S&P 500 stocks Advanced Micro Devices, Arista Networks, Booking Holdings, Lululemon Athletica, Meta Platforms, Micron Technology and PulteGroup are showing strength.
AMD stock and these other S&P 500 components ended last week holding around their 21-day exponential moving average following solid runs late last year and big gains in 2023 overall. That comes as many growth stocks retreated below their 21-day lines to the 50-day average or below at the start of the new year.
These stocks bounced on Monday, especially ANET stock and AMD.
All of these stocks have relative strength lines at or near 52-week highs.
META stock is on IBD Leaderboard. ANET stock, Lululemon, Booking Holdings, Meta Platforms are on the IBD 50. Arista and LULU stock are on the IBD Big Cap 20.
S&P 500 Stock Performance
| Ticker | Company | 2004 chg as of Jan. 8 | 2023 chg |
|---|---|---|---|
| AMD | Advanced Micro Devices | -0.83% | 127.6% |
| ANET | Arista Networks | 4.39% | 94.1% |
| BKNG | Booking Holdings | -2.38% | 76.0% |
| LULU | Lululemon Athletica | -3.87% | 59.6% |
| META | Meta Platforms | 1.33% | 194.1% |
| MU | Micron Technology | -0.46% | 70.7% |
| PHG | PulteGroup | 0.50% | 126.7% |
AMD Stock
Shares jumped 5.5% to 146.18 Monday as AMD unveiled new desktop processors, rounding out its lineup for high-end AI PCs. Also, Melius Research upgraded the chipmaker to buy, citing strong AI prospects.
AMD stock tumbled 6% last week to 138.58 in a bad week for the chip sector. But shares rebounded from their 21-day line on Friday. Shares hit a 52-week high of 151.05 on Dec. 29, in the 20%-25% profit-taking zone from a 122.11 cup-with-handle buy point.
Arista Networks Stock
ANET stock leapt 6.5% Monday to 245.85, hitting a record high. Shares cleared a three-weeks-tight pattern, with a 230.92 add-on entry for existing holders.
Melius Research upgraded the networking giant to buy with a 300 price target, also citing AI growth.
Arista stock slumped nearly 2% last week to 230.92, but held the 21-day line. The networking giant peaked at 240.68 on Dec. 26. That was slightly in the 20%-25% profit-taking zone after blasting out from a 198.46 double-bottom base at the end of October.
S&P 500 Stock: Booking Holdings
Shares climbed 1.6% to 3,462.84 on Monday.
Booking stock fell 3.9% to 3,408.14 last week, but held support around the 21-day line in the last three sessions. BKNG stock rose 11.6% from their 3,207.32 handle buy point to 3,580.62 on Dec. 27.
Lululemon Stock
LULU stock edged up 0.1% to 491.48 on Monday, erasing modest morning losses. Early Monday, Lululemon raised Q4 guidance, but only to in-line with consensus.
LULU stock retreated nearly 4% last week to 491.10, ending a nine-week win streak and closing fractionally below the 21-day line.
Lululemon stock hit a record high of 516.39 on Dec. 29, just above the 20%-25% profit-taking zone.
Meta Platforms Stock
Meta stock popped 1.9% to 358.66 on Monday.
Shares edged down 0.6% last week to 351.95, rebounding off the 21-day line on Friday after nearly testing the 50-day line. Meta Platforms hit a record 361.90 on Dec. 28, up 10.9% from a 326.20 buy point.
Meta stock has a three-weeks-tight pattern with a 361.90 buy point.
Micron Stock
Micron Technology rose 1.8% to 84.95 on Monday.
MU stock sank 2.2% last week to 83.45, but closed near weekly highs, rebounding from the 21-day line. Shares hit a 52-week high of 87.87, slightly into the 20%-25% profit-taking zone after clearing a 72.31 flat-base buy point in early November. Micron stock offered an alternate entry from a 10-week line bounce on Dec. 11.
S&P 500 Stock: PulteGroup
Pute stock rose 2.2% to 103.73 on Monday.
PHM stock retreated 1.7% to 101.48 last week, testing the 21-day line but rebounding on Friday. Shares hit a record 105.13 on Dec. 15, near the top of a 20%-25% profit taking zone from a cup-with-handle base. PHM stock cleared the 84.25 buy point on Nov. 11, then rallied from a shelf on Dec. 1.
Pulte stock has a three-weeks-tight pattern with a 105.13 entry.
Please follow Ed Carson on Threads at @edcarson1971, X/Twitter at @IBD_ECarson and Bluesky at @edcarson.bsky.social for stock market updates and more.
