Your stocks to watch for the week ahead are Zoom stock, Shopify (SHOP), Estee Lauder (EL), Smartsheet (SMAR) and Translate Bio (TBIO). Most of these stocks are in buy zones or actionable from early entries.
XThe advances for Zoom Video Communications (ZM) came as President Joe Biden's $1.9 trillion coronavirus relief plan advanced in Congress. Johnson & Johnson (JNJ) and Novavax (NVAX) late Thursday also asked the FDA to approve their vaccine candidates, potentially giving the U.S. more weapons in its arsenal to fight the pandemic.
The stock market rally is looking strong, with the S&P 500 and Nasdaq at record highs and leading stocks like Shopify breaking out. But the Nasdaq is looking extended, one of several warning signs that another pullback could be looming.
Shopify Stock
Shopify stock rose 2.1% to 1,287.75 in Friday's stock market trading, and 17% for the week. Shares cleared a short consolidation that's part of a base-on-base pattern with an official buy point is 1,285.28.
Earlier in the week, SHOP stock moved past an early entry of 1,247.55.
Shares have a best-possible 99 Composite Rating. Shopify stock's EPS Rating, which measures profit growth, is also a strong 98. SHOP stock's relative strength line has largely moved sideways since the summer, indicating that it has largely performed in line with the S&P 500. But that follows a monster run of outperformance.
The e-commerce platform for small businesses has benefited from more customers shopping online due to the coronavirus pandemic. But it has some big rivals, including eBay (EBAY) and Amazon (AMZN). Shopify reports fourth-quarter earnings on Feb. 17.
Smartsheet Stock
Smartsheet stock rose 4.6% to 76.19 on Friday. That put the stock above a 75.59 buy point of a consolidation, according to MarketSmith analysis. SMAR stock rallied 9.25% for the week, rebounding from its 10-week line.
Smartsheet develops cloud-based software to help workplaces collaborate. Shares have a Composite Rating of 58, with an EPS Rating of 41. Shares rebounded off their 50-day line in late January.
Zoom Stock
Zoom Video rose 7.6% on Friday to 419.59, capping a 13% weekly run. Zoom stock rebounded from its 50-day and 10-week lines on Friday after trading tightly for a few weeks. Investors could size their position off the 10-week line or use 404.54 — above the Jan. 15 intraday high.
This is an unconventional entry because Zoom stock is still so low in its base, with 588.94 right now the potential official buy point. IBD advises investors to stay cautious and start with a small position.
The videoconference provider has become a staple of pandemic life as many people work from home and communicate remotely, causing a surge in demand. When a company name becomes a verb — "let's Zoom" — you know it's iconic.
Zoom Video stock was among the biggest winners of 2020. But Zoom, IBD's Stock of the Day on Friday, has fluctuated in recent months as Wall Street tries to gauge the pace of the economy's reopening, and the future of the work-from-home trend.
The work-for-home trend looks likely to remain beyond the pandemic, as many office workers log in remotely some or all of the week. While videoconferencing rivals are cropping up, Zoom Video is still viewed as best in class.
The company last month closed a $2 billion public offering, and it is trying to build a bigger platform as coronavirus vaccinations begin.
Zoom stock has a 97 Composite Rating with an 84 EPS Rating.
Zoom Video was added to SwingTrader on Friday.
Estee Lauder Stock
Estee Lauder stock gained 7.8% on Friday to 272.81, past a 267.30 buy point of a flat base.
Friday's move for the beauty products maker came after it reported better-than-expected quarterly results.
"We are proud to have returned to growth in our second quarter, earlier than we anticipated, demonstrating the enduring success of our multiple engines of growth strategy," CEO Fabrizio Freda said in a statement. "The powerful engines of Skin Care, Fragrance, Asia/Pacific, Travel Retail in Asia, and global Online fueled our performance despite the increasing complexity of the pandemic."
Estee Lauder stock vaulted 15% for the week, regaining its 50-day line and flirting with a downward-sloping trend line on Thursday. That would have offered an early entry, if it weren't for the overnight earnings report.
Estee Lauder stock has a mediocre Composite Rating of 44. Its EPS Rating is 51.
Translate Bio Stock
Translate Bio stock surged 16% to 30.92 on Friday, vaulting past a 28.14 buy point of a cup base, racing past the 5% chase zone that ends at 29.55. TBIO stock spiked 29.5% for the week and 68% so far in 2020. That shows real strength. But the rapid ascent from the bottom of the base raises the risk of a pullback. Translate Bio stock could retreat back into the buy zone, perhaps forming a high handle that offers an alternate entry.
Translate Bio is working on a coronavirus vaccine with Sanofi (SNY) that uses mRNA — the same material in the vaccines from Moderna (MRNA) and Pfizer (PFE).
Translate Bio stock has a 90 Composite Rating and a 49 EPS Rating.
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