The stock market closed lower on Wednesday as investors awaited NVIDIA’s (NVDA) earnings report.
Overall, S&P dropped 0.6% to 5,592, while NASDAQ fell 1.1% to 17,556.
Tweet of the Day
Great short-notes on the $SMCI situation. Fishy that the stock was down yesterday on no news, then today this news hits and the stock is only down slightly. https://t.co/2cKJ2FFruL
— David Sharek (@GrowthStockGuy) August 27, 2024
Chart of the Day
Here is the ten-year of O’Reilly Automotive (ORLY) as of July 31, 2024, when the stock was at $1,126.
O’Reilly Automotive delivered disappointing results as the market experienced a sluggish performance, which likely reflects industry-wide challenges. The company delivered just 3% profit growth last quarter and missed analyst estimates of 9%. Revenue growth of 5% missed estimates of 7%. Management stated that the quarter began with slow performance due to headwinds from cool, wet weather during the spring selling season. The softness persisted until May, but they observed an improving trend towards the start of June. Management believes that the softness of the business was a broad-based pressure throughout the industry. Although, despite the disappointing results it released, ORLY went up after earnings probably because the investors anticipated this results and looks ahead to potential improvements.
ORLY stock is part of the Conservative Growth Portfolio.
