Investors welcomed a rather flat day for stocks today — Tuesday, May 10, 2022 — after a barrage of selling the previous week.
During the trading session, the S&P 500 rose 0.2% while the NASDAQ increased 1.0%. Growth stocks did the best on our board, as 20 of 26 stocks in the Growth Portfolio were up on the day.
Upstart Was the Biggest Loser
Shares of Upstart (UPST) were the biggest loser on the day, as the shares dropped 56% to close at $34. Upstart uses its own blend of characteristics to approve loans, and the company claims better approval rates and lower interest rates for its consumers.
But investors didn’t like that management lowered guidance for next qtr. There’s also fear of high risk loans on Upstart’s ballance sheet. In the earnings call, management stated its balance of loans, notes, and residuals rose to $604 million, up from $261 million just three months earlier.
Chart fo the Day
Our chart of the day is this ten-year chart of Waste Management (WM), which delivered an excellent quarter to start the year. Overall, profits increased 22% and beat estimates of 8% growth. Revenue increased a solid 13%.
Analysts expect WM to deliver 16% profit growth in 2022, which is great for what I consider to be a 10% grower. In addition, the stock has a dividend yield of 1.7%. Management has increased the dividend for 19 consecutive years.
