NEW YORK (TheStreet) -- A wealth of healthy buying in recent weeks led a wide variety of blue chips to hit fresh 52-week highs on Friday, including Dow Jones industrial average components Kraft Foods (KFT), Caterpillar (CAT) and Du Pont (DD).
Jim Cramer told the viewers of his "Mad Money" TV show Wednesday the 52-week high list tells us everything we need to know about the market -- though it's not the number of companies hitting 52-week highs that's important, it's the number of industries represented on the list.
Cramer explained that just a month ago, there were only three industries on the list, and they represented people's fears of the market. But today, there are an astounding 25 different industries on the list, a diverse swath of our economy.Ranked by volume, the most heavily-traded stock to hit a fresh 52-week high Friday was Oracle (ORCL), rising to $27.38 in early-afternoon trading. The database giant, which recently recruited ousted Hewlett-Packard (HPQ) CEO Mark Hurd, got plenty of investor love following strong first-quarter results.The company's software business grew "strongly" in all regions, according to Oracle, which said that its Exadata database machine continued to win new customers. A number of research firms, including Barclays Capital, Caris, RBC Capital Markets and FBR Capital raised their price targets on Oracle shares. Communications firm Qwest Communications (Q) rose to a fresh 52-week high of $6.24 on Friday, after hitting an annual high of $6.10 on Thursday. Analysts at Goldman Sachs upgraded Qwest to buy with a price target of $7 per share, noting that it is positioned well to exceed cash flow targets.
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