Three Breakouts

Here are four stocks to watch, three of them moving on strong earnings.

Anika Therapeutics, Inc. (ANIK) popped $11.78, or 28.8%, to $52.60 on Thursday on 1.3 million shares, or about 8x its average volume.  The small biotech beat analyst estimates in its second-quarter results released after market close Wednesday.  The breakaway gap and continued run-up broke the stock through several layers of lateral resistance, with the next target at the $61 level last reached in early 2018.

AudioCodes Ltd. (AUDC) jumped 69 cents to $18.52 on Thursday on 454,300 shares.  The vendor of advanced voice networking and media processing solutions for the digital workplace reported strong second quarter results on Tuesday.  That news broke the stock out of a nearly 3-month coil pattern.  After pulling back slightly on Wednesday, the stock resumed the rally on Thursday, with the rising channel pointing to $21 next. 

Owens Corning (OC) gained 96 cents to $59.50 on 1.9 million shares Thursday.  The building materials company posted better-than-expected second quarter results on Wednesday.  After breaking out of a multi-month base pattern late last month, the stock pulled back in an orderly flag before Wednesday’s news popped it out.  Thursday’s follow-through positions the stock for a test of the $64 level next.

Overstock. com Inc. (OSTK) rose 10 cents to $19.21 on 6.7 million shares, more than 1 1/2 times its average volume.  The move came on no news from the online retailer. After more than doubling in price from mid-June to mid-July, the stock has been in a sideways range, with Thursday’s intraday high edging it above lateral resistance.  Watch for a test of next lateral resistance from the March highs near $23 next.

Disclosure: None. 

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