Guidewire Gains +18%

New 52-Week Highs led New Lows — 89 vs. 42.

June 05, 2024

Good afternoon. Welcome to Trends with No Friends.

For those just joining us, here’s an overview…

Trends With No Friends sifts through the noise and discovers stocks above $1B market cap with high relative strength and low social following.

Why is this combination important?

Stocks that are outperforming tend to continue to outperform. Stocks that have a low social following are, by definition, undiscovered by the crowd. Stocks that have both Relative Strength and Low Social Following can really outperform as more investors discover them.

They are ripe to rip.

Every major index inched higher. The Nasdaq Composite carried +1.96%. The Russell 2000 rallied +1.47%.

Technology advanced +2.22%. Communications and industrials gained more than +1%. Utilities, consumer staples, real estate and energy closed negative.

New 52-Week Highs led New Lows — 89 vs. 42.

The Best of the Best

Guidewire Software ($GWRE) is a notable new high. The insurance software provider flew +17.96% following its Q3 earnings report.

$GWRE closed at its highest price since November 2021.

Here’s the daily chart.

And weekly chart.

$GWRE has 1,162 followers on Stocktwits.

Credo Technology Group ($CRDO) is a notable new high. The high-speed connectivity solutions provider surged +7.37% and closed at an all-time high.

Here’s the daily chart.

And weekly chart.

$CRDO has 536 followers on Stocktwits.

Veeco Instruments ($VECO) is a notable new high. The semiconductor process equipment manufacturer marched +8.88% and closed at its highest price since July 2011.

Here’s the daily chart.

And monster monthly chart.

$VECO has 781 followers on Stocktwits.

The Worst of the Worst

Cisco Systems ($CSCO) is the worst of the worst. The computer network hardware manufacturer tumbled -2.95% and closed at its lowest price since May 2023.

Here’s the daily chart.