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  • These 5 Top Stocks With Solid Sales Growth Are Holding Up In Market Correction

    Many top stocks have tumbled since the market went into a downturn. However, Progressive (PGR), UGI (UGI), Motorola Solutions (MSI), Ciena (CIEN) and Tractor Supply (TSCO) are all showing strength, and are especially noteworthy as they also have solid sales gains.


    CAN SLIM connoisseurs will recognize the importance of sales growth for top stocks. Investors should look for sales growth of 20%-25% or higher in the most recent quarter. If the company’s sales growth is below that benchmark, make sure it has at least accelerated in recent quarters.

    All five stocks highlighted are on IBD’s Relative Strength At New High list. The relative strength line tracks a stock’s performance vs. the S&P 500 index. The RS line is an easy way to identify leading and lagging stocks.

    Keep in mind that a stock market correction is not a good time to be making new investments. Until there is a confirmed rally, investors should stay on the sidelines, working on watch lists for the next uptrend.

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    Progressive Stock

    Progressive stock is modestly extended from a cup base buy point of 64.87. Shares fell 1.7% to 70.55 on the stock market Friday. The relative strength line has been on an upward trend, managing to swim against the overall flow of the market.

    The insurance giant has posted accelerating sales growth in each of the past four quarters, most recently hit the 25% increase mark. Earnings growth has also been accelerating in the last four quarters, and exploded to 313% in the most recent quarter. A further sign of the stock’s quality is the fact it holds a best possible IBD Composite Rating of 99.

    UGI Stock

    The energy distribution giant rose every day last week, rising 4.8% to 55.97. It’s once again flirting with a 56.05 buy point from a flat base. While its relative strength line has been choppier than Progressive’s, it is on an upward trend for the year.

    UGI stock is up on the back of strong revenue performance. Sales growth has been at or above 25% in the past three quarters. The stock is also showing leadership, holding pole position ahead of other top stocks in the Oil & Gas — Refining/Mktg industry group.

    Motorola Solutions Stock

    The data communications and telecommunications equipment provider is currently consolidating. Shares felling 0.6% to 123.36 on Friday, hitting resistance at the 50-day line. Motorola Solutions stock is extended from a previous flat base cleared in June. Its relative strength line has been making good progress since February.

    Sales increases have been below 25% but have accelerated in the past two quarters. After four quarters of single-digit increases, growth picked up to 15% and 18% in Q1 and Q2, respectively.

    Earnings have also gained momentum recently, jumping 55% and 30% in the previous two quarters. The stock’s Composite Rating is a point short of the 95 benchmark, while its Relative Strength Rating of 89 is impressive.

    Ciena Stock

    Ciena stock is working on 32.43 buy point from a seven-week flat base as part of a base-on-base formation. Shares dipped 0.8% to 30.74 on Friday.

    On Aug. 30, Ciena stock made a big move following earnings, and since then it has been building a base. The RS line has been on a distinct upward trend since Oct. 9, though the trading volume has been middling.

    The telecoms networking giant’s sales growth has also been below 25%. But it did accelerate to 12% in the most recent quarter, marking the fastest growth in nearly three years. Earnings also turned around, growing by 37% after two consecutive quarters of shrinkage.

    Ciena was Thursday’s IBD Stock of the Day.

    Tractor Supply Stock

    The farming products retailer is just above a buy zone after breaking out from a 30-week cup-with-handle base with an 82.44 buy point. Tractor Supply stock fell 0.9% to 86.86, dipping just below its 50-day line.

    Tractor Supply sits at the summit of the Retail/Wholesale-Building Products Group, and its RS line has been continuing to make progress.

    Sales were up 10% in Q2, representing a second straight quarter of acceleration. Earnings growth has been more impressive, coming in at 24% and 35% in those quarters. Tractor Supply earnings report for the third quarter is due before the open Thursday.


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    The post These 5 Top Stocks With Solid Sales Growth Are Holding Up In Market Correction appeared first on Investor's Business Daily.

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