Today’s Bull of the Day is a top stock in a top industry. With the market rollercoaster we’ve been on the last couple of weeks it’s been tough to find any real leadership in this market. One day you’re the windshield, next you’re the bug. If you stick to the script, you can find winning stocks in any market. Remember to keep looking for those stocks that the analysts have been the most bullish on. These are the Zacks Rank #1 (Strong Buy) and Zacks Rank #2 (Buy) stocks that are on the move.

Ixia (XXIA - Snapshot Report) is a Zacks Rank #1 (Strong Buy) in the computer networking industry that ranks in the Top 38% of our Zacks Industry Rank. Ixia is an applied technologies company that is a leading global provider of high performance wireless and wired IP network and equipment testing solutions. Ixia's testing solutions are used by network and telephony equipment manufacturers, service providers, semiconductor manufacturers, large enterprises, and government organizations to validate the functionality, conformance, and reliability of complex IP networks, devices, and applications.

Ixia has crushed earnings for four quarters in a row by an average of 7 cents per quarter. The most recent beat coming in June saw earnings come in at 15 cents versus our Zacks Consensus Estimate for 6 cents. Revenue exceeded the high end of management’s guidance range, coming in at $131.6 million versus expectations of $121 million.

As a result of the beat, there has been an underlying bullish current on Wall Street. Analysts have upped their earnings estimates for the current year and next year. Three analysts jacked up current year estimates enough to push consensus up from 35 cents to 44 cents. Next year’s numbers went up from 46 cents to 51 cents.

Looking at the chart you can see an extended consolidation period from mid-February through July. Shares bounced within a tight range between $11.50 and $13.50. The solid earnings report was enough to break through the top end of the range. After hitting a new 52-week high above $16 the market volatility of the last few weeks saw prices pull back to the top end of the earnings gap. That’s where the buyers stepped in, ultimately bidding the stock back up.

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