Early Winners: Best Buy, Ivanhoe, and NutriSystem (BBY, IVN, NTRI)
Its not a 'Case of the Monday's for these three stocks, all hitting new 52-week highs before noon, the winners are: Best Buy (NYSE:BBY), Ivanhoe Mines (NYSE:IVN), and NutriSystem Inc. (NASDAQ:NTRI).
Ivanhoe Mines (IVN) shares are up 6% today and hit a new 52-week high of $14.45. This year has been wonderful for Ivanhoe shareholders, the company shares have comeback 430% in 2009. Last week Ivanhoe Mines' President and Chief Executive Officer John Macken announced that the joint Ivanhoe Mines-Rio Tinto Oyu Tolgoi technical Committee has approved a conditional US$758 million budget for 2010 to begin full-scale construction of the copper-gold mining complex in southern Mongolia.
"The approval of the 2010 construction budget represents the next big step toward bringing this project into production," Mr. Macken said. "Ivanhoe is considering a schedule that could see construction of the initial open-pit mine completed in 2012 and commercial production begin in 2013."
Best Buy (BBY) shares hit $45 today thanks to KeyBanc reiterated a 'Buy' rating on its stock and raising their price target from $45 to $48.
KeyBanc analyst says, "Best Buy will report 3Q EPS on Tuesday, December 15, before the market open. We believe that comps accelerated through the quarter and holiday sales are off to an encouraging start. Furthermore, we believe the outlook for 2010 is improving as a result of new television technology and strengthening appliance sales...We are raising our 3Q estimate to $0.44 from $0.40, which is now $0.01 above the current consensus. Our 2009 estimate goes to $2.97 from $2.90. Our 2010 estimate goes to $3.25 from $3.15."
Finally NutriSystem (NTRI) shares peaked at $31.31 before backing down to the $31.20 range. In the last month NTRI shares have bounced an incredible 38%. Besides moving NutriSystem products into Wal-Mart (WMT) last week they conquered Walgreens just in time for the 2010 New Year’s resolution season. The Nutrisystem weight loss program cards will begin to roll-out in the diet section of local Walgreens stores on December 25, 2009.
Welcome Today's new 52-week highs:
|Company name||Price||Change||Chg %||Mkt Cap|
|BBY||Best Buy Co., Inc.||44.78||+0.44||0.99%||18.65B|
|IVN||Ivanhoe Mines Ltd. (USA)||14.32||+0.83||6.15%||5.42B|