IDEXX Laboratories $IDXX just rocketed higher after its earnings report, and here's why.
The company is releasing two new products that have the potential to revolutionize the veterinary industry: a cellular analyzer and a cancer detection panel.
The market has high hopes for these products and is beginning to price them into the stock.
But that's not it.
Here are the latest earnings reactions from the S&P 500:
*click the image to enlarge it
The stock also beat its top and bottom-line results this quarter and rallied over 11% with a reaction score of 7.
It was a fantastic report all around.
IDXX just had its best earnings reactions since Q1 2017:
We tend to see these massive initiation thrusts before the beginning of brand-new primary uptrends.
It's something we talk about all the time at The Beat Report.
In addition to the thrusty momentum, the chart has also shaped up beautifully.
IDXX is nearing the apex of a multi-year consolidation:
As you can see, the stock had a historic uptrend from 2016 to 2021 and has carved out a textbook wedge in recent years.
We want to be long IDXX if and when the bulls can resolve this pattern and embark on a new primary uptrend.
