These chooses are giving “active” investing a whole new meaning.
Nike surged 3 percent Monday, unearthing an all-time high on the heels of Piper Jaffray upgrading the stock to overweight from drab. The move sparked a rally in companies like Lululemon, Foot Locker and Underwater Armour. Lululemon, for its part, surged to its own all-time high after Deutsche Bank go through its price target on the stock.
Some investors say Nike — the Dow’s top-performing name this year — and the broader spell have more room to run.
“I like Nike. I think you let it run here. I over you add to it, add to your winners,” Ari Wald, head of technical analysis at Oppenheimer, hinted Monday on CNBC’s “Trading Nation.”
“I think the key point here is, conditioned by to the S&P 500, the stock is still retracing underperformance dating back to its 2015 applicable peak,” he said, adding its relative performance continues rising.
Others imitation Wald’s outlook. Nike looks poised to continue rallying here, indicated Bill Baruch, president of Blue Line Futures. Another goats to consider in the space is Under Armour, Baruch said Monday on CNBC’s “Buying Nation.”
“Warren Buffett says, ‘Invest in what you know,’ and I discern Under Armour,” Baruch said, adding his familiarity with the trade name gives him his bullish standpoint, and would stick with that run-of-the-mill here.