Salesforce Is Driving The Dow Higher
In his Daily Market Notes report to investors, Louis Navellier wrote:
Stocks are trying to end the month on a 5-day rally.
Salesforce (NYSE:CRM) is driving the Dow higher on improved profit margins, up 5.5% (+68.5% YTD). Crowdstrike (NASDAQ:CRWD) is another winner with beats top and bottom, including actual growth in both, and is up 7% today, (+54.7% YTD). On the other hand, Dollar General (NYSE:DG) had a miss on the top and a major miss on the bottom and guided down, and has tanked over 17% on the day (-47% YTD).
Concerning Consumers
Concerns about consumer spending until the end of the year are on the rise. This is in contrast to the Personal spending data for July, which came in a tick better than forecast and the 3rd month in a row of increases. US Real Personal Consumption for July, which is adjusted for inflation, forecast to be flat, came in strongest since January, where y-o-y of 3.0% was June and July coming in at 3.3%. Core PCE was up from 4.1% to 4.2%.
Encouraging Chicago PMI
Jobless claims came in higher than expected, personal income was off a tick from the flat forecast. One encouraging sign was the Chicago PMI, though still below 50, was the closest to 50 at 48.7, in a year.
Bets of a Fed hike next month continue to fall, but another increase by the end of the year is still 50/50.
Overall, the strong recovery in late August is an endorsement that current valuations, based on low double-digit earnings growth in the first half of '24 remain intact. Concerns about the consumer and continued weakness in China are keeping things grounded, and inklings of another round of Covid restrictions in the fall flu season have some investors spooked.
Bull Trend Intact
Going into September, the seasonably weakest month, on a strong month-end rally is encouraging that the bull trend is still intact and may get a boost if the Fed skips an increase in September.
Coffee Beans: Big Boy.
Hunters have killed the longest alligator ever found in Mississippi - more than 4.3m (14ft 3in) and weighing 364kg. The animal was caught at the start of Mississippi's hunting season - a 10-day window during which permit holders can hunt a specified number of alligators in each area. Source: Sky News. See the full story here.
Source valuewalk
Philip Morris International Stock
With 10 Buy predictions and only 1 Sell predictions the community sentiment for the stock is positive.
However, we have a potential of -2.88% for Philip Morris International as the target price of 108 € is below the current price of 111.2 €.