On Assignment for a Stock Play on Weekly Jobless Claim Day
Highlighting: On Assignment, Inc. (NASDAQ:ASGN)
Weekly jobless claims are due out on Thursday, so with this event approaching, a stock that fits the theme of the day has been chosen.
Of the 1661 stocks analyzed on Wednesday, 1461 advanced, 183 declined, and the remaining 17 were flat on the day. Stocks averaged gains of 2.16% on volumes 10% less than the day previous. Gains across the capitalizations averaged to 1.26%, 2.02% and 3.14% for Large-caps, Mid-caps and Small-caps, respectively.
Analysis has revealed that with a buy date of March 6 and a sell date of May 11, investors have benefited from a total return of 496.44% over the last 10 years.This scenario has shown positive results in 5 of those periods.
Conversely, the best return over the maximum number of positive periods reveals a buy date of August 9 and a sell date of August 18, producing a total return over the same 10-year range of 57.16% with positive results in 10 of those periods.
The buy and hold return for the past 10 years was -52.14%.
Comments:
The company recently provided guidance for the second quarter of the current calendar year that was $7 Million above the $100 Million analyst estimate of Revenue expectations.EPS was in-line at 0.03 cents per share.As a result, the stock has been granted an analyst outperform rating and has recently had institutions accumulate shares on net.The stock is expected to double its EPS over the next two years as the economy gets back on track and the employment services that this company provides become in high demand.
The stock was recently trading very steady at $7 before the "flash crash" and the current levels surely seem abnormal for this equity that is below this common support level.
The stock commonly rallies in July through to September for gains topping 10% on average, however at these levels it seems hard to hold off until that period.
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Disclosure: Mr. Vialoux does not own securities mentioned in this report.
Disclaimer: Comments and opinions offered in this report at EquityClock.com are for information only. They should not be considered as advice to purchase or to sell mentioned securities.
Data offered in this report is believed to be accurate, but is not guaranteed.
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