Rocket Stocks for the Week

Updated from 8:06 a.m. EST

As readers know, I like to look for stocks that have potential catalysts ahead of them. The catalysts I look for vary from week to week, but typically they include earnings, irrational selloffs, regulatory decisions, misinterpretation of company-specific news and other market-independent events that could push a stock higher.

Everyone knows we are in a brutal bear market, but even in bear markets you get short-term snapback rallies.  Each week at Stockpickr we search for stocks that could snap back in the coming days.

Let's look back and see how last week's ideas fared.

Flowserve ( FLS) finished the week up 5% after gapping higher by as much as 10% on Tuesday.  Fourth-quarter 2008 profit grew 19.3% on strong order fulfillments and aftermarket demand in the oil and gas, chemical and power markets.  For the quarter, Flowserve said it earned $114.4 million, or $2.03 per share, up from $95.9 million, or $1.7 per share, during the same period last year. Sales rose 5.4% to $1.2 billion, from $1.1 billion a year ago.

Ternium ( TX) finished the week down 10% after reporting its first loss of $109 million dollars for the fourth-quarter 2008 in nearly seven years. 

Here are a few ideas, including ATP Oil & Gas ( ATPG), that appear in this week's Rocket Stocks portfolio.

To read more, visit Stockpickr.com.

At the time of publication, Altucher and/or his fund had no positions in stocks mentioned, although positions may change at any time.

James Altucher is president of Stockpickr LLC, a wholly owned subsidiary of TheStreet.com and part of its network of Web properties, and a managing partner at Formula Capital, an alternative asset management firm that runs a fund of hedge funds. He is also a weekly columnist for the Financial Times and the author of Trade Like a Hedge Fund, Trade Like Warren Buffett and SuperCa$h. Under no circumstances does the information in this column represent a recommendation to buy or sell stocks. Altucher appreciates your feedback; click here to send him an email.

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