Legg Mason (LM) Chases A New Breakout Area

Legg Mason Inc. LM has breached its 20 day MA and 50 day MA convincing by early afternoon trading on Tuesday, after a strong set of Q4 announced late yesterday. Legg Mason Inc. (LM) also announced the approval of a $1 billion stock buyback which has cheered the traders. Meanwhile, Bank of America-Merrill Lynch has upgraded the stock following the buyback announced by the company, and its improved Q4 performance. After a gap-up opening, Legg Mason has soared to a fresh 52 week high on Tuesday, after which it is moving forward towards a fresh breakout area.