And another for electrical cable giant Prysmian S.p.A, (PRY.MI).
From Investor's Business Daily:
Breakout Watch: Top Funds Fire Up This AI Infrastructure Stock
The artificial intelligence revolution continues to drive demand far beyond the likes of Nvidia (NVDA), Palantir Technologies (PLTR) and Alphabet (GOOGL). AI infrastructure stocks like Quanta Services (PWR) and Emcor (EME) have also attracted big bets from Wall Street.
Showing unabated demand for AI stocks, Quanta Services and Emcor joined Nvidia, Alphabet, Palantir on the latest monthly report on new buys by the best mutual funds, As Quanta trades near a buy point and Emcor remains in buy range, they also join Alphabet on the Investor's Business Daily Breakout Stocks Index.
Quanta Services Rides AI Infrastructure Boom And Beyond
Based in Houston, Quanta Services provides specialized infrastructure solutions to the utility, renewable energy, technology, communications, pipeline and energy industries. With operations throughout the United States, Canada, Australia and other international markets, the company's services include designing, installing, repairing and maintaining energy and communications infrastructure.
Strong demand for AI data centers has also boosted demand for Quanta's electrical and other systems.
Top money managers scooped up over $414 million worth of Quanta Services in the latest list of new buys by top funds. They also poured over $649 million into Emcor.
In the second quarter, Quanta Services generated more than $6.73 billion in revenue, marking a 21% year-over-year gain. Earnings growth rose 31% to $2.48 per share.
When the company reports third-quarter numbers on Oct. 30, analysts forecast 14% sales growth to around $7.38 billion. Earnings are expected to grow 20% to $3.26 a share.
For the full year, Wall Street sees earnings rising 18% to $10.57 per share, followed by a 17% gain to $12.39 per share in 2026.
AI Demand Fuels Buy Zone
With the tech-heavy Nasdaq notching new highs but now encountering some resistance, Nvidia — Tuesday's IBD Stock Of The Day — Palantir and fellow AI infrastructure play Emcor all trade in or near a buy zone.Shares of Quanta Services stand near a record high after clearing a 424.94 buy point in a second-stage cup pattern. But on Tuesday, the stock retreated below that entry as the market got jittery. As investors wait to see how Quanta Services holds up and how it reports on Oct. 30, the latest chart pattern and positive technical signs remain intact.
At the beginning of the month, the 21-day exponential moving average climbed back above Quanta's 50-day line and it continues to rise. It is a telltale clue of improving technical strength when a shorter-term moving average retakes its longer-term cousin.
In a sign of market leadership, the relative strength line has turned higher, but remains shy of its 52-week high.
Its strong industry group provides another promising indicator for Quanta Services. With a 97 Composite Rating out of a best-possible 99, Quanta sits among the leaders in the Building-Heavy Construction group, which ranks a lofty No. 14 among the 197 industries IBD tracks. Stock market history shows that the top-performing stocks often hail from the top-ranked industry groups....
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The stock is up $13.57 (+3.22%) at $435.08 after setting the new ATH at $435.85.
And Prysmian S.p.A,?
As we mentioned in October 2's "Electric Cable Giant, Prysmian S.p.A. Closes At All-Time High (PRY.MI)":
They are also big in optical fiber cabling but since they bought America's General Cable Prysmian is far-and-away the class of the field....
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...88.00 euros last, It is often a positive indicator when a stock closes at its high for the day. Day's Range €84.28 - €88.00For the year. 52 Week Range €38.57 - €88.00
Forever....
Today the stock is changing hands in Milan at 91.18 euros, up €3.72 (+4.25%) after trading as high as €91.50.
