PayPal, Workday Lead New Names On IBD Breakout Stocks Index

PayPal (PYPL) and Workday (WDAY) are charging toward new buy points. Both are among the leading growth stocks on the IBD Breakout Stocks Index and featured on the IBD Breakout Opportunities ETF (BOUT).


As PYPL stock and WDAY stock set up new chart patterns, the BOUT ETF is working on a breakout of its own.

While Nvidia (NVDA) and other stocks on the BOUT ETF are extended, others such as Floor & Decor (FND) and building sector stocks Atkore (ATKR) and Builders FirstSource (BLDR) are also in or near new buy zones.

See Who Joins PayPal And Workday On The IBD Breakout Stocks Index

PayPal Nears Buy On Bitcoin, Cryptocurrency Trends

Although Bitcoin and other cryptocurrency stocks ran into selling pressure Tuesday, PayPal is tapping into long-term crypto trends.

Among its latest move in that space, PayPal launched the ability to buy, hold and sell cryptocurrency in the United Kingdom last month. The launch marks the first expansion of PayPal’s cryptocurrency beyond the U.S.

Also expanding its presence in the ‘Buy Now, Pay Later‘ space, PayPal just announced it’s buying Japanese startup, Paidy.

PYPL stock gapped down in heavy volume after PayPal reported earnings on July 28. But the payment processing and leading crypto stock bounced back in heavy trade at the end of August to retake its 50-day moving average.

The IBD Long-Term Leader is now working on a later-stage flat base. The buy point is 310.26. PayPal, recently featured as the Stock Of The Day, also offers an early entry near the 50-day moving average.

The relative strength line has fallen off its highs hit in mid-February. Look for the RS line to continue to recover, as it started to in August.

On Tuesday, PYPL stock rose over 1% in rising and above-average volume. PayPal ended the session 5% shy of the buy point.

Workday Ramps Up Move Toward Fresh Breakout

A leading player among cloud stocks in the financial and HR space, Workday has made a strong but volatile ride toward a new high.

WDAY stock is now pushing toward a 282.87 buy point after spiking over 14% for the week ended Aug. 27 after reporting earnings. Since gapping up on earnings, Workday has held those gain but slipped off its highs on Tuesday.

The Silicon Valley-based company posted 46% EPS growth in its latest report and has averaged annual earnings growth of 47% over the last three years. The enterprise software cloud stock has generated average annual sales growth of 24% during the same period.

Institutional investors like what they see with Workday. WDAY stock has a B Accumulation/Distribution Rating and a solid 1.5 up/down volume ratio. Like with PYPL stock, Workday sports eight quarters of rising fund ownership.

Last month, Workday achieved ready status for the Federal Risk and Authorization Management Program. The program is known as FedRAMP, and the new status marks entry into the federal market and helps Workday federal agencies’ accelerate their IT transformation. It also represents a significant milestone for Workday and bolsters its opportunities for growth.

IBD Breakout Opportunities ETF

The IBD Breakout Opportunities ETF from Innovator Capital Management tracks the IBD Breakout Stocks Index. As with other index ETFs, this fund allows you to essentially invest in the entire index in addition to or rather than buying the individual stocks. Learn more here about the ETF and Innovator funds.

Follow Matthew Galgani on Twitter at @IBD_MGalgani.


Warren Buffett Stocks: Alibaba, PayPal Among 11 Stocks On This Screen

Zero In On The Best Stocks To Buy And Watch With The IBD Stock Screener

Nvidia, Facebook Reveal 7 Telltale Traits Of Top Stocks To Buy And Watch

Looking For The Best Stocks To Buy And Watch? Use With This Simple 3-Step Routine

Identify Bases And Buy Points With This Pattern Recognition Tool

Most Related Links :
Business News Governmental News Finance News

Need Your Help Today. Your $1 can change life.

[charitable_donation_form campaign_id=57167]

Source link

Back to top button