3 Hot Stocks That Just Hit New 52-Week Highs

by Alyssa Oursler | August 21, 2013 2:13 pm

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[1]) 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[2]] also posted strong numbers this week but actually has pulled back.)

Diamond Foods

Diamond Foods (DMND[3]) 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┬áthe improper accounting of payments to walnut farmers[4].

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[5]) — 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[6]) 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.

Endnotes:
  1. LOW: http://studio-5.financialcontent.com/investplace/quote?Symbol=LOW
  2. HD: http://studio-5.financialcontent.com/investplace/quote?Symbol=HD
  3. DMND: http://studio-5.financialcontent.com/investplace/quote?Symbol=DMND
  4. improper accounting of payments to walnut farmers: http://investorplace.com/2012/02/is-diamond-foods-dmnd-the-next-worldcom/
  5. PG: http://studio-5.financialcontent.com/investplace/quote?Symbol=PG
  6. DWA: http://studio-5.financialcontent.com/investplace/quote?Symbol=DWA

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