Companies Reaching New Highs: Palantir Technologies and Visa
On Friday, Palantir Technologies (PLTR) continued its upward momentum, hitting new highs and surpassing the buy point at 20.24. MarketSmith pattern recognition indicates that PLTR shares are currently trading at 21.25, representing a 5% increase. The stock’s relative strength and performance also reached new peaks following Friday’s surge.
Following Palantir’s report of better-than-expected third-quarter earnings and revenue on November 2, the stock surged by over 20%. The company also raised its full-year 2023 revenue guidance, contributing to the positive investor sentiment.
Palantir remains focused on leveraging its Artificial Intelligence Platform and MetaConstellation satellites to drive revenue growth. According to Dow Jones Market Data, PLTR stock is approaching levels last seen in November 2021, with shares now up approximately 218%.
Similarly, Visa (V), the Dow Jones payments giant, reached new highs by surpassing the 250.06 buy point from a glass base before pulling back slightly on Friday. Visa exceeded analysts’ expectations in its September third-quarter earnings report released on October 24. The company also announced a new $25 billion share buyback program in the same report.
Visa’s stock reclaimed its 10-week moving average and initiated a three-week rally, indicating positive momentum for the company’s future growth prospects.
Quarterly earnings growth surged from 9% and 17% in the previous two quarters to 21%, while sales growth remains steady in the 11% to 12% range. Analysts project EPS growth of 13% for fiscal years 2024 and 2025, highlighting a positive outlook for Visa’s performance in the coming years.
