The stock market started the week lower as COVID protests broke out in China due to prolonged restrictions. This weighed on markets, resulting in a decline on Monday.
The S&P 500 dropped 1.5% to 3,964, while NASDAQ declined 1.6% to 11,050.
Tweet of the Day
Cost to ship 40ft container from Shanghai to Los Angeles has plunged to lowest since May 2020, which means pandemic boom is close to being completely erased pic.twitter.com/gZIdNnUiVU
— Liz Ann Sonders (@LizAnnSonders) November 28, 2022
Chart of the Day
Our chart of the day is the one-year chart of Ball (BALL) as of November 16, 2022, when the stock was at $55.
Ball is one of world’s largest manufacturers of aluminum packaging for beverages, aerosol packaging for personal care items, and aerospace services for aerospace customers.
The company is in a period of negative profit growth as the European segment had profits down 34% last qtr due to surging energy prices. Its decision to exit the Russian market is hurting profits too. Last qtr, revenue grew a respectable 11%, but cost of sales increased 15% as profits declined 20%.
BALL is part of the Conservative Growth Portfolio. David Sharek’s Fair Value P/E remains at 23. That gives the stock good upside from here, 36% for 2023.
