How to Play This Legacy Blue Chip's Surging Strength on Monday

2020 hasn't necessarily been a walk in the park for the old-school companies that dominated the market back in the day.

Some of them have been struggling, or treading water, or just plain middling for a good chunk of the 21st century so far. International Business Machines Inc. (NYSE: IBM) recently announced a really smart move that should shake up the stock, but for every IBM, you've got, say, an Exxon Mobil Corp. (NYSE: XOM) - a company that's rapidly losing ground to the newer, stronger renewables segment.

I've said a few times now that, really, there's no telling how much longer any actual "industrials" will be left on the Dow Jones Industrials; they're quickly being booted and replaced by "new economy" stocks.

With all that said, I've got to give it up to Procter & Gamble Co. (NYSE: PG), an old-line blue chip our great-grandparents might've owned - hell, might have even passed down to us!

Its recent strong earnings performance contained beats across the board: Earnings per share came in at $1.63 versus the expected $1.42. Revenue topped $19.3 billion - smashing the estimate of $18.38 billion.

That's an impressive performance for any company - new or old - during this COVID-19 pandemic. And that's why I'm doing something I (almost) never do...

Procter & Gamble's Strength Makes Good Sense

P&G makes consumer goods, and, at least where I live, consumer goods flew off shelves for the best part of an entire quarter.

Hygiene, cleaning, laundry - name it - you couldn't get 'em for love or money. And not just in the United States. Procter & Gamble products were in crazy high demand all over the locked-down world, and the company does business all over the globe.

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When you dig into the company's performance, five segments stand out as being loaded with momentum: Fabric and home care, health care, beauty and grooming, baby and family care, and health. All saw massive jumps in sales.

And, heading into a winter where we could, in theory, see a return of coronavirus-induced lockdowns, the company could see even better quarters ahead.

In fact, if anything, performance should improve.

And, while I'm usually not one to make big buy and hold recommendations, I've got to do it here. Ultimately, Procter & Gamble is too juicy of a profit opportunity to pass up.

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Even if we manage to avoid another lockdown of some kind, people who've gotten used to buying P&G products online through Amazon or Walmart will keep doing that. That adds up to fatter margins for the company and an even bigger footprint for them "beyond" brick and mortar store shelves.

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And even with it being months later and supply returning to stores, I don't expect this trend to slow down anytime soon, especially since P&G sells online via Walmart and Amazon - which creates another massive market for them outside of store shelves.

The stock has gone ballistic since July, when it left the $115 level in the dust. Around $136 or $138 represents the most recent support, so I'm looking hard for any re-test of those levels. When I see that happening, I'm buying - and so should you - but it's attractive even at current levels.

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