The stock market slipped on Thursday as Federal Reserve Chair Jerome Powell commented that despite inflation is seen to decline, the path to the central bank’s inflation target is expected to be bumpy.
Overall, S&P 500 and NASDAQ rose 0.6% to 5,949 and 19,108, respectively.
Tweet of the Day
Wow! Adobe $ADBE software looks magical. https://t.co/IKuncetU9u
— David Sharek (@GrowthStockGuy) November 7, 2024
Chart of the Day
Here is the ten-year chart of Old Dominion Freight Line (ODFL) as of August 12, 2024, when the stock was at $191.
Old Dominion Freight Line, a leading less-than-truckload (LTL) carrier, reported a better-than-expected growth despite the headwinds brought by sluggish economy. Last quarter, it delivered 12% profit growth on just 6% revenue growth despite what management said was ongoing sluggishness in the domestic economy. The growth was fueled by a 4% rise in LTL revenue per hundredweight and a 2% uptick in LTL tons per day.
The company’s investments have created 30% excess capacity, and these added costs are a short-term headwind. Management continues to wait on a recovery in the domestic economy.
When the economy rebounds, Old Dominion Freight Line is poised to take market share when demand surges.
ODFL is on the radar of our Conservative Growth Portfolio.
