The stock market closed higher on Thursday, as traders weighed latest retail sales and wholesale price inflation data.
Retail sales came in stronger with 0.6% growth in August. U.S. wholesale price inflation was likewise hotter-than-expected with 0.7% growth in August from a month ago.
Overall, S&P 500 and NASDAQ increased 0.8% to 4,505 and 13,926, respectively.
Tweet of the Day
How Merck built a blockbuster with Keytruda:
39 FDA approvals across 16 tumor & 2 tumor-agnostic indications on the road to an estimated >$30B in annual sales by 2028
And expect more coming: $MRK is running >1K pembrolizumab trials (incl. 400+ combo trials & 80+ registrational… pic.twitter.com/up1NfWZBjL
— Andrew Pannu (@andrewpannu) September 12, 2023
Chart of the Day
Here is the one-year chart of DoubleVerify (DV) as of August 23, 2023, when the stock was at $34.
DoubleVerify is a software platform for digital media measurement and analytics which helps companies increase their return on digital advertising investments.
DoubleVerify’s advertisement tracking software continues to grow steady through a slowdown in global advertising. Looking ahead, the stock might get hot as profit growth is expected to accelerate in the next four quarters. Profit growth is expected to be 0% next quarter, then accelerate to 30%, 29% and 43% in the following three quarters. This could get attention from investors.
In addition, DoubleVerify is now getting into the AI space with its acquisition of Scibids. Scibids is a Paris-based startup that automates and optimizes programmatic buying of digital advertisement campaigns. It will help optimize advertisements to the best performing inventory at the best price. Initial tests show a 45% reduction in cost per thousand impressions (CPM), a 63% increase in advertisement attention levels, and a 95% in impressions won versus competition.
DV is part of the Growth Portfolio and Aggressive Growth Portfolio.
