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Wal-Mart Blasted Off From 2nd-Stage Base.(B)
Byline: KEN HOOVER
Wal-Mart had already been a big winner when it took off on a new run in 1985. It gained 2,200% between 1977 and 1983. After a two-year pause, it was ready to rumble again.
As it set up for a new breakout, the company had 791 stores. Today, it has 1,647. So in 1985, it had a lot of growth in its future.
Wal-Mart's earnings rose 31%, 30%, 13% and 24% in the four quarters prior to its '85 breakout. Sales rose 36%, 34%, 34% and 26%. The five-year growth rate was 43%. The Earnings Per Share Rating was 97. The Relative Strength Rating was 83. Despite years of excellent earnings growth, only 5% of the company was owned by mutual funds.
The stock based for 15 weeks before giving investors their first chance to buy. It corrected only 16% in that time. An aggressive buyer could have taken his first position Oct. 10 when the stock cleared resistance at 26 (1). After an initial burst, the stock stalled and formed a handle, then broke out again (2) over several days of rising volume. That was a second chance to get in.
The base had several areas where the price moved in a tight range for days at a time (3). That's a feature often seen in good bases. And the 19-week, cup-with-handle base was built on top of another base (4), a particularly powerful formation. Wal-Mart had held up and built a base on top of a base while the Nasdaq corrected 10% between July and October 1985.
After breaking out, Wal-Mart moved higher for five weeks, then built a 10-week ...
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