. In recent news, Scotts on Aug 10 reported fiscal Q3 adjusted EPS of $2.59, above the analyst consensus of $2.45, raised its dividend to 25 cents from 12.5 cents per share, and announced a $500 million 4-year stock buyback program. Barron’s on Aug 10 commented favorably on Scotts and said that the stock has beaten EPS expectations for 5 consecutive years and has shown that the industry is surprisingly resistant to tight consumer spending.
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 lows. Then we sorted the list by Percent to find the largest percentage losers. A new 12-month low is a sign of downside momentum.
Barchart’s Opinion trading systems are mostly 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: 80% Buy
- Medium-Term Indicators: 100% Buy
- Long-Term Indicators: 33% Buy
- Overall Average 80% Buy
Barchart links for further information:
Quotes and Charts, Technical Analysis, Barchart Opinions, and Chart of the Day Archives
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