The stock market contracted on Friday after a weaker-than-expected jobs report which renewed fears on slowing U.S. economic growth. This was marked as the worst week since March 2023. Nonfarm payrolls grew by 142,000, lower than estimates of 161,000.
Overall, S&P 500 fell 1.7% to 5,408, while NASDAQ dropped 2.6% to 16,691.
Tweet of the Day
I'm looking to add Advanced Micro Devices $AMD on a dip.
Profit growth the past two qtrs:
+3%
+19%Profit growth est the next 4 qtrs are:
+30%
+49%
+76%
+78% https://t.co/eUcgNJiEFw— David Sharek (@GrowthStockGuy) September 3, 2024
Chart of the Day
Here is the one-year chart of MercadoLibre (MELI) as of August 6, 2024, when the stock was at $1,810.
MercadoLibre continues to perform splendidly as profits jumped 103% last quarter on 42% revenue growth. The company has primarily two divisions, Commerce (the online seller) and FinTech (does online payments, loans, credit cards, and asset management).
Last quarter, Commerce revenue increased 51% and made up 59% of total revenue. Gross Merchandise Value (GMV) of goods sold increased 20% year-over-year, while Unique Buyers increased 19% and Items Sold grew 29%, which management stated were the highest rates since 2021. Fintech revenue revenue grew 25% and was 41% of total revenue. Payment volumes rose 36%, the credit portfolio increased 51%, and assets under management jumped 86%. Within regions, Mexico had 66% revenue growth during the quarter, while Brazil growth was 51% year-over-year. Meanwhile, Argentina is in the process of recovering from devaluing of Peso with 1% revenue growth.
MELI is a top holding in the Aggressive Growth Portfolio and Growth Portfolio.
