By VINCENT MAO, INVESTOR’S BUSINESS DAILY
Even though the number of stocks hitting new 52-week highs on Tuesday rose from Monday’s total, the bulk of them either closed well off their session highs or reversed lower as the overall market tumbled.
Google (GOOG) ramped up to another record high, but turned tail to end a smidge lower in more than twice its average trade. Despite the reversal, it’s still 9% past a 689.09 buy point from a three-weeks tight pattern.
The stock surpassed its high from November 2007 on Monday and had been rallying since mid-July.
Nationstar Mortgage (NSM), which has been on fire since clearing a flat base earlier this year, ended well off its intraday peak. Nationstar closed with a 3% gain after being up more than 8%.
Last week, the stock had its largest weekly spread since the start of its move. On Sept. 19, Nationstar racked up its largest daily volume since the start of the advance. On Tuesday, the stock closed higher for the eighth time in 10 sessions. These could be signs of a climax top.
Natural Grocers By Vitamin Cottage (NGVC) had a big change of heart. It turned a 2% gain into a 3% loss. Shares were off by more than 5% at Tuesday’s low. Volume grew from Monday’s pace, but was below average.
The thinly traded stock has been volatile since going public in July. Although it blew past a 20.58 buy point from an IPO base Aug. 27, investors were likely shaken out during wild action Sept. 12 and 13.
Restaurant operator DineEquity (DIN) closed in the upper half of its daily range as volume was 49% above average. It’s now 2% past a 55.70 buy point from a base cleared Sept. 7 in weak trade.
DineEquity runs the Applebee’s and IHOP chains. While profit growth has improved in recent quarters, sales growth continues to be a drag.
Thinly traded Dorman Products (DORM) added to its breakout Monday past a 30.59 buy point.
List of 52 Week New Highs and Lows: