The stock market extended its rally as it notched its seventh straight week of gains on Friday. Stocks’ rally this week was fueled by the Federal Reserve as the central bank indicated on Wednesday that three interest rate cuts are likely in 2024, boosting investor sentiment.
Overall, S&P 500 was flat at 4,719, while NASDAQ rose 0.4% to 14,814.
Tweet of the Day
$NET made new 52Wk Hi today, but still long way from its ATH.
Total shares held by institutional investors remain stable, now at ~248M+, ~84% of O/S, a 2% increase.
Hedge fund bullish sentiment is still weak.
Ken Griffin's Citadel is the top buyer and bought ~2.6M shs.… pic.twitter.com/khZIHeqSQj
— HedgeMind (@HedgeMind) December 14, 2023
Chart of the Day
Here is the one-year chart of DoubleVerify (DV) as of November 23, 2023, when the stock was at $33.
DoubleVerify looks like the next big thing in the advertising space. The company’s ad tracking software continues to grow steady through a slowdown in global advertising. Last quarter, revenue growth accelerated, which could mean the advertising space is now turning up. Revenue was up 28% last quarter, which was accelerated growth from 22% 2QtrsAgo. In addition, management is driving innovation in the AI space with its acquisition of Scibids. Scibids is a Paris-based startup that automates and optimizes programmatic buying of digital ad campaigns. Scibids will help optimize ads to the best performing inventory at the best price. Initial tests showed a 45% reduction in cost per thousand impressions (CPM), a 63% increase in ad attention levels, and a 95% in impressions won versus competition.
DV is part of our Growth Portfolio and Aggressive Growth Portfolio.
