Top Rocket Stocks for Week of April 7

At the start of each week, I write a column featuring the Rocket Stocks for the week, a list of stocks that I believe have the potential to surge higher in coming days.

The goal of this portfolio is not necessarily to find the best stocks for the next year but, rather, to find stocks that can either snap back this coming week or that have some other potential catalyst that could send the stock soaring in the short term.

With TheStreet.com's Beat the Street stock-picking contest now under way, potential rocket stocks like these could really pay off.

Before we get to this week's Rocket Stocks -- which include names like Genentech (DNA Quote) and Halliburton (HAL Quote) -- let's take a look at how last week's picks fared.

• Nortel (NT Quote): Up 22.3% on a news-rich week that included the launched of new mobile communications products at the CTIA conference in Las Vegas.
• Evergreen Solar (ESLR Quote): Up 16.3% on the week as solar stocks came back into play.
• Schnitzer Steel (SCHN Quote): Up 12.9% on the week after posting a second-quarter earnings beat.
• Inverness Medical (IMA Quote): Up 9.6% on the week as a pure snapback play.
• Family Dollar Stores (FDO Quote): A recession play that ended the week up 6.4%.
• Motorola (MOT Quote): Up 5% on the week as investors took a better look at the company's potential spin-off.
• Research In Motion (RIMM Quote): Up 3% on the week after reporting blowout fourth-quarter earnings.
• Valero (VLO Quote): Up 2.8% on the week as the prior week's analyst upgrade of this stock finally got respect.
• AZZ (AZZ Quote): Down 13.3% on the week after posting a drop in fourth-quarter revenue Friday.
• UltraShort Oil & Gas ProShares (DUG Quote): Down 10.7% on the week as oil service stocks rallied.

One stock worth keeping an eye on this week is China Petroleum & Chemical (SNP Quote), or Sinopec. The independent oil and gas company is set to report earnings Monday.

As the stock trades down more than $80 from its 52-week high, China Petroleum & Chemical is positioned as a great international play on China, oil and the increased strength in the chemical sector. Chinese demand for refined oil products and chemical products have grown steadily over the past year as China's economy continues to boom.

With crude oil prices at record levels, China Petroleum likely will be able to increase overall margins. EBITDA was up 32.6% from '06 to '07, and total earnings per share were up 43.2% in the same time frame. The chemical sector also has actually been quite strong. In fact, chemical prices have been steadily increasing year over year.

With earnings next week, China Petroleum's main business segments are in two bull market sectors, and that position could help the company beat earnings expectations.