shopping, spending, till slip-879498.jpg

Today in the Market (1/10/2024)

A GREAT START!

Good Morning! On Wednesday, U.S. equities concluded the trading day with gains, mostly driven by the technology sector. Investors were anticipating new inflation data and processing significant developments in spot bitcoin ETFs.

The Dow Jones concluded the trading session with a gain of 0.45%. Simultaneously, the S&P 500 had a 0.57% increase, while NASDAQ surged by 0.75%.

 

WD-40 Company’s (WDFC) stock had a significant increase on Wednesday after the release of the company’s financial results for the first quarter of fiscal year 2024. The first quarter concluded in November and the management was really pleased with the outcomes. CEO Steve Brass gave the press release’s opening statement, saying, “We have started fiscal year 2024 firing on all cylinders.”

So what did WD-40 get going for them? WD-40’s net sales in Q1 increased by 12% compared to the previous year, reaching a total of $140.4 million. Management attributes 65% of this gain to increased sales volume, which is the reason for the market’s positive response to these results. Furthermore, the firm had an improvement in profitability, as seen by a 25% year-on-year increase in net income, reaching $17.5 million.

What about going forward? Although the Q1 results were positive, WD-40’s management chose not to increase its full-year financial outlook, instead opting to retain it. The business maintains its forecast of a 6% to 12% increase in net sales for the entire year, with a projected net income ranging from $65 million to $70 million.

 

A SLOW DOWN

shopping, spending, till slip-879498.jpg

According to the World Bank, the next few years in the early 2020s are expected to see the most severe decline in global economic growth in more than three decades. Although the U.S. economy is doing well and major nations successfully control inflation without causing a global crisis, World Bank Chief Economist Indermit S. Gill argues that the overall perspective is still “gloomy.”

So how bad is it predicted to be? He predicts that the global gross domestic product (GDP) would grow at a slow rate of 2.4% this year, which is lower than last year’s 2.6% growth rate and the average annual growth rate of 3.1% throughout the 2010s. In 2024, the predicted per capita investment growth is projected to decelerate to 3.7%, less than half of the average annual growth rate seen in the preceding two decades.

So what needs to be done? Gill argues that unless low-income nations increase investment and foster international commerce, the 2020s will be seen as a period of wasted potential. However, according to Ayhan Kose, the Deputy Chief Economist of the World Bank, the US economy doing better than anticipated might be seen as an additional advantage.

 

Scroll to Top

Where Are You On Your Investment Journey?

Rise

Run

Relax

All investors are unique.  The above characteristics are examples, but may not reflect your particular investor demographics or situation.  An advisor with Edgar Investment Management, LLC will assist you with finding the best type of account for you. 

Investment advisory services are offered through Edgar Investment Management, LLC, an investment advisor registered with the State of Texas. Edgar Investment Management, LLC only offers investment advisory services where it is appropriately registered or exempt from registration and only after clients have entered into an investment advisory agreement confirming the terms of engagement and have been provided a copy of the firm’s ADV Part 2A brochure document.

The content found on this website is developed from sources we believe provide accurate information and is for educational purposes only. The information on this website is not intended as tax or legal advice. Everyone’s tax and legal situation is different, so please consult trusted and knowledgeable legal or tax professionals for specific information regarding your individual situation. The opinions expressed and material provided on this website are for general information, and should not be considered a solicitation for the purchase or sale of any security.

Material and information found on this website is not intended as an offer or solicitation for the sale or purchase of any specific security, mutual fund, ETF, bond, or investment strategy.  

Investing is risky!  No guarantee as to performance of any investment is implied by this website.  Make sure you have evaluated your options and spoken with trained professionals before you implement any investment strategy.  Past performance is not indicative of future results.  

Please be advised that Edgar Investment Management, LLC is a financial advisory firm specializing in investment management and financial planning services. We do not offer or provide any CPA-related services, including tax preparation, tax planning, or other accounting services. If you require assistance with tax-related matters, we recommend consulting a qualified CPA or tax professional who can provide specialized advice tailored to your individual needs.

Edgar Investment Management, LLC is not a Public Accounting firm.

 

Contact Us

Name
Best time(s) to contact you?
Best method(s) to contact you?

Contact Us

Name
Best time(s) to contact you?
Best method(s) to contact you?

We would love to hear from you! Please fill out this form and we will get in touch with you shortly.

  • About You

    Tell us a little about yourself. Don't be shy. Let's be friends.
  • How Can We Reach You?

    We would love to chat with you. How can we get in touch with you?
  • What's on your mind?

How much do you want to invest?