The stock market finally closed in the green on Wednesday, after three straight days of red closings, with S&P 500 closing at a new record. It was up up 0.9% to 5,248. Meanwhile, NASDAQ increased 0.5% to 16,340.
Tweet of the Day
$ADBE should be very worried about Canva. Growth continues to be scorching hot. The # of companies mentioning Canva in a job posting is up 100% year over year. Canva was the fastest growing tech in our index in 2022, 2023 and so far in 2024 (1/4) pic.twitter.com/aGUpjDpDu9
— Weng (@AznWeng) March 27, 2024
Chart of the Day
Here is the one-year chart of TJX Companies (TJX) as of March 5, 2024, when the stock was at $97.
TJX delivered strong results last quarter with 37% profit growth on 13% sales growth. Same-store sales increased a solid 5% driven entirely by customer transactions. Management was particularly pleased with results at TJ Maxx, Marshalls, Sierra and HomeGoods stores.
Marmaxx, comprising TJ Maxx, Marshalls, and Sierra, showed impressive same-store sales growth with a 5% increase due to a substantial boost in customer traffic. HomeGoods experienced an even better figure with 7% same-store sales growth.
Gross margin jumped to 29.8% from 26.1% from a year ago. This was due to lower freight costs, less theft, strong markups and lower markdowns. This was a big reason profits climbed at such a high rate.
TJX is part of the Conservative Growth Portfolio. With a P/E of 24, the stock has modest upside in 2024.
