In his Daily Market Notes report to investors, Louis Navellier writes:
Doubts about Snap’s announcement
Snapshot numbers cast doubt on digital advertising and the 10-year yield is back to June lows.
The market continued to very successfully climb the wall of worry this week on the back of generally better than expected resultswith global estimates for the 3rd and 4th quarters with a growth of 10% year-on-year, far from the figures of the recession.
Alluvial funds: looking for deep value in stormy markets
Alluvial Fund was down 9.9% in the second quarter and is down 16.5% year-to-date, outperforming the Russell Microcap Index, which was down 25.1% in 2022. According to a copy of the company’s first-half investor letter, which ValueWalk reviewed, Alluvial Fund has returned 13% annualized since inception, versus 4.9% for its benchmark, the Read more
Instantaneous (NYSE: SNAP) shares are down 35% today on very disappointing results and no rebound in outlook due to falling advertising dollars for digital platforms. It took a bite out of the whole sectorhitting Google, Meta, Pinterest and Twitter.
This morning, Twitter (NYSE: TWTR) also flagged top and bottom misses, didn’t give directions, didn’t even have a call on the results, but bounced back as it trades on ongoing litigation over Elon Musk’s canceled bid for the company.
Verizon (NYSE: VZ) stocks are down 6% despite high and low estimates, but down on the 2nd half outlook, after AT&T was down sharply yesterday.
On a positive note, American Express Inc (NYSE:AXP) published very good results cardholder spending increased 30% as travel and entertainment spending surpassed pre-pandemic levels. This is a strong confirmation of consumer strength, at least in the high-income demographic.
Today there was a significant decline in interest rates with the US 10-year down 13 basis points to 2.78%back to June lows, and the 2-year also down 11bps to 2.98%, below where Fed Funds are expected to end the year.
One factor may be the surprisingly weak Services Purchasing Managers Index released this morningshould be stable and drop a whopping 10% and now below 50, indicating declining trade outlookfor the first time since July ’20.
While slowdown indicators abound, the very good week on the markets reminds us that equities are above all driven by earnings prospects which remain attractive for the time being.
As long as this holds, we could be back to a “buy the dip” market when the recession fears spikes.
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