The stock market ended Wednesday still unchanged as earnings season kicked into full swing and investors assessed latest results from companies.
Overall, S&P 500 and NASDAQ remained flat at 4,155 and 12,157, respectively.
Tweet of the Day
The Nasdaq-100 is trading above the February 2023 highs, flipping it into support.
Both 200-day moving averages are rising, with the EMA above the SMA (bullish momentum):
🔵 200 EMA
🟡 200 SMAUntil the index falls below the February highs, no need to panic. pic.twitter.com/xCI5gLQWkj
— Caleb Franzen (@CalebFranzen) April 19, 2023
Chart of the Day
Our chart of the day is the ten-year chart of Accenture (ACN) as of April 12, 2023, when the stock was at $284.
Accenture helps companies and organizations solve business challenges and transform their organizations. Enterprises use Accenture for Consulting on what to do, then utilize its Outsourcing divisions including finance, accounting, supply chain, marketing, and sales to get work done.
The company reported solid bookings growth of 13% last quarter as the company continues to see strong demand with larger transformational deals, particularly in building digital products. Bookings growth was actually 17% in constant currency, but foreign exchange trimmed that figure down a bit. New bookings were $22.1 billion in the quarter – a new record.
Revenue growth might accelerate in the next quarters as revenue only climbed 5%, despite the 13% growth in bookings. In addition, the company is trimming expenses and laying off employees, which could mean higher revenue and lower operating expenses. That should lead to better profits in the coming years.
ACN is part of the Conservative Growth Portfolio.
