Meta Stock, Two Others Break Out To New Highs

Meta Platforms (META) rose to a new high on Friday. Shares broke out from a consolidation and are in buying range from a 542.81 entry, according to IBD MarketSurge. Meta stock is also in a buy zone from an alternative buy point at 544.23.

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Meta Stock Tops Alternative Buy Point

In its most recent quarter, sales grew 22% to $39.1 billion. For the current quarter, the social media giant gave a sales outlook of $40 billion at the midpoint, in line with analysts’ estimates. Q2 earnings of $5.16 per share grew 60%.

Analysts expect profits to rise in 2024 and 2025, adding further tailwinds to the stock’s spectacular 59% growth so far this year after a 195% surge in 2023.

Spotify (SPOT) broke out to an all-time high Thursday. Shares remain in buy range from a buy point of 359.38. The relative strength line is at a new high. The latest pattern is part of a base-on-base structure.

The previous breakout happened July 23, when the stock gapped up after second-quarter results were announced. Sales grew 18% to $4 billion while earnings per share of $1.43 reversed a loss of $1.69 in the prior year.

Rising profit estimates add other points of support for the music streaming specialist. Analysts see EPS rising 315% in 2024 to $6.49 and 40% in 2025 to $9.10. Spotify ranks second in the education and media software group.

Finance Stock At New Highs With Strong Ratings

Interactive Brokers (IBKR) has broken into new highs after consolidating for 15 weeks. Shares are in a buy zone from a buy point of 129.19 after making a new closing high Friday. The stock holds an ideal Composite Rating of 99 and a likewise stellar EPS Rating of 98.

Shares fell below the 50-day moving average after second-quarter results came out July 16 but found support at the 200-day moving average on Aug. 5. Sales grew 23% to $1.2 billion while earnings per share of $1.76 rose 33% from the prior year. For the current quarter, analysts expect EPS to grow 13% to $1.76 on sales of $1.29 billion.

Interactive Brokers holds first place in the investment banks and brokers industry group.

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