NVDA Jul 2024 1060.000 call
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Dot-com bubble feels 'very similar' to today's environment
With Nvidia up over 154% year to date, Stifel managing director and chief equity strategist Barry Bannister joins Morning Brief to give insight into Nvidia's (NVDA) recent moves and how the tech giant reminds him of Cisco's (CSCO) performance during the dot-com bubble. "What happened with Cisco (CSCO) is, and same thing happened to Microsoft (MSFT), and Amgen (AMGN) and a number of other big cap stocks, is their PE multiple was too high and they earned into it over the course of the next 15 years. So the earnings went up dramatically, as was expected. This happened with the nifty 50 stocks in the early 70s. They earned very well, but their PE multiples were too high ... those companies had these mid-30s, 40-time multiples. They earned into it over the course of a decade," Bannister explains. He outlines the similarities between the dot-com bubble and the AI sector today: "But what we have today is extreme optimism on new technology. Then it was the internet, now it's AI. Narrow markets, increasingly narrow markets with a high valuation. Equity ownership was very high. And the day traders and all that. I'm just saying that you have to have been there 25 years ago to remember that it was a very similar feeling environment today." For more expert insight and the latest market action, click here to watch this full episode of Morning Brief. This post was written by Nicholas Jacobino
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Chipotle's 50-for-1 stock split just went into effect. Here's what it means for investors.
Chipotle stock is up 47% year to date ahead of its first-ever stock split.
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Nvidia meeting, Chipotle stock split, housing: What to Watch
Nvidia's (NVDA) shareholder meeting will take place on Wednesday, June 26 at 12 P.M. EST. The chip stock broke a three-day losing streak in Tuesday's session. Chipotle's (CMG) 50-for-1 stock split will go into effect at tomorrow's market open and begin trading at the adjusted price. The stock has gained over 43% year-to-date. A slew of earnings reports are on deck for tomorrow, including: Micron Technology (MU), General Mills (GIS), Levi Strauss (LEVI), and BlackBerry (BB). Economic data in the form of new home sales for May will be released, with estimates at 640,000, slightly below April's 643,000. For more expert insight and the latest market action, click here to watch this full episode of Market Domination Overtime. This post was written by Nicholas Jacobino
