From Jan. 2 to Jan. 4, fear set in among market participants as the S&P 500 declined by 1.1%. However, the skies have been clear since then.
From Jan. 4 to today, the S&P 500 is up by about 3%, continuing the trend of strong gains after returning about 26% in 2023. What’s more, the index has now reached a new 52-week high, as well as an all-time high. The index is currently trading in the low 4,800 range and is represented by the SPDR S&P 500 ETF Trust (NYSEMKT:SPY).
In December of 2023, the consensus price target for the S&P 500 by the end of 2024 tallied in at 5,100. Yardeni Research commanded the highest target of 5,400, implying an upside of 14.4%. JPMorgan Chase had the lowest price target of 4,200, implying a downside of 11%.
With that in mind, let’s take a look at four other stocks that have recently reached 52-week highs.
5 Stocks That Just Set New 52-Week Highs
Up next is Super Micro Computer (NASDAQ:SMCI). Shares of the company are up by over 30% today on the heels of its preliminary earnings, reaching a new 52-week high. For the quarter ended Dec. 31, revenue is expected to be between $3.6 to $3.65 billion, smashing the consensus analyst estimate for $3.06 billion.
The third stock is Taiwan Semiconductor (NYSE:TSM), which reported its fourth-quarter earnings yesterday. TSM is an integral part of the semiconductor supply chain and posted revenue of $19.62 billion while issuing first-quarter revenue guidance between $18 and $18.8 billion. Revenue declined by 1.5% on a yearly basis but rose by 13.6% compared to the previous quarter.
Uber (NYSE:UBER) has also recently made a new 52-week high. Shares of the ride-hailing services company have embarked on a massive comeback and are now up by over 120% year-over-year.
Last but not least is Deckers Outdoor Corp (NYSE:DECK). The company boasts a portfolio of several popular shoe brands, such as Hoka, UGG and Teva. Hoka and Ugg have led the company’s growth. For the quarter ended Sept. 30, Hoka and UGG reported revenue growth of 27.3% and 28.1%, respectively.
On the date of publication, Eddie Pan did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
