Palantir Technologies (PLTR) hit new highs on Friday as it continues its post-earnings rally. And Dow Jones payments giant Visa (V) also hit a new high as it broke out past its latest buy point.
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Stocks At New Highs: Palantir, Visa
Palantir stock rallied to new highs Friday, hitting the 20.24 buy point of a cup base. PLTR stock is in the 5% buy zone reaching to 21.25, per MarketSmith pattern recognition. Friday’s move lifted shares and their relative strength line to new highs.
The stock soared more than 20% after the data analytics and privacy software company reported higher-than-expected third-quarter earnings and sales on Nov. 2. Management also raised its full-year 2023 revenue guidance.
The company is focused on utilizing AI technology to drive its current earnings and sales growth, with its Artificial Intelligence Platform and its MetaConstellation satellites. PLTR stock is nearing levels it hasn’t seen since November 2021, according to Dow Jones Market Data. Shares are up around 218% this year, at new highs.
Meanwhile, Dow Jones stock Visa tapped the 250.06 buy point of a cup base, hitting new highs before backing off Friday. The payment processor topped analysts’ estimates on its September-quarter profit and sales on Oct. 24. Management also authorized a new $25 billion multiyear share buyback program in the earnings report.
The stock reclaimed its 10-week moving average the following week, starting a three-week rally. This week’s positive action was in heavy volume, which is a constructive sign for the stock’s advance.
Quarterly earnings growth improved to 21%, from 9% and 17% in the prior two quarters. Sales growth continues to hold in the 11%-12% range. Analysts expect 13% EPS growth in fiscal 2024 and 2025.
Follow Kimberley Koenig for more stock market news on X/Twitter @IBD_KKoenig.
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