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 (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 (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.
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.
Source URL: http://investorplace.com/2013/08/3-hot-stocks-that-just-hit-new-52-week-highs/
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