3 Hot Stocks That Just Hit New 52-Week Highs

LOW, DMND and DWA are all looking solid today

   

While the major U.S. indices are in the red so far today, several big stocks have managed to buck that downtrend. In fact, several big-name stocks have hit new 52-week highs today, for various reasons. Here are three:

Lowe’s

Lowe’s (LOW) has been bid up around 4% so far today after reporting solid second-quarter results. Net income at the retailer rose 26% in the most recent period thanks to the still-recovering housing market — good enough for an earnings beat and raised full-year guidance. Today’s move put shares roughly 30 cents under its all-time closing high of $46.13, as of this writing. LOW has gained nearly 75% in the past 52 weeks.

(On a side note, Home Depot [HD] also posted strong numbers this week but actually has pulled back.)

Diamond Foods

Diamond Foods (DMND) gained roughly 20% today after reporting a strong fourth-quarter forecast and announcing that it settled its looming securities lawsuits. The company is denying that it did anything wrong, but has agreed to pay $96 million — $11 million in cash along with the an issue of 4.45 million common shares — to settle a lawsuit that stemmed from the improper accounting of payments to walnut farmers.

The accounting scandal caused Diamond to restate two years of earnings results and to miss out on a chance to buy Pringles from Procter & Gamble (PG) — and worse, brought shares from all-time highs around $90 in 2011 to lows in the mid-teens in 2012. Now, though, the worst seems to have passed, and DMND shares are trading at a new 52-week high north of $23. That translates to a 69% year-to-date climb.

Dreamworks Animation

Last but not least, shares of Dreamworks Animation (DWA) are more than 2% in the black so far today — a bump that puts shares just under $30 and at a new 52-week high. So far this year, the stock has posted a steady 78% climb.

As of this writing, Alyssa Oursler did not hold a position in any of the aforementioned securities.


Article printed from InvestorPlace Media, http://investorplace.com/2013/08/3-hot-stocks-that-just-hit-new-52-week-highs/.

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