Four Momentum Stocks to Watch

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Polaritite, Inc. (COOL) jumped $3.90 to $30.95 on 1 million shares Wednesday.  The biotech and regenerative biomaterials company announced on June 4 a public offering of common stock.  The stock has nearly doubled from a mid-April low below $16, and recently broke out of a 2-week consolidation pattern, suggesting it is ready to continue the run. Wednesday’s close was the highest since late August, and a break through that level ($31.68), its highest close ever, could take the stock to the mid-to-high $30’s next.

Turtle Beach Corporation (HEAR) rose $1.05 to $17.80 on 1.8 million shares Wednesday.  The move came as the gaming headset and audio accessory brand announced a new partnership with esports franchise Team Allegiance.  The stock in April popped out of a long basing pattern near the $2 level, consolidated, and then popped again in May. Having moved sideways for two weeks in a coiling pattern, the stock after hours Wednesday indicated it is breaking out of that coil, with short-term targets of $19-19.35 and then $20-20.35.

STMicroelectronics N.V. (STM) continued its rally Wednesday, up 56 cents to $25.40 on 3.9 million shares. The chip maker announced June 4 that its technology is being used in TCL Communication’s newly launched Alcatel 3V smartphone for the European market.  The close took the stock above a double-top and 6-month lateral resistance line.  Watch for a move through the channel top near $27, with a near-term target of $29 beyond that.

Twitter, Inc. (TWTR) rose 30 cents to $40.10 on huge volume of 134 million shares Wednesday, more than 4 times its average.  The move came on news the company is being added to the S&P 500 and that it is preparing a $1 billion convertible note offering.  Initial target is $42.50-.75, and beyond that the channel top points towards $50.

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