The stock market closed flat on Monday as investors anticipated economic data and Federal Reserve’s comments this week. They expect such to provide a clearer path on the movement of the interest rate this year.
Overall, S&P 500 and NASDAQ was flat at 5,202 and 16,254, respectively.
Tweet of the Day
$CELH pulled back and found support at the 10-week line following a strong 44% gain from its base pivot in 3 weeks. It may be working on a new base. Look for an upside follow-through and see if the 21-day EMA will hold. pic.twitter.com/09DBsH34Ad
— TML Trader (@TMLTrader) April 7, 2024
Chart of the Day
Here is the one-year chart of Celsius (CELH) as of March 19, 2024, when the stock was at $86.
Celsius’ revenue soared 95% last quarter as North American sales almost doubled. North America’s revenue increased by 97%, driven by the company’s expansion in colleges, hospitals, hotels, eateries, casinos, and Jersey Mike’s locations. Internationally, revenue went up by 68%, driven by new flavors, better availability, and more people buying Celsius drinks. Meanwhile, profit surged to 242% surpassing estimates of 233% as gross margin improved to 47.8% from 44.8% last year.
One negative point in the earnings call was the CEO stating “We have achieved nearly complete distribution coverage in the United States.” This dampens growth opportunity, but there is a whole new world to conquer Internationally.
CELH is a top-ranked stock in our Aggressive Growth Portfolio and Growth Portfolio.
