The stock market was mixed on Wednesday as investors braced for NVIDIA (NVDA) earnings. Minutes from the Federal Reserve’s January meeting, which reiterated that the central bank is in no hurry to cut interest rates, were released during the day.
Overall, S&P 500 was up 0.1% to 4,982, while NASDAQ fell 0.3% to 15,581.
Tweet of the Day
On 2/13, we adjusted out near-term outlook from our most bullish "easy dollar" reading to cautious. On the heels of distribution that was in reaction to a "hot" CPI report, you may be feeling some portfolio pressure. Last Thursday, in a note to our members I warned: "I would… pic.twitter.com/nBynWDBZg9
— Mark Minervini (@markminervini) February 21, 2024
Chart of the Day
Here is the ten-year chart of Visa (V) as of February 6, 2024, when the stock was at $277.
In last quarter’s earnings call, Visa’s management said that it is seeing relatively stable growth in overall payments volume and processed transactions. Payments volume grew 8% and Processed Transactions increased 9%. Overall, the company delivered 11% profit growth on 9% revenue growth.
What’s nice is when David Sharek looks ahead, profit growth is estimated to be between 13% and 17% the next four quarters. If the company continues to beat the street as they usually do, 20% profit growth could be on the way.
V is part of our Conservative Growth Portfolio and Growth Portfolio.
