Align Technology ( $ALGN ) came to my attention last week, when the stock bested estimates for earnings, raised guidance, and closed up 12% - it was actually up 20% at times. The company is growing top line 30%, has $600 mil in cash & equivalents, and looks to to continue the growth in Quarter 2.
Yesterday the company announced a $50 million accelerated stock purchase plan in addition to the $300 million they already have authorized to buyback shares. I saw the stock moving higher today and added some May strikes to play for a 'bat signal' move, meaning a re-test of it's all time high paint of $145.24.
Will look to close some of my $140 calls at some point for 100% and hold the rest for 500%+ - could certainly test $150 on a breach of that $145 level. [*Update: Already out original $140 call for $170%, riding rest as 'freebies'*]Call me crazy, but this stock and move remind me of Boston Beer ( $SAM ) when it was $110 and before it hit $350: https://www.optionmillionaires.com/boston-beer-sam-cracks-new-highs-yet/
Stay tuned for updates - here is the breakout chart:
Happy Trading!
-JB