Market Analysis and Comprehensive Company Breakdown
Date: October 29, 2024
Broker: Argus Research Co.
Market Overview
The market outlook for the intermediate term remains bullish. The current allocation strategy consists of 70% equities and 1% cash. Recent market movements include mixed global shares, with notable impacts on various stocks such as VFC soaring on an EPS beat and FFIV popping on EPS and revenue.
Statistics Diary
Key statistics for the S&P 500 include a 12-month forecast range of 5000-6400, current/next EPS of 247/265, and a P/E ratio of 23.58. The 12-month S&P P/E range is projected to be between 18.9 and 24.2. The 10-year yield stands at 4.28%, with a forecast range of 3.50-4.50% over the next 12 months. Currently, the Fed Funds Target is 4.87% with a 12-month forecast of 3.50-4.50%.
Market Movers
- Global Shares: Mixed
- F: Off on Soft Guidance
- VFC: Soars on EPS Beat
- FFIV: Pops on EPS and Revenue
Previewing Friday’s Jobs Report
The upcoming Bureau of Labor Statistics (BLS) report is expected to show an unchanged unemployment rate of 4.1% for October. This report is crucial as it precedes the presidential election and the Federal Open Market Committee meeting. Despite recent hurricanes and a Boeing strike impacting job numbers, a forecasted increase of 60,000 nonfarm payrolls is anticipated.
Stock Analysis
Below is a detailed analysis of several listed companies:
1. T, AN, CNC
No specific details provided for these companies.
2. FHI, RIO, VLO
No specific details provided for these companies.
3. CME, VLTO, HOG
No specific details provided for these companies.
4. LEA, PCAR, SNY
No specific details provided for these companies.
5. COF, BYD, GPC
No specific details provided for these companies.
6. LMT, SKX, VZ
No specific details provided for these companies.
7. BKR, GEV
No specific details provided for these companies.
Daily Spotlight: Dick’s Sporting Goods, Inc. (NYSE: DKS)
We recommend buying Dick’s Sporting Goods, Inc. (NYSE: DKS). The company has a better margin structure than it did before the pandemic, continuing to gain market share. Our recent store visits have been positive, with Dick’s showcasing its private brands, known as vertical brands. These brands offer attractive performance merchandise with high gross-margin potential.
Conclusion
With a bullish market outlook and strategic portfolio allocation, staying informed on company performances and economic indicators is crucial for making sound investment decisions. We remain optimistic about the market’s intermediate-term prospects and recommend keeping an eye on the upcoming jobs report for further insights.
