Overall, U.S. stocks trended upward late last week as corporate earnings and economic reports encouraged wary investors. Reports of worsening conditions at the damaged Japanese nuclear power plant Friday did not prevent U.S. equity markets from rising for a third straight day.
The Dow Jones Industrial Average jumped to close at 12,220.59 on Friday for a 3.1% one-week gain. The S&P 500 reached 1,313.80 on Friday to rise 2.7% for the week, with energy ascending the most among the index’s 10 industry groups. The Nasdaq Composite also closed up on Friday to hit 2,743.06 as it climbed 2.8% last week.
The biggest gainer in your Bull Market Alert portfolio last week was SINA Corp. (SINA), which soared 14.70%, climbing nearly twice as much as it fell the previous week. Other top performers in your portfolio last week featured: Cognizant Technology Group (CTSH), Ivanhoe Mines (IVN) and Nabors Industries (NBR). Each of them gained more than 5%.
With your current portfolio doing well, I am sticking with my recommendations in hopes that they will provide you with further gains in the weeks ahead.
Portfolio Update
Alliance Resource Partners L.P. (ARLP) rose 3.25% this past week and your remaining options are up 86.05%. ARLP offers one of the highest dividends among its energy-coal industry peers and it remains a BUY.
Cognizant Technology Group (CTSH) is a prime example of a rebounding stock, since it jumped 7.55% last week, after falling 2.85% during the previous week. Our April options rose in value but they still are trading below our buy price. Watch for future updates from me about an exit strategy for these options. Another strong performance in the stock during the coming week would be most welcome and timely for your options. CTSH remains a BUY.
Bank of Ireland (IRE) gave back all of its 5.32% gains from the previous week, after it fell 7.07% during the last five trading days. Remember, this pick is the one that I advised will trade as though it was an option that does not expire. Hang on for the wild roller-coaster ride. Since the stock remains under its 50-day moving average, IRE is a HOLD.
Ivanhoe Mines (IVN) jumped 6.75% last week, amid expectations of rising copper prices following the Japanese disasters and the need to do extensive rebuilding in that country. Indeed, CEO Robert Friedland forecasted last week that copper and iron ore prices should remain high in the near future because of such increased demand. This stock, which I like to call a bet on the “Mongolian miracle,” remains a BUY.
Nabors Industries (NBR) soared 8.08% during the past week. With NBR trading above its 50-day moving average and advancing briskly amid rising oil prices, this onshore oil driller remains a BUY.
National Bank of Greece SA (NBG) rose 2.08% last week to build upon its 6.67% jump during the previous week. Last Wednesday, the bank reported a euro147 million, or $207.8 million, fourth-quarter 2010 profit, aided by cost-cutting moves and strong results from its Turkish subsidiary Finansbank. With that kind of profitability, NBG stays a BUY.
Novo Nordisk A/S (NVO) ended the week up 0.67%. This biotech company announced last week that shareholders at its annual meeting voted to approve an increase in its fiscal year 2010 dividend payment by 33%, compared to the dividend payment in fiscal year 2009. NVO remains a BUY.
ELEMENTS Rogers Intl Commodity Agri ETN (RJA) rose 0.99% last week to demonstrate amazing consistency after it gained 1% during the previous week. This agricultural ETN is on the rise. RJA is a BUY.
Sina Corporation (SINA) zoomed 14.70% last week to more than recoup its drop of 7.14% during the week before. “China’s Twitter” closed at $103.52 Friday to reach a new 52-week high. SINA remains a BUY.
Toyota Motor Corp. (TM) announced last week that it would delay resuming production of vehicles in Japan several days until today. Naturally, the stock price dipped on the news. Toyota later in the week reported a temporary parts shortage due to lingering effects of the triple disasters of the 9.0 magnitude earthquake, a killer tsunami and a nuclear plant meltdown. Consequently, the company announced that the production of vehicles at three manufacturing plants in the United States would be disrupted. Despite the short-term problems, the stock held up fairly well since its recommendation last Monday and fell only 2.40%. It should rebound in the weeks ahead as production gets back on track. TM is a BUY.
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