The stock market rebounded on Friday as March jobs report came in stronger than expected. The U.S. Labor Department reported that there were 303,000 added jobs in March, with unemployment rate declining to 3.8%. Meanwhile, wages grew 0.3%, in line with estimates.
Overall, S&P 500 rose 1.1% to 5,204, while NASDAQ grew 1.2% to 16,249.
Tweet of the Day
$UNH fwd P/E now lower than 2016 levels. Hasn't been this cheap in a long time on any multiple.
— Logos LP (@Logos_LP) April 2, 2024
Chart of the Day
Here is the ten-year chart of MercadoLibre (MELI) as of March 12, 2024, when the stock was at $1,546.
MercadoLibre continues to deliver solid sales growth, but last quarter’s profits were hurt by one-time tax charges. Last quarter, the company delivered revenue of 42% which beats analysts’ estimate of 36%. However, one-time tax expenses caused the company to miss profit estimates, thus profit growth was 0% year-over-year. Other highlights from the quarter include:
- Marketplace momentum remains strong as items sold accelerated for the 5th consecutive quarter.
- Logistics reached a new record of almost 50% of shipments, growing in all geographies.
- FinTech growth accelerated sequentially on a widespread basis.
- Credit had healthy profitability with continued growth in consumer and cards.
This company looks a lot like Amazon did when its profits began rolling in. MELI is part of the Aggressive Growth Portfolio and Growth Portfolio.
