The stock market closed mixed on Thursday after Producer Price Index for May fell 0.2%, below the forecast of 0.1% increase. Despite such, S&P 500 and NASDAQ reached record closings. The former was up 0.2% to 5,434, while the latter grew 0.3% to 17,668.
Tweet of the Day
Arm $ARM CEO Rene Haas believes Arm could capture 50% or more of the Windows PC market over the next 5 years, with Microsoft $MSFT and others now beginning to roll out AI PCs, first featuring Arm-based chips from Qualcomm $QCOM, followed by Nvidia $NVDA and AMD $AMD in Q1 of next…
— Beth Kindig (@Beth_Kindig) June 12, 2024
Chart of the Day
Here is the ten-year chart of Old Dominion Freight Line (ODFL) as of May 21, 2024, when the stock was at $175.
Old Dominion Freight Line, a leading less-than-truckload (LTL) carrier, had been a warrior in the past decade as it went from around $20 to $200. Now at $175, the stock is on a little dip. Is this time for investors to buy? Let’s look at the numbers.
One reason for the decline might be profit growth was only 4% last quarter, while revenue grew just 1%. There was a 3% decrease in its tons per day shipped as the US economy remains soft since consumers have little extra cash due to high interest rates.
ODFL is on the radar for the Conservative Growth Portfolio. This stock still is not a bargain with a P/E of 29. David Sharek, Founder of School of Hard Stocks, would like P/E to be 27 and he would buy in.
