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6 Stocks Setting New 52-Week Highs


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InnerWorkings (INWK - Get Report) is a provider of managed print and promotional procurement solutions to corporate clients across a range of industries. This stock is trading up 5% at $9.77 in recent trading after hitting a 52-week of $9.89 earlier in the day.

Today's Range: $9.30-$9.89

52-week Range: $6.07-$9.89

Volume: 353,600

Three-Month Average Volume: 184,091

InnerWorkings has a market cap of $454.11 million. The stock trades at a trailing price-to-earnings of 37.91. The current short interest as a percentage of the float for InnerWorkings is very large at 20.6%.

This stock is ripping higher today after the company raised its 2011 revenue guidance from a range of $600 million to $625 million to a range of $620 million to $635 million and raised its 2011 earnings per share guidance from a range of 29 cents to 32 cents per share to a range of 30 cents to 33 cents per share.

From a technical standpoint, this stock is triggering a major breakout today now that shares are moving above some near-term overhead resistance at around $9.67 a share on heavy volume. Traders should now look for INWK to continue this uptrend with a close above $9.67. I would target a run back towards the next significant overhead resistance level which sits at $12 to $16 a share.

-- Written by Roberto Pedone in Winderemere, Fla.


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At the time of publication, author had no positions in stocks mentioned.

Roberto Pedone, based out of Windermere, Fla., is an independent trader who focuses on stocks, options, futures, commodities and currencies. He is also an outside contributor to and maintains the website, which he sold to Blue Wave Advisors in 2008. Roberto studied International Business at The Milwaukee School of Engineering, and he spent a year overseas studying business in Lubeck, Germany.
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ARCI $1.33 -2.92%
INWK $8.14 0.25%
MXWL $6.13 -0.97%
SBUX $56.33 0.14%
REXX $0.91 -2.90%


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