The stock market closed lower on Tuesday as the market rally cools from a record-setting run last week. Overall, S&P 500 declined 0.3% to 5,204, while NASDAQ fell 0.4% to 16,316.
Tweet of the Day
Palantir $PLTR is Seeing a Flood of Demand from US Commercial Customers
— SchoolofHardStocks (@SchoolHardStock) March 24, 2024
Chart of the Day
Here is the one-year chart of Pool Corp (POOL) as of March 5, 2024, when the stock was at $409.
Pool Corp had challenging year in 2023. The first half of the year also saw bad weather delaying pool openings and a slowdown in new pool construction due to high interest rates in the housing market. 2023 sales were down 10% from the year prior as profits fell 29%. Pool construction fell by about 25% to 30% last year and renovation work dropped about 12%. 2023 sales benefited 3% to 4% from inflation versus 10% in 2022. Last quarter was more of the same with profits down 27% on an 8% decrease in revenue.
POOL is part of the Conservative Growth Portfolio. Analysts continue to lower profit estimates, so David Shakek is not bullish on the stock right now.
