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TheStreet Open House

5 Rocket Stocks Worth Buying This Week

BALTIMORE ( Stockpickr) -- Even though Europe is grabbing headlines this morning, it's all about the earnings this week.

Earnings season is back, and it's investors' biggest hope to add some fuel to the rally that's propelled stocks for most of this year. We're in the very early stages of this quarter's earnings bout. So far, only eight S&P 500 stocks have released their numbers to Wall Street. But the early results indicate that analysts are buying the "overextended" sentiment that's shoved stocks lower in April: Five of those eight stocks have posted positive earnings surprises so far.

With record corporate profits fueling record cash positions on corporate balance sheets, it suddenly becomes a whole lot harder to be bearish -- especially if earnings surprise investors to the upside again this quarter. Almost a fifth of the S&P is slated to release earnings over the course of this week; that makes the next five trading sessions critical for stock investors.

>>5 Stocks Setting Up to Break Out

To leverage some of that market attention, we're turning to a new set of Rocket Stocks this week.

For the uninitiated, "Rocket Stocks" are our list of companies with short-term gain catalysts and longer-term growth potential. To find them, I run a weekly quantitative screen that seeks out stocks with a combination of analyst upgrades and positive earnings surprises to identify rising analyst expectations, a bullish signal for stocks in any market. After all, where analysts' expectations are increasing, institutional cash often follows.

In the last 148 weeks, our weekly list of five plays has outperformed the S&P 500 by 79.97%.

With that, here's a look at this week's Rocket Stocks.

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