On days when the Nasdaq Composite is down 2%+, it is always important to pay specific attention to stocks that stand out – stocks that manage to advance and reach new high in the face of adversity.
$JVA reached another all-time high. The stock is up 245% since June 9th, when it released its latest earnings report. The catalysts behind the move – 2.78M float, 47% Q/Q EPS growth, 87% Q/Q sales growth, being a member of a hot industry group, high short interest.
The stock looks awfully extended at $30, but it looked extended at $15 too, less than a month ago. According to shortsqueeze.com, $JVA still has about 340k shares sold short, which represent about 12% of its float.
Such momentum moves often end up parabolic. Tops look obvious only in hindsight. Big winners looks obvious only in hindsight too. Many stocks start their moves the same way as $JVA did – high-volume earnings breakout to major new high, but not all of them go to more than triple in a month.
Other stocks that closed at all-time high today: $ARJ $AVEO $CBOU $ELS $ESL $FOSL $JVA $LNKD $MLI $RRTS $SZYM $THR $TJX $UPI $VFC $VHC $WDFC
See their daily charts here.
Min price of $5.00
min 50-day volume of 50k
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