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52-Week Stock Highs: Oracle, Qwest

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 - Get Report) 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's 'Mad Money' Recap: 52-Week High Breakout

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 - Get Report), 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 - Get Report) 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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BMY $61.02 0.49%
CAT $63.93 -1.01%
EXPE $92.64 1.21%
Q $56.70 1.41%
ORCL $35.08 -1.49%


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