When putting together your watch list, focus on stocks with an 80 or higher RS Rating. Wolfspeed is one stock that just reached the mark, now earning a score of 82. Yesterday, before the market opened it had moved from 64 to 78. It is continuing to show strength in a challenging market.
When looking for the best stocks to buy and watch, one factor to watch closely is relative price strength.
IBD's proprietary RS Rating tracks technical performance by using a 1 (worst) to 99 (best) score that shows how a stock's price performance over the trailing 52 weeks matches up against that of all other stocks.
Over 100 years of market history shows that the market's biggest winners tend to have an 80 or better RS Rating as they launch their biggest runs.
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Wolfspeed stock is not currently showing a potential entry point. It has gapped up today, and always risky chasing a stock. See if the stock goes on to form a chart pattern that could ignite a new run.
Earnings News
The company showed 33% EPS growth in the latest quarterly report. Revenue increased 36%. Look for the next report on or around Apr. 28.
The company holds the No. 16 rank among its peers in the Electronics-Semiconductor Manufacturing industry group. ON Semiconductor and Rogers are also among the group's highest-rated stocks.
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