Atwood Oceanics (ATW) – a Beautiful Breakout
Posted on Friday, June 27th, 2008 | In Current Market News, Stocks to Watch
Contributed by: Trader Mark (http://fundmyfund.blogspot.com) -
I highlighted Atwood Oceanics (ATW) new contract earlier this week [Jun 25: Atwood Oceanics Announces New Contract] – the stock has been on fire since, and looks like the name got an upgrade yesterday
- Shares of oil drilling contractor Atwood Oceanics Inc. set an all-time high Thursday, as the price of oil soared and after a Credit Suisse analyst upgraded the stock a day earlier.
- On Wednesday, shares of Atwood were upgraded by Credit Suisse analyst Arun Jayaram to “Neutral” from “Underperform” following news of a contract.
- “We believe Atwood’s growth rate will be the highest in the industry for the offshore drillers,” Jayaram wrote in a client note.
- Jayaram’s price target is now $120, compared with $97 previously (errr, gee thanks)
If you are a technical trader – this chart is like the Holy Grail of breakouts. I added a touch today despite my “for gosh sakes, will commodities ever sell off?” stance. Maybe my crumbling to the will of the market will cause a top to form? 
Long Atwood Oceanics in fund; no personal position
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 About Trader Mark (http://fundmyfund.blogspot.com)
Mark is a self taught private investor, fascinated by the market since an early age, discovering mutual funds as a teenager in the 80s, and then moving to equities by the mid 90s. His equity focus is identifying secular growth trends, and the companies most likely to benefit from these macro trends. Stocks are identified through fundamental analysis, although basic technical analysis is used in determining entry and exit points. With a degree in Economics from the University of Michigan, a broader understanding of the economy as a whole, along with interpreting investor psychology is also a major interest for Mark. His career background has focused on financial analysis in corporate America. |
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