Building and infrastructure among major titles reach new heights

Municipal infrastructure provider and first stock Lindsay (LNN) went from a cutting base to new highs on Friday. Distributor of construction products Griffin (GFF) has also reached new highs and is extended beyond its buy point of 33.63.


Shares of Lindsay climbed 1.7% on Friday, surpassing its buy point of 171.79.

MarketSmith Pattern Recognition call it a big cup with handle, but the handle is too deep. As a result, the handle formed its own cup bottom. The shares are trading above the 50 and 200 day moving averages and the relative force line is increasing.

Lindsay reported fiscal fourth-quarter earnings of $1.62 per share Oct. 20, easily beating Wall Street estimates. LNN stock has an EPS rating of 95 and a perfect rating of 99 composite score.

Lindsay and Griffin are among the best actions

Lindsay and John Deere (OF) share the highest rating of the IBD agricultural machinery group.

Deere announces its results next week. The agricultural equipment giant and its major stocks held on to gains after breaking above the 400 level and a buy point of 406.12.

Griffin broke out on Nov. 11 and surged more than 7% on Friday to new highs, stretching above 5% shopping area of entry 33.63.

The company reported fiscal fourth-quarter results Thursday, beating Wall Street expectations with earnings of $1.09 per share. The stock has a composite rating of 93 and an even stronger 99 EPS Ranking.

“Looking to 2023, we expect revenues of $2.95 billion and at least $500 million of EBITDA (earnings before interest, taxes, depreciation and amortization) before unallocated costs. For Home and Building Products, we expect a moderate decline in sales and EBITDA margin due to reduced residential demand and inflationary effects,” the company said in its earnings report on Thursday.

Follow Michael Molinski on Twitter @IMmolinski


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