SRCL- Stericycle, Inc. $46.00 +2.00 (+1.38)
Thursday's Comment:
It's a dirty business, but someone has to do it. Our Play of the
Day for Friday, Stericycle, provides medical waste collection,
transportation and treatment services to more than 237,000
customers in the United States, Canada and Puerto Rico. Shares of
SRCL have performed well over the past three months. Last week,
the stock hit an all-time high of $47, representing an 81% gain
from its intra-day low of $26 on January 10th. SRCL is currently
consolidating in the $41.50-$46.50 range, and we believe that it
may be ready for an earnings run. We are also looking for a split
announcement with the earnings release scheduled for May 1st after
the bell. The company has enough shares for a 3:2 split with 30
million shares authorized and 15.3 million shares outstanding.
Going forward, SRCL has support at Wednesday's intra-day high of
$44.88 with additional support at $43.61, the 10-dma. Resistance
is the all-time high of $47 and then possibly $49 or $50. Consider
entry points on a bounce off of $44.88 or a breakout above $47.00
on volume of at least 125,000 shares by noon. We plan to place
stops at $41.50 to limit potential losses.
Picked on April 5th @ $46.00
Change since picked +0.00
Stop Loss @ $41.50
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Play of the Day Index
