What's better than momentum? Mo' momentum.
Let's take a closer look at five of this past week's biggest scorchers.
Cray (NAS: CRAY)
Ardea Biosciences (NAS: RDEA)
Cirrus Logic (NAS: CRUS)
Logitech (NAS: LOGI)
Arena Pharmaceuticals (NAS: ARNA)
Cray was last week's biggest winner, soaring 67% after agreeing to sell some its supercomputing networking assets in a $140 million deal. This is a pretty big sale, since Cray's entire market cap was less than twice that sum and the assets being sold are a small part of the company's business.
Ardea Biosciences is cashing out. The biotech is being acquired by AstraZeneca at a reasonable premium. Ardea's flagship gout drug and promising drugs in development will help beef up AstraZeneca's pipeline.
Cirrus Logic was off to the races after indirectly hinting that it will be part of the highly anticipated iPhone 5. Cirrus Logic's quarterly report wasn't all that great, but expectations for revenue growth to accelerate during the September-ended quarter did find observant investors piecing it all together.
Logitech also made a winning connection, as the tech accessories maker generated better-than-expected quarterly results. Logitech earned nearly twice as much as Wall Street was forecasting.
Shares of Arena Pharmaceuticals stumbled 25% two weeks ago, but made most of that back last week. We're now weeks away from some important regulatory moves regarding the company's anti-obesity drug. Expect the volatility to continue.
More winners for you
It was a great week for these five stocks. If you want to get an early read on some of tomorrow's major gainers there's a special report on three hidden winners in a booming industry. The report is free -- like this article -- but it won't be around forever, so check it out now.
At the time thisarticle was published The Motley Fool owns shares of Logitech International and Cirrus Logic.Motley Fool newsletter serviceshave recommended buying shares of Logitech International. The Motley Fool has adisclosure policy. We Fools may not all hold the same opinions, but we all believe thatconsidering a diverse range of insightsmakes us better investors. Try any of our Foolish newsletter servicesfree for 30 days.Longtime Fool contributor Rick Munarriz calls them as he sees them. He does not own shares in any of the stocks in this story. Rick is also part of the Rule Breakers newsletter research team, seeking out tomorrow's ultimate growth stocks a day early.
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