Reupload Note: We recently changed the way we host our site. Unfortunately, during the transition, our previously uploaded articles were lost. This article has now been reuploaded and was originally posted on May 27, 2024. Unfortunately, for this particular article, the images have been lost. So this article will be chart-less.
Summary
Nvidia earnings
Deckers
RCL
Live Nation Entertainment DOJ lawsuit
The market is closed for Memorial Day
The Market
The S&P and DOW both dropped this week after record-breaking weeks for them both in the previous trading week, dropping by 0.01% and 2.30% respectively.
Nvidia (NVDA) reported earnings Wednesday after the close. Nvidia’s revenue increased by 18% and announced that the quarterly dividend would increase by 150% to $0.10. A 10-1 stock split that will be effective on June 7 was also announced. All of these factors caused Nvidia stock to grow 13.54% this past week. We are still bullish on Nvidia because we believe that Nvidia’s AI hype train won’t stop anytime soon.
Deckers Brands (DECK), the parent company of Hoka and Uggs, grew 15.02% this past week. This surge in stock price is fueled by growth in Hoka and Uggs sales as well as a stock buyback program. Sitting at $1,032.90, Decker’s stock has the potential to keep growing, which is why we are bullish on DECK. We have a ceiling of around $1070 and a floor of around $846.
Cruise line Royal Caribbean Group (RCL) grew 3.58% this past week. Analysts expect Royal Caribbean's revenue to grow by upwards of 60% this summer with people starting to go on cruises once again. The stock has been following an upward wedge trend, which we expect to continue. Both Bollinger bands have seen steady growth consistent with the upward wedge. We are bullish on RCL and have a ceiling of around $155 and a floor of $135.50.
Live Nation Entertainment (LYV) had an antitrust lawsuit filed against them by the Department of Justice. U.S. Attorney General Merrick Garland said that Live Nation “suffocates its competition”. Many analysts believe that the DOJ’s case is weak and keep bullish price points. We, however, are wary of Live Nation and are bearish on it until the lawsuit is over.
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