The stock market was mixed on Tuesday as investors await the Personal Consumption Expenditures (PCE) price index, the Federal Reserve’s preferred measure of inflation, to be released on Friday. Nevertheless, the market is on track to finish a strong month.
Overall, S&P 500 was flat at 5,306, while NASDAQ grew 0.6% to 17,020.
Tweet of the Day
https://twitter.com/StockMKTNewz/status/1791887132144869462
Chart of the Day
Here is the ten-year chart of Fiserv (FI) as of May 9, 2024, when the stock was at $155.
Fiserv delivered solid revenue growth of 19% last quarter, as Clover and Zelle continue to shine. Clover revenue jumped 30% for the second consecutive quarter, while Zelle had 45% transaction growth with 20% new clients.
Clover is a full point-of-sale system for merchants to ring up sales, take payments on Clover point-of-sale devices, and keep track of numbers. New clients include stadiums for MLB, NFL, NCAA, ampitheaters, golf courses, and festivals. Fiserv is also launching multiple new Clover products this year, including a larger kitchen display, an ordering kiosk, and a compact Clover device. Zelle, on the other hand, is a digital person-to-person payments platform that allows users to send money. It’s similar to PayPal, Venmo or Cash App.
FI is part of our Conservative Growth Portfolio and Growth Portfolio. With a P/E of 18, the stock seems like a bargain even if it’s trading around All-Time highs.
