The stock market rose on Thursday as the Federal Reserve signals more rate cuts on the horizon, after cutting interest rates by 50 basis points on Wednesday.
Overall, S&P 500 rose 1.7% to 5,714, while NASDAQ increased 2.5% to 18,014.
Tweet of the Day
This is bullish for Amazon $AMZN. My Fair Value on the stock is $227. Shares closed at $187 today. https://t.co/yjHDoNq1sL
— David Sharek (@GrowthStockGuy) September 12, 2024
Chart of the Day
Here is the one-year chart of Fiserv (FI) as of August 19, 2024, when the stock was at $168.
Fiserv is one of the best stocks in the stock market right now. The company is not a rapid grower, but its consistent mid-teens profit growth is becoming more admired by investors as the stock’s risen from around $120 to around $170 during the past year.
Last quarter, Fiserv delivered 18% profit growth on just 7% revenue growth. Organic revenue growth was a solid 18%, which tells that the company sold off part of the business recently. Although David Sharek, Founder of School of Hard Stocks, typically tracks revenue growth as is, the organic figure was so strong that he had to include it here. Argentina F/X played a part in the differences in revenue. Clover and Zelle remained catalysts for Fiserv. Point-of-sale system Clover had 28% revenue growth last quarter, driven by new products, strong kiosk sales, and international expansion. On the other hand, money transfer app, Zelle, had 43% transaction growth driven by signing major clients like First Horizon Bank.
FI is part of our Conservative Growth Portfolio, Growth Portfolio, and Aggressive Growth Portfolio.
