The stock market closed mixed on Thursday as latest inflation data was lower than expected. Regional banking concerns, however, continued to affect the markets.
Overall, S&P 500 declined 0.2% to 4,131, while NASDAQ increased 0.2% to 12,329.
Tweet of the Day
Google wins the internet with its biggest breakthroughs in AI.
It takes their generative AI capabilities to a whole new level.
Here are the 10 revolutionary innovations they unveiled today: pic.twitter.com/I4mqbOJ9kC
— Barsee 🐶 (@heyBarsee) May 11, 2023
Chart of the Day
Our chart of the day is the ten-year chart of Tractor Supply (TSCO) as of May 3, 2023, when the stock was at $243.
Founded in 1938, Tractor Supply is the largest rural retail store chain in America. The company sells livestock feed, farm equipment, seasonal outdoor products and work clothing.
Tractor Supply delivered a poor quarter with flat year-over-year profit growth due to a late spring selling season. The weather was cold much later in the year during 2023. Seasonal, Gift & Toy items made up 21% of sales in 2022. But now that Spring has arrived, management is seeing improved sales trends. Last quarter, sales growth was a decent 9% due to the acquisition of Orscheln Farm & Home, as well as strong sales in edible products like dog food and poultry feeds.
Despite that, Tractor Supply continues to execute well. David Sharek considers this a 10% to 12% grower long-term. With around half of sales being food and related items, there is good certainty in this stock.
TSCO is part of the Conservative Growth Portfolio.
