Stocks fell on Thursday as Treasury yields continued to climb. The 10-year Treasury yield reached a high of 4.239%, yet another fresh 14-year high.
Overall, S&P 500 was down 0.8% to 3,666, while NASDAQ declined 0.6% to 10,615.
Tweet of the Day
Remember $TSLA is the only company in the world that can grow production >50%, store locations 16%, service fleet 29%, charging stations >30%, ramp and staff two factories while only growing OPEX 2% YOY in one of the highest inflationary periods in history. LOL #fraud pic.twitter.com/z9oPDkAjOC
— Greg (@GS_CapSF) October 19, 2022
Chart of the Day
Our chart of the day is the one-year chart of PepsiCo (PEP) as of October 19, 2022, when the stock was at $175.
Founded in 1919, PepsiCo is one of the world’s largest food and beverage companies with more than $70 billion in annual sales. PepsiCo’s great worldwide brands include Pepsi, Frito-Lay, Tropicana, Quaker, and Gatorade.
Last qtr, PepsiCo delivered 10% profit growth and beat expectations of 2% growth. Revenue increased 8% year-over-year. Excluding the effects from acquisitions, core revenue growth was up 16%. The company’s top-line performance was attributed to stable volume growth in both snacks and beverage categories.
PEP has been one of the top stocks of this Bear Market. It is a core holding in the Conservative Growth Portfolio.
David Sharek’s Fair Value P/E remains at 26x earnings this qtr.