Three momentum stocks to watch after company earnings reports

Three momentum stocks to watch after company earnings reports

In focus: Clovis Oncology, Luckin Coffee and Luna Innovations

Here are three stocks with continued technical momentum in the days and weeks after strong earnings releases.

Clovis Oncology Inc. CLVS, +11.60% jumped 75 cents to $7.76 on 8.1 million shares traded Thursday. The move continued the stock’s run-up following the biotech company’s better-than-expected earnings release two weeks ago. The stock closed right above lateral resistance, and next target is the rising channel top near $9-$9.25.

Luckin Coffee Inc. LK, +6.80% popped $1.65 to $27.95 on 14.4 million shares traded Thursday, more than three times its average volume. Shares in the China-based company have been running since its Nov. 13 quarterly financial release that topped analysts’ estimates. The stock in recent days pulled back from its high, before Thursday’s move. A break back above Tuesday’s intraday high of $28.85 could get this to $30-$32 next.

Luna Innovations Inc. LUNA, +0.28% climbed 20 cents to $7.13 on 636,300 shares traded Thursday. The move, on nearly double the average volume, came on no news from the fiber optic-based technology company, though the stock has been climbing (now up about 20%) since the company’s Nov. 5 earnings release. The stock made a new all-time high at $7.40 intraday Thursday, with the rising channel top pointing to above $8.

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