Spotify stock plus two others in Investor's Business Daily's Blue Dot screen are near buy points. Spotify Technology, Harmony Gold Mining and Corning have relative strength lines that recently reached new highs, earning them a spot on the screen.
This IBD MarketSurge Blue Dot screen finds stocks that are either building a base or breaking out of a base while their relative strength lines are at 52-week highs. The RS line compares a stock's price performance to the S&P 500 index.
Spotify Stock Nears Buy Point
Spotify stock formed a four-weeks-tight pattern with a 389.23 buy point and looks to be forming a flat base. Last week's high topped its previous record high set back in February 2021. The streaming music and podcast stock has more than doubled so far this year and more than quintupled in two years.
Its third-quarter earnings are expected to explode 418%, following two giant quarters and varying results including losses prior to that. Spotify will report its third-quarter results Nov. 12 after the market close.
The Luxembourg-based streaming company is expected to post $6.32 earnings per share in 2024 and $9.03 in 2025, following seven years of losses. Spotify stock holds a 94 Composite Rating and a 95 Relative Strength Rating.
Gold Stock In A Buy Zone
Harmony Gold Mining retreated back into the buy zone of a cup-with-handle base with an 11.08 buy point. That zone goes up to 11.63. Harmony ranks No. 1 out of 77 stocks in the Gold/Silver/Gems Mining industry group. The group is seventh out of the 197 IBD industry groups.
The gold stock holds best-possible 99 Composite and Earnings Per Share Ratings.
Harmony Gold is a global gold mining and exploration company with copper projects in Australia and Papua New Guinea. Harmony is the largest gold producer in South Africa, too.
Corning Has Big Turnaround
Corning stock is in the buy zone of a cup-with-handle base with a 45.60 buy point. It also formed a three-weeks-tight pattern with a 47.72 entry, which is its all-time high reached Wednesday.
On Monday, the company announced it is expanding its partnership with its largest customer, AT&T. Corning will provide fiber, cable and connectivity products to AT&T to help expand its fiber network for high-speed internet. The deal is valued at more than $1 billion.
Corning's profit grew 4% in the second quarter after seven quarters of declining earnings. Third-quarter profit is expected to rise 17% then 34% in the following quarter. Similarly, Q2 sales were flat in but improved after seven declining quarters. Corning reports its third-quarter earnings Tuesday.
The industrial company has expanded from glass and ceramics products to materials and components used to produce semiconductor chips. The company also makes Gorilla Glass, which is used in Apple iPhones.
Follow Kimberley Koenig for more stock market news on X/Twitter @IBD_KKoenig.
