Momentum Wrap – Best Buy Hits New 52-week Highs

New Highs

16 new all-time highs among stocks that gained 1% or more: PNRA HMG HHC TW ABBV

74 new 52-week highs among stocks that appreciated 1%+ today. Some of the notable movers:

• One of the worst performers in 2012, is leading in 2013. $BBY cleared new 52-week highs on news that Samsung is going to open boutique shops inside 1400 Best Buy’s locations. This was rumored last week, but the market reacted today.

• $CONN made another new 3 yr highs, proving that momentum could continue a lot longer than expected. $CONN more than doubled in both 2011 and 2012 and it is already up more than 40% in 2013.

• Declining inflation expectations have been punishing commodities across the board recently. The silver lining is that one sector’s declining revenues is another sector’s declining costs, which is a good explanation of the notable relative strength in restaurants ($PNRA, $MCD), food ($SAFM), retailers and apparel stocks ($M, $FNP) as of late. Utilities have also been hot and making new 52-week highs ($XLU).

• Other notable breakouts: $PLAB, $TW, $VNO, $XTEX

StockTwits 50 Highlights

• After yesterday’s dip, healthcare names were the first to recover. $ABAX is back near all-time highs.

• $ADBE cleared new 3 yr highs

• $SPSC, $RUTH $EXLS bounced right where they had to and on heavy volume. $V is also trying to find some footing.