There are some rather interesting stocks hitting 52-week highs today.  Some may seem obvious, while others may seem as though they are from left field.

American Dairy (NYSE: ADY) is continuing its mystery run.  We featured this over the weekend with stocks up on a crummy week.  The producer and distributor of premium infant formula, milk powder and soybean, rice and walnut products in China was up 62% last week and up 250% from lows, and today’s $31.00 high marks another record.

3Com Corporation (NASDAQ: COMS) hit $4.20 today, above its prior 52-week high of $4.18.  We are back to around some of the levels where the Chinese and private equity buyout fell through.

Cubic Corporation (NYSE: CUB) designs, develops, and manufactures defense electronics and transportation fare collection systems.  Its last award was only $5 million.  Shares hit $35.50 today, above the 52-week range of $17.03 to $35.22.

Diedrich Coffee Inc. (NASDAQ: DDRX) continued its surge from last week’s winners on a down week by hitting $15.00 at one point today (52-week range is $0.21 to $13.55).  As noted over the weekend:  Diedrich Coffee Inc. (NASDAQ: DDRX) is coming back from the dead.  Shares were only up 2.7% to $12.91 Friday, but this was up 30% from the prior Friday.  You better be  sitting down when we tell you this.  Diedrich was a $0.42 stock at the end of March.  The company has completed its transition to a premier coffee roaster and wholesaler that recently sold its Gloria Jean’s franchise operations.  This is enough to make a man cry, but this stock is up over 30-fold since the end of March.

Loral Space & Communications, Inc. (NASDAQ: LORL) has come way back from the shadows and was already on highs last week.  This 3% gain to $32.,33 today follows a 22% for the week and a bigger gain of 150%  over the last two months.

Medifast Inc. (NYSE: MED) is in the field of weight management and disease management products and is up on no real news today.  The $9.50+ prints today are compared to a 52-week range of $3.35 to $9.08.

Nektar Therapeutics (NASDAQ: NKTR) is continuing last week’s gain on a partners key news on a rheumatoid arthritis FDA approval.  After hitting $6.76 today, its prior 52-week range was $2.45 to $6.59.

OncoGenex Pharmaceuticals Inc. (NASDAQ: OGXI) is continuing its cancer and pre-ASCO surge.  Shares hit $11.33 today, and its 52-week trading range is $2.00 to $9.49.

Palm, Inc, (NASDAQ: PALM) must truly be back from the dead, and it has not even released that Palm Pre touch-screen smartphone yet.  After hitting $12.05, that is above its 52-week range of $1.14 to $11.80.

Quality Systems, Inc. (NASDAQ: QSII) is up ahead of two presentations this week and today’s $60.00 print is above the prior $25.70 to $57.68 trading range of the last year.

STEC, Inc. (NASDAQ: STEC) was winner last week on solid earnings from solid state drives, and its pact with Fujitsu announced this morning is only helping more.  After a gain of more than 5% today to $15.31, its old range was $3.42 to $14.48.

JON C. OGG

MAY 18, 2009

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