3 Stocks Breaking Out On News

Image: Metallic print samples, Xerox

Inogen, Inc. [INGN] has been up by as much as 20% today after releasing better-than-expected earnings and revenues. The medical technology company, which makes portable oxygen concentrators, is one of our top stocks to watch in our Charts of the Day video from last night.

The stock began breaking out of a 2-month base in mid-October, up from the $45 range, and, with Tuesday’s pop of $1.62 to $59.32 and after-hours move into the mid-$60’s, appeared poised to accelerate. Our target, as noted in the video, is the June high in $73-$75 range.

InMode Ltd. [INMD] is another of our charts to watch today, after popping $6.69 to $40.66 Tuesday on a strong earnings report. The move, on 3.3 million shares, or more than 3x its average volume, broke the stock above our $40 target noted in our article and video two weeks ago.

Watch for the stock in the maker of aesthetic medical products and recent IPO to reach the top of the rising channel in the $45 range.

Xerox Holdings Corporation [XRX] jumped $1.70 to $36.37 on 3.2 million shares Tuesday, more than 1 1/2 times its average volume. The move followed recent news that the company is selling its 25% stakes Fuji Xerox, and also a Wall Street Journal report on Tuesday that Xerox is considering a takeover offer for PC maker HP Inc.

The stock recently broke out of a 3-month consolidation, and flagged for a few days before Tuesday’s move. A break through the January 2018 intraday high near $37.50 could accelerate the stock into the mid-$40’s.

___

Equities Contributor: Harry Boxer

Source: Equities News