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Dear Fellow Investor,
There’s been substantial insider buying over the last few days, signaling confidence among executives in the future potential of these firms.
Insider buying can often indicate that those closest to the company believe the stock is undervalued or that positive changes are on the horizon. Investors may want to pay attention to these moves as they can provide insights into the company’s financial health and strategic direction.
Company: Home Depot (SYM: HD)
Oversold shares of Home Depot (SYM: HD) look interesting. After crumbling from about $420 to a low of about $345, HD appears to have finally found a bottom and is starting to pivot higher. It’s also pivoting from over-extensions on RSI, MACD, and Williams’ %R. From its last traded price of $362.13, we’d like to see HD retest $370 initially.
Helping, Home Depot director Gregory Brenneman paid $1 million on March 14, for 2,884 shares, at an average price of $346.66.
In its most recent quarter, the company’s EPS of $3.13 beat estimates by nine cents. Revenue of $39.7 billion, up 14.1% year over year, beat by $630 million. “Sales for the fourth quarter of fiscal 2024 were $39.7 billion, an increase of $4.9 billion, or 14.1% from the fourth quarter of fiscal 2023. Comparable sales for the fourth quarter of fiscal 2024 increased 0.8%, and comparable sales in the U.S. increased 1.3%,” added Seeking Alpha.
The company also raised its quarterly dividend by 2.2% to $2.30 a share, which works out to $9.20 when annualized.
Unfortunately, the stock did fall on guidance. Home Depot expects total sales to increase approximately 2.8% in FY24 and EPS to fall about 3%. During a media interview, CFO Richard McPhail warned that he doesn't see the housing market improving in 2025. The good news is most of the negativity from that outlook appears to be priced in.
Brownstone Research
Elon Musk’s Memphis secret… revealed
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Company: IonQ (SYM: IONQ)
Quantum computing stock IonQ is also starting to rebound after finding support at about $17.50. The quantum computing sector has garnered significant attention in recent years, driven by advancements in technology and the potential for revolutionary applications across various industries. This growing interest is reflected in the stock's recent performance and increased insider buying.
Helping, director Bill Scannell just paid $2 million on March 12 for 93,066 shares at an average price of $21.81 each. This investment from Scannell suggests a strong belief in IonQ's capacity to innovate and capture market share in the evolving quantum landscape. IonQ has been at the forefront of quantum computing, positioning itself as a leader in developing quantum hardware and software solutions. With the increasing demand for quantum solutions, IonQ's strategic initiatives and technological advancements may lead to significant growth in the coming years.
Mode Mobile
Apple's Drop in iPhone Sales Opens the Door for New Entrant
Apple's 2024 iPhone shipments dipped as its AI push fell flat, and big tech CEOs are criticizing the company for lacking innovation.
But while incumbents fail to impress, a new player is shaking up the smartphone industry – not with AI hype, but with real earnings for users.
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Company: Intel (SYM: INTC)
Intel’s new CEO Lip-Bu Tan just bought $25 million worth of stock within his first 30 days. He picked up 1,043,406 shares on March 21. The size of this investment sends a strong message about his confidence in Intel's turnaround strategy and long-term growth potential. According to Barron’s, “Lip Bu’s purchase reflects his belief in Intel and commitment to creating shareholder value.”
Adding to the positive sentiment surrounding Intel, analysts at Bank of America just upgraded INTC after a “well-regarded CEO hire.” This upgrade indicates a shift in market perception, as a strong leadership team is essential for driving innovation and addressing challenges within the semiconductor industry.
“We really like the new CEO appointment,” the analysts wrote, as quoted by Investing.com. They also raised their INTC price target to $25 from $19. This adjustment reflects optimism about the company's ability to navigate current market dynamics and capitalize on future growth opportunities, particularly as demand for semiconductors continues to rise across multiple sectors. With these developments, Intel is positioning itself for a potential resurgence in the competitive tech landscape.
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