One of the country's least loves companies - Monsanto (MON) has suffered through a horrific 2010, missing all rallies as it was sold off relentlessly. In fact, today's movement is the first time the stock has been over the 50 day exponential moving average since January.
Indeed, the chart above does not look very much different from BP frankly!
It appears news of the CEO and CFO buying shares might be the driver, about $3.5 million between the two. Earnings expectations have been dragged down enough (in the past 60 days EPS for 2010 down from $3.16 to $2.49) that the company might finally have found a bottom.
If the stock can clear the $56 level, there appears little standing in the way to a run to the mid $65s. One to keep an eye on.
Monsanto Company, together with its subsidiaries, provides agricultural products for farmers in the United States and internationally. It has two segments, Seeds and Genomics, and Agricultural Productivity.