Stocks had a MONSTER day in the stock market today, Tuesday April 18, 2022.
Although the indexes showed some nice gains, many growth stocks jumped 7% or more during the trading session. Overall, the S&P 500 was up 1.6% while the NASDAQ gained 2.2%.
99% of the Stocks in Our Coverage Gained on the Day
Within the 95 stocks in our coverage, only one was down, as shares of Lockheed Martin (LMT) declined less than 2%.
Stocks in our universe that were up 7% or greater include:
- Celsius (CELH) +8%
- The Trade Desk (TTD) +8%
- Bill.com (BILL) +8%
- Floor & Decor (FND) +7%
- Upstart (UPST) +7%
There was little news to explain the jump in stocks today. Many investors remain bearish. Our Fair Value on the S&P 500 for this year is 3873. Today the S&P closed at 4462, thus we think the market’s currently overvalued by 13-14%.
Chart of the Day
Today’s Chart of the Day is this ten-year beauty of W.W. Grainger (GWW).
Incorporated in Illinois in 1928, Grainger is a business-to-business distributor of industrial supplies in North America, Japan, and the United Kingdom, serving more than 4.5 million customers worldwide. The company works with approximately 5000 suppliers with more than 1.5 million products in its distribution centers and branches. Distribution centers range in size from 11,000 to 1.8 million square feet. As of 2021, the company had 246 branches in the U.S., 35 in Canada, 16 in Mexico, and 43 in the U.K.
What’s amazing about this chart is there are fears of a looming recession ahead. But if that were the case, wouldn’t industrial supplies be in less demand?
It seems like the housing market is acting weak while the industrial construction market remains strong.
