Stocks Rise Modestly; Stratasys, HDFC Bank Break Out

By Scott Stoddard, Investor’s Business Daily

Stocks rose modestly Wednesday in quiet trading ahead of Thanksgiving Day, after Israel and the Palestinians agreed to a cease-fire in Gaza.

The Dow Jones industrial average rose 0.4%. The Nasdaq rose 0.3% and S&P 500 edged up 0.2%. Volume fell 21% on the NYSE and 13% on the Nasdaq compared with Tuesday.

Stratasys (SSYS) rose more than 4%, clearing a 69.18 buy point in a cup-with-handle base. But volume was below average. The maker of machines that produce three-dimensional prototypes earlier this month reported a better-than-expected 38% jump in quarterly profit. Sales rose 24%, also beating forecasts.

The stock is in a strong industry group and boasts a best-possible 99 Composite Rating. Also, its relative strength line is at a new high.

Meanwhile, India-based HDFC Bank (HDB) jumped 3% in strong volume, hitting an all-time high and clearing a 39.42 flat-base buy point. HDFC has been holding up well amid the market correction. The company was featured in IBD’s New America section Monday.

Sturm Ruger (RGR) climbed 3% in heavy turnover. The stock has climbed back above its 52.13 buy point in a cup-with-handle base after rebounding off its 10-week line.

The gun maker jumped 6% Tuesday after announcing a special dividend of $4.50 per share. The stock’s B+ Accumulation-Distribution Rating and 1.1 up-down volume ratio suggest that institutional investors find the shares attractive.

On the downside, DaVita HealthCare Partners (DVA) dropped 3% in massive trade, but got support at its 10-week line. It’s the second pullback to the key support line since its breakout in June.

DaVita, which provides dialysis services, earlier this month completed its merger with HealthCare Partners, which operates physician groups.

There are no earnings announcements or economic data scheduled for Friday.


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