Schaeffer's Trading Floor Blog

New Annual Highs: AMRN, DIS, and NWS

Amarin, Walt Disney, News Corp rallied to new annual highs today

by 6/27/2012 2:35 PM
Stocks quoted in this article:

The major equities markets are extending their reach into positive territory today, enjoying a boost from an upbeat housing report and durable goods data. So far today, the number of stocks at new annual highs is surpassing the number of stocks at new lows. The NYSE has seen 81 securities at 52-week peaks, while the Nasdaq has racked up 69 annual highs. Among the equities reaching technical milestones in today's action are Amarin Corporation plc (ADR) (NASDAQ:AMRN - 14.47), The Walt Disney Company (NYSE:DIS - 48.01), and News Corp (NASDAQ:NWS - 22.34). Here's a review of the notable stocks that marked new annual highs.

  • AMRN surged more than 12% this morning, lifting the shares to a new annual best of $15.40. This boost was courtesy of word that the U.S. Patent and Trademark Office will finally grant a patent for the biotech firms' fish-oil pill for cardiovascular disease. AMRN has been quite the standout on the charts, skyrocketing 93.7% in 2012, and outpacing the broader S&P 500 Index (SPX) by 30.9% over the past 60 sessions. And this outstanding price movement hasn't gone unnoticed, as all seven analysts following the stock consider it a "strong buy."

  • DIS pierced the $48 level for the first time ever today, and soared to a new all-time high of $48.08. During the past three months, the stock has outpaced the broader SPX by 16%, and has enjoyed a 28% year-to-date bounce. In fact, since the security's 2011 low of $30.31 -- tagged on Oct. 10, 2011 -- DIS has surged 37%. Analysts are mostly upbeat toward this blue chip, as 16 out of 26 have doled out "buy" or better endorsements.

  • Following rumors of a company split on Tuesday, NWS is now said to have hired Centerview Partners LLC, Goldman Sachs Group, Inc. (NYSE:GS), and J.P. Morgan Chase & Co. (NYSE:JPM) to advise it in the possible separation of its publishing and education businesses from its film and television arm. Wall Street applauded the news and pushed the stock to the $22.85 mark -- its highest price since November 2007. The shares are currently sitting on a 30% year-over-year gain. NWS' Relative Strength Index (RSI) stands at a lofty 71, while the three brokerages covering the stock have handed out one "strong buy," one "hold," and one "strong sell" rating.

Click here to read the new lows list, including Quality Systems, Inc.'s (NASDAQ:QSII) analyst-induced slide.


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