We’re bullish on value names as the gap in performance between growth and value widens. For example, the Russell 3000 Growth is up 34% this year, while the Russell 3000 Value is flat. This is one of the largest gaps in recorded history.
Small-cap value is among the most compelling investment opportunities in 2024.
NASDAQ Trade Table is up 21.3% YTD.
S&P 100 Trade Table is up 15.7% YTD
US Technolgy Disruptors is up 16.5% YTD
This week, I’m watching the following US earnings.
Monday, November 27 – Zscaler.
Tuesday, November 28 – Intuit, Workday, Splunk, NetApp, Hewlett Packard Enterprise, and CrowdStrike.
Wednesday, November 29 – Salesforce and Snowflake.
Thursday, November 30 – Dell Technologies, and Kroger.
Friday, December 1 –
Third-quarter revenue increased 34% from the prior quarter and 206% from a year ago, reflecting how increased demand for AI has boosted the company’s sales throughout 2023.
The company’s revenue guidance for the current quarter also topped estimates, coming in at $20 billion.
These are the US companies reporting earnings that I’m watching this week.
Monday, November 20 – Zoom Video.
Tuesday, November 21 – Nvidia, Medtronic, Analog Devices, Autodesk, Baidu, HP.
Wednesday, November 22 – Deere.
Intel Corporation – Common is a current holding in our US Trade Table, after 20 days the trade is up 22%
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S&P 500 Q3 earnings increased for the first time since last year, with average EPS up 4% year over year. If energy is excluded, the result is more impressive at +10% growth.
S&P 500 EPS forecasts for the full year are $225, (largely the same as 2022), and in 2024 EPS growth is forecast to increase 5% to $237.
At 4500 points the S&P500 is trading at 20x forward EPS.
Monday, November 13 – Tower Semiconductor.
Tuesday, November 14 – Home Depot and Sea Limited.
Wednesday, November 15 – Cisco, Palo Alto Networks, Target and JD.COM.
Thursday, November 16 – Walmart, Alibaba and Applied Materials.
Friday, November 17 – Spectrum Brands.
Intel Corporation – Common is a current holding in our US Trade Table.
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