When putting together your watch list, focus on stocks with an 80 or higher RS Rating. Parker Hannifin now meets that criteria, with an increase from 78 to 81 Wednesday.
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IBD's proprietary RS Rating measures market leadership by showing how a stock's price movement over the last 52 weeks measures up against that of the other stocks in our database.
History reveals that the best stocks tend to have an RS Rating north of 80 as they launch their biggest runs.
Parker Hannifin is working on a consolidation with a 718.44 entry. See if it can clear the breakout price in heavy trading.
In terms of fundamentals, Parker Hannifin has posted two quarters of accelerating earnings growth. Top line growth has been a different story, coming in at -2% in the most recent quarterly report.
The company earns the No. 6 rank among its peers in the Machinery-General Industrial industry group. Badger Meter, Power Solutions Intl and ESCO Technologies are among the top 5 highly rated stocks within the group.
This article was created automatically with Stats Perform's Wordsmith software using data and article templates supplied by Investor's Business Daily. An IBD journalist may have edited the article.
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