A movie theater stock broke out of a base with the help of Taylor Swift’s upcoming movie. And a fintech stock also hit a buy point as stocks rallied Friday.
Cinemark Holdings (CNK) broke out of an irregular pattern with an 18.85 buy point Friday in above-average volume. Shares are in a 5% buy range reaching to 19.79. The stock and its relative strength line both hit 52-week highs, a good sign for the breakout.
The movie theater stock rallied after the company said its Taylor Swift concert film presales far exceeded expectations. Presales for the movie, set to release Oct. 13, are more than 10 times that of any of its previous cinema events.
The company, along with competitor AMC Entertainment (AMC), is counting on another big win with the Beyonce concert film that debuts Nov. 30. The two concert movies should give a lifeline to Cinemark after three years of losses.
Fintech Stock Breaks Out
CME Group (CME) broke out of a flat base, rising past a 209.31 buy point. It is in a buy zone to 219.78, according to IBD MarketSmith pattern recognition. The relative strength line also reached a new high Friday, but volume was below average.
Shares made it a four-day winning streak after the company reported its September and third-quarter market statistics, which showed robust average daily volume of contracts. CME Group operates the NYMEX, CME, CBOT and COMEX exchanges for commodities, currencies and other trading.
Investment management firm Ares Management (ARES) rose more than 2% and is in buy range from support at the 10-week moving average. The buy area goes from 102.88 to 113.17.
Follow Kimberley Koenig for more stock market news on X/Twitter @IBD_KKoenig.
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