The stock market surged on Tuesday as voters headed to the polls to decide on the next President of U.S. – whether Kamala Harris or Donald Trump. The race between the two is expected to be tight.
Overall, S&P 500 rose 1.2% to 5,783, while NASDAQ increased 1.4% to 18,439.
Tweet of the Day
Good Call @BaronCapital, Redditt $RDDT has doubled from ~$50 to $116 since last Summer. https://t.co/bk926nEDBm
— David Sharek (@GrowthStockGuy) October 31, 2024
Chart of the Day
Here is the ten-year chart of Pepsico (PEP) as of October 17, 2024, when the stock was at $175.
PepsiCo was still feeling the pinch from Quaker’s product recalls and squeezed consumer budgets. Overall, it recorded 3% profit growth on just 1% revenue growth last quarter.
Quaker Foods North America saw a 13% revenue decline, largely due to persistent recalls. Internationally, beverage volumes dropped by 2% compared to the previous year, with Europe being the strongest market.
The company continues to enhance brand visibility to increase the number of households buying Doritos and Tostitos, hoping to overcome current challenges and boost future growth. Pepsico has just come out of a faster growth period when profits grew 13% in 2021, 8% in 2022, and 12% in 2023. However, those days are over, and Pepsico now appears to be growing profits at 6% to 8% a year as it once did.
PEP is a core holding in our Conservative Growth Portfolio.
