NEW BULLISH Plays
Patterson Companies - PDCO - close: 31.06 change: +0.08 stop: 29.95
Patterson Companies, Inc. is a value-added distributor serving the dental, companion-pet veterinarian and rehabilitation supply markets.
Dental Market - As Pattersonâ€™s largest business, Patterson Dental provides a virtually complete range of consumable dental products, equipment and software, turnkey digital solutions and value-added services to dentists and dental laboratories throughout North America.
Veterinary Market - Webster Veterinary is the nationâ€™s second largest distributor of consumable veterinary supplies, equipment and software, diagnostic products, vaccines and pharmaceuticals to companion-pet veterinary clinics.
Rehabilitation Market - Patterson Medical is the worldâ€™s leading distributor of rehabilitation supplies and non-wheelchair assistive patient products to the physical and occupational therapy markets. The unitâ€™s global customer base includes hospitals, long-term care facilities, clinics and dealers.
(source: company press release or website)
Why We Like It:
The consolidation inside shares of PDCO has been narrowing for weeks. I suspect the stock is poised to breakout higher given the trend of higher lows. Currently PDCO has resistance near $31.30. I am suggesting we open bullish positions at $31.50. If triggered we'll use a stop at $29.95. Our multi-week target is the $34.50 level.
Trigger to open bullish positions at $31.50
Suggested Position: PDCO stock at $31.50(unopened)
Entry on April xx at $xx.xx
Earnings Date 05/17/10 (unconfirmed)
Average Daily Volume: 975 thousand
Listed on April 6th, 2010