Getting Ready for Conference Presentations From These Holdings
Data points from upbeat presentations could get the stocks working again.
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* Here's what we’re watching for in conference presentations from Axon and Coty.
Following up on our comments from today’s Daily Rundown video, we are closely watching shares of United Rentals URI and Axon Enterprise AXON.
With regard URI we have an eye to revisit our current Two rating now that the shares have fallen below the $630 level.
For Axon, the shares are flirting with our $270 panic point ahead of the company’s presentation Wednesday at the Baird Global Consumer, Technology & Services conference. Those two happenings will have us paying extra close attention to management’s comments about public safety spending prospects in the coming quarters as well as the mix shift toward Axon’s higher-margin cloud business. Given renewed concerns about the pace of the U.S. economy following Monday’s ISM May PMI report and the subsequent revision to the Atlanta Fed’s rolling GDPNow model for the current quarter, we are likely to see investors return to areas, including public safety and infrastructure spending, that are benefitting from stimulus dollars.
Even after the recent pullback in AXON, the portfolio still has a sizable position, which means we’re not likely to bring any additional shares on board. Should Axon’s presentation go as we suspect it will, it could make for a very nice pickup point for newer members and those whose position size is smaller than the portfolio’s.
Wednesday also brings Coty COTY management to the Deutsche Bank dbAccess Global Consumer Conference. As discussed in today’s video, we also see that presentation being a positive one largely because the much-communicated strength in the fragrance market has made it stand far apart from other luxury goods segments.
Nvidia NVDA will present at the Bank of America Technology Conference on Wednesday and Applied Materials AMAT on Thursday. We will have our eyes and ears open for comments about their respective current quarters and H2 2024.
More Pro Portfolio:
- We're Initiating a New Tech Position
- Weekly Roundup: How We Benefited From the Market Divergence
- Signals From Our Investing Notebook
At the time of publication, TheStreet Pro Portfolio was long URI, AXON, NVDA and AMAT.
