The stock market dropped on Monday investors focused on the Consumer Price Index report, which will be released on Tuesday. Such data is believed to be the last big test before the Federal Reserve’s policy meeting on March 20.
Overall, S&P 500 declined 0.1% to 5,118, while NASDAQ fell 0.4% to 16,019.
Tweet of the Day
Did you know that $AMD's MI300X AI accelerator outperforms $NVDA's H100 with 30% more FP8 FLOPS, 60% more memory bandwidth, and more than 2x the memory capacity?
And yet they cost $10-15K vs an H100 at $30K and up.
I think $AMD is going to make big, big inroads into this space.
— Markets & Mayhem (@Mayhem4Markets) March 6, 2024
Chart of the Day
Here is the one-year chart of Meta Platforms (META) as of February 13, 2024, when the stock was at $460.
Meta Platforms’ profit estimates continue to reach higher — as the stock follows suit. Its 2024 profit estimates have jumped from $14.53 to $19.90 in the last four quarters as quarterly revenue growth has accelerated from 3% to 11%, 23% and most recently to 25%.
META stock just broke through the $500 a share barrier, an impressive feat as the stock was around $175 a year ago. Still, even after this surge higher, the stock is relatively cheap as the P/E is just 25.
META seems like a screaming value. David Sharek, Founder of School of Hard Stocks, thinks that the P/E should be 30 and the shares are worthy of a $452 price. That’s a 45% upside when he looks to next year.
META is part of the Growth Portfolio and Aggressive Growth Portfolio.
