Weekly stock on the Move

...Currently at noon, CB Richard Ellis Group Inc (CBG) is up over 6.62% to $49.14. CB Richard Ellis is the nation's largest commercial real estate services company. Late Tuesday, CBG reported sharply higher second-quarter earnings on improved leasing activity, and raised guidance for the full year.

According to yahoo finance, net income surged to $50.4 million, or 66 cents per share, from $3 million, or 4 cents per share, a year ago. Excluding one-time items related to the Insignia acquisition and debt buyback charges, the company earned 70 cents per share, more than double last year's earnings of 32 cents per share.

The results easily topped analysts' expectations for profit of 42 cents per share, according to a Thomson Financial poll. Revenue grew 22 percent to $672.2 million from $550.9 million last year, fueled by a steady leasing recovery and continued investment sales strength.

MSW members have been aware of the company since the week of May 15, 2005 when CBG debuted on our daily screens. That same weekend on May 21, 2005, CBG made its first weekly screen at $37.20 and has not turned back. We established a breakout and/or pivot point of $38.95 and declared a strong support level near $33.00.

On June 23, 2005, we featured the stock as a highlighted case study when the price was at $41.03 and we detailed the setup and breakout of the pattern. The stock has made 11 consecutive weekly screens and has been a strong performer on the daily screens as well. If you were one of our members that purchased the stock at the pivot point, you would currently have a gain of 32% in less than three months (10 weeks to be exact). Keep up the good work and always stick to you buying and selling rules. Never let a solid gain slip away due to faulty system management.

Piranha