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Looking for momentum plays? Considering fundamental measures like cash holdings can help narrow down the list...

Here we present 11 stocks that have just reached new 52-week highs. These stocks also have large cash holdings relative to their average quarterly operating expense over the past year.

All stocks listed below have more than 2 times the cash for their average quarterly operating expense over the last year, translating into coverage of more than 2 quarters of expenses without the need to generate additional revenue.

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We also created a price weighted index of the stocks mentioned below, and monitored the performance of the list relative to the S&P 500 index over the last month. As the chart sows, the list of stocks have outperformed the market average. To access a complete analysis of this list's recent performance, click here.

Do you think these stocks have further to climb? Use this list as a starting-off point for your own analysis.

List sorted by cash/avg. quarterly operating expense.

1. Amgen Inc. (AMGN): Biotechnology Industry. Market cap of $55.67B. Current cash holdings at $15.36B vs. average quarterly operating expenses over the last four quarters at $2.45B. Cash/Avg. Quarterly Operating Expense at 6.26, i.e. the company can pay 6.26 quarters worth of average quarterly operating expense without needing to generate revenue. The stock has gained 6.76% over the last year.

2. Illumina Inc. (ILMN): Biotechnology Industry. Market cap of $9.26B. Current cash holdings at $1.13B vs. average quarterly operating expenses over the last four quarters at $187.58M. Cash/Avg. Quarterly Operating Expense at 6.05, i.e. the company can pay 6.05 quarters worth of average quarterly operating expense without needing to generate revenue. The stock is a short squeeze candidate, with a short float at 17.33% (equivalent to 10.48 days of average volume).

3. Onyx Pharmaceuticals Inc. (ONXX): Biotechnology Industry. Market cap of $2.75B. Current cash holdings at $533.39M vs. average quarterly operating expenses over the last four quarters at $107.39M. Cash/Avg. Quarterly Operating Expense at 4.97, i.e. the company can pay 4.97 quarters worth of average quarterly operating expense without needing to generate revenue. The stock is a short squeeze candidate, with a short float at 7.82% (equivalent to 6.62 days of average volume).

4. BMC Software Inc. (BMC): Application Software Industry. Market cap of $9.77B. Current cash holdings at $1.69B vs. average quarterly operating expenses over the last four quarters at $383.13M. Cash/Avg. Quarterly Operating Expense at 4.41, i.e. the company can pay 4.41 quarters worth of average quarterly operating expense without needing to generate revenue. The stock has had a couple of great days, gaining 6.71% over the last week.

5. Autodesk, Inc. (ADSK): Technical & System Software Industry. Market cap of $10.57B. Current cash holdings at $1.27B vs. average quarterly operating expenses over the last four quarters at $420.10M. Cash/Avg. Quarterly Operating Expense at 3.03, i.e. the company can pay 3.03 quarters worth of average quarterly operating expense without needing to generate revenue.

6. Solera Holdings Inc. (SLH): Business Software & Services Industry. Market cap of $4.07B. Current cash holdings at $339.30M vs. average quarterly operating expenses over the last four quarters at $124.51M. Cash/Avg. Quarterly Operating Expense at 2.73, i.e. the company can pay 2.73 quarters worth of average quarterly operating expense without needing to generate revenue.

7. Cadence Design Systems Inc. (CDNS): Technical & System Software Industry. Market cap of $2.90B. Current cash holdings at $623.12M vs. average quarterly operating expenses over the last four quarters at $248.36M. Cash/Avg. Quarterly Operating Expense at 2.51, i.e. the company can pay 2.51 quarters worth of average quarterly operating expense without needing to generate revenue. The stock is a short squeeze candidate, with a short float at 6.95% (equivalent to 6.32 days of average volume).

8. Electronic Arts Inc. (ERTS): Multimedia & Graphics Software Industry. Market cap of $7.65B. Current cash holdings at $2.24B vs. average quarterly operating expenses over the last four quarters at $975.25M. Cash/Avg. Quarterly Operating Expense at 2.29, i.e. the company can pay 2.29 quarters worth of average quarterly operating expense without needing to generate revenue.

9. Lorillard, Inc. (LO): Cigarettes Industry. Market cap of $15.94B. Current cash holdings at $2.34B vs. average quarterly operating expenses over the last four quarters at $1.09B. Cash/Avg. Quarterly Operating Expense at 2.15, i.e. the company can pay 2.15 quarters worth of average quarterly operating expense without needing to generate revenue. LO offers a good dividend, and appears to have good liquidity to back it up--dividend yield at 4.69%, current ratio at 1.66, and quick ratio at 1.5. The stock is a short squeeze candidate, with a short float at 8.17% (equivalent to 5.2 days of average volume).

10. Agilent Technologies Inc. (A): Scientific & Technical Instruments Industry. Market cap of $17.37B. Current cash holdings at $2.64B vs. average quarterly operating expenses over the last four quarters at $1.27B. Cash/Avg. Quarterly Operating Expense at 2.08, i.e. the company can pay 2.08 quarters worth of average quarterly operating expense without needing to generate revenue.

11. Bristol-Myers Squibb Company (BMY): Drug Manufacturer Industry. Market cap of $49.32B. Current cash holdings at $6.79B vs. average quarterly operating expenses over the last four quarters at $3.33B. Cash/Avg. Quarterly Operating Expense at 2.04, i.e. the company can pay 2.04 quarters worth of average quarterly operating expense without needing to generate revenue. The stock has gained 26.52% over the last year.

*Cash and operating expense data sourced from Google Finance, all other data sourced from Finviz.

Source: Momentum Ideas: 11 Cash-Rich Stocks Hitting New 52-Week Highs