Three press releases from Comtex News Network drove three large financial stocks higher on Thursday.
All three stocks benefited from news highlighting their recent significant price gains. Betting that their recent performance is indicative of future results pushed their valuations even higher on Thursday. All three finished in the top 4 of major market price gainers.
Comtex which earlier in the year had issued an automated buy recommendation on Bank of Ireland (ADR), reported that the bank's stock has returned 197.6% as of Wednesday's opening price of 6.16. ADR closed up over 20% for the day Thursday.
Comtex News called an uptrend for Genworth Financial Inc (GNW) on 3/19/2009 at $1.98. Since then, Genworth Financial has returned 153% as of its recent price of $5.01. GNW was also up 20% for the day and another 2% after hours.
And finally Comtex published a buy call on Hartford Financial (HIG) on 3/13/2009 at $6.76. Since then, Hartford Financial has returned 123.8% as of its recent price of $15.13. HIG ran up close to 17% on Thursday and another 10% after hours.
And these financial stocks were not alone. Intel(INTC) which accounts for close to 80% of the computer microprocessor market, was up close to 3% for the day. Intel continues to underscore this week that Q1 represented the bottom for this business cycle and further stated mid week that Q2 sales appear better than projected.
The technology laden Nasdaq was up another 1.5% for the day and trading on foreign exchanges and future's indicators point to another strong rally to close the week.
It is amazing how this rebound mirrors that of the 1975 market.
When all you read is gloom, turn here for a much different perspective.