New All-Time Closing Highs for Dow, Nasdaq, S&P

This story originally appeared on Zacks

Market indexes were once again higher across the board this Monday, with three of the four majors reaching fresh all-time closing highs: the Dow hit its 40th high mark of the year so far, +0.26% to 35.913; the Nasdaq has done almost as well overall — its 39th record closing high this year, +0.63% to just below 15,596; and the S&P 500 posted its 60th record high in 2021 today — with about 8 more weeks of trading for the year to go — +0.18% on the day.
The small-cap Russell 2000 is the only one of the four major indexes to not hit a new all-time closing high today, but it is only a couple points off. And this index hit its all-time high mark way back in March of this year. On the day, the Russell crushed the competition, +2.65%.
Tesla TSLA gave the biggest boost to both the Nasdaq and S&P today, as the EV giant gained another +8.5% in its stock value today, on basically no news. CEO Elon Musk’s company, which currently slates him as the richest human being in earth, has grown +54.6% in the past month alone, +76.5% over just the past six months and a whopping +201.8% from this time last year. Understandably, it’s got a Zacks Value Score of F but a Zacks Growth Score of A.
Zacks Rank #1 (Strong Buy)-rated Avis Budget Group CAR demolished estimates on both top and bottom lines after the closing bell today, posting $10.74 per share on $3.00 billion in quarterly sales. These figures are in another orbit from expectations of $6.90 per share and $2.81 billion, respectively. Its top-line growth amounts to +116% year over year.
On the other side of things, Zacks Rank #5 (Strong Sell)-rated Clorox CLX also easily outperformed consensus estimates this afternoon. Earnings of $1.21 per share zoomed past the $1.01 expected, on $1.81 billion in revenues which swept beyond the $1.70 billion analysts were looking for. Its Gross Margin of 37% was also higher than anticipated. As a result, shares of Clorox have blossomed +5.2% in late trading Monday.
One company that has really hit the skids in the late session, however is education tech firm Chegg CHGG, which met estimates of 20 cents per share but missed slightly on the top line — $171.9 million versus $173.7 million expected. But the reason the company stock is down -22% in today’s after-market is because of a big drop in current-year revenue estimates: now down  to $762 million from a previous Zacks consensus of $812.75 million.
Questions or comments about this article and/or its author? Click here>>

– Zacks

Infrastructure Stock Boom to Sweep America

A massive push to rebuild the crumbling U.S. infrastructure will soon be underway. It’s bipartisan, urgent, and inevitable. Trillions will be spent. Fortunes will be made.

The only question is “Will you get into the right stocks early when their growth potential is greatest?”

Zacks has released a Special Report to help you do just that, and today it’s free. Discover 7 special companies that look to gain the most from construction and repair to roads, bridges, and buildings, plus cargo hauling and energy transformation on an almost unimaginable scale.

Download FREE: How to Profit from Trillions on Spending for Infrastructure >>

Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
Avis Budget Group, Inc. (CAR): Free Stock Analysis Report
The Clorox Company (CLX): Free Stock Analysis Report
Tesla, Inc. (TSLA): Free Stock Analysis Report
Chegg, Inc. (CHGG): Free Stock Analysis Report
To read this article on click here.
Zacks Investment Research
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report

Phillip Malone

Phillip started his career as a freelance journalist who wanted to change the way traditional news reporting work. His venture, Feed Voice, is a move to introduce to the readers a fresh new wave of news reporting. As a learned founder of the news platform, he renders his genius news pieces based on Automobile niche.
Back to top button