The United States economy is full of innovation. It has to be. Manufacturing industries that dominated the economy decades ago - textiles, televisions, even automobiles to a large degree - have moved overseas, where labor and materials costs are lower. Yet the U.S. economy, even during the pandemic and the current period of high inflation, has expanded to record levels. If U.S. corporations weren't innovating, creating new products (such as vaccines and AI) and services (such as Zoom calls) and moving into new markets, the domestic economy would not be growing, and capital would not be flooding into the country. The current high level of the U.S. dollar relative to currencies around the world attests to the confidence that global investors have in the durable and innovative U.S. economy.

This pick list highlights constituents of the Morningstar US Large Cap Index that we believe offer investors the best risk-adjusted return prospects. Stocks of large-cap companies where neither growth nor value characteristics predominate. Stocks in the top 70% of the capitalization of the U.S. equity market are defined as large cap.

This pick list highlights constituents of the Morningstar US Large Cap Index that we believe offer investors the best risk-adjusted return prospects. Stocks of large-cap companies where neither growth nor value characteristics predominate. Stocks in the top 70% of the capitalization of the U.S. equity market are defined as large cap.

The Vickers Top Buyers & Sellers is a daily report that identifies the five companies the largest insider purchase transactions based on the dollar value of the transactions as well as the five companies the largest insider sales transactions based on the dollar value of the transactions.

The Vickers Top Buyers & Sellers is a daily report that identifies the five companies the largest insider purchase transactions based on the dollar value of the transactions as well as the five companies the largest insider sales transactions based on the dollar value of the transactions.

In this edition, we say viva Veeva; the China housing market is building up to something positive; computer software has a great future; and Sensata, Sunny Optical, and Onsemi.

This pick list highlights constituents of the Morningstar US Large Cap Index that we believe offer investors the best risk-adjusted return prospects. Stocks of large-cap companies where neither growth nor value characteristics predominate. Stocks in the top 70% of the capitalization of the U.S. equity market are defined as large cap.

Early last year, the consensus belief had the economy headed toward a recession and the Federal Reserve needing to be aggressive with interest-rate cuts to prevent significant weakness in GDP. As 2023 progressed, the recession callers backed off as the economy kept its footing after the huge hike in the fed funds rate as well as the entire Treasury curve. And while inflation came down a lot faster than may thought, it did so without a concurrent weakening in the economy.

Argus has published its latest Portfolio Selector, which features its popular Focus List. Each month, Director of Research Jim Kelleher, CFA, surveys the team of Argus Research industry analysts for their timeliest recommendations out of the company's fundamental universe of approximately 500 stocks. The Focus List typically includes 30 stocks: turnover is high, as Jim typically adds three or four new stocks per month. Below are the latest additions, all of which are rated BUY at Argus.

The Portfolio Selector features the Argus Focus List, a group of 30 "best idea" stocks generated and regularly updated by Argus' analysts and investment policy committee. It also includes the director of research’s monthly investment strategy column, stock recommendations and sector picks, economic forecasts, and an asset allocation model. This month, the Focus List additions are ServiceNow Inc (NOW); ASML Holding NV (ASML); United Rentals, Inc. (URI); Target Corp (TGT) and the Focus List deletions are Canadian Pac Kansas City Ltd (CP); Salesforce Inc (CRM); D.R. Horton Inc. (DHI); Seagate Tech Hldgs Pl (STX).

The Russell 2000 (IWM) offers a fascinating and challenging-to-read chart (long-term neutral). IWM peaked near the $160 level in September 2018 and in early 2020. Then, after the pandemic, small-caps ripped higher, with IWM peaking just below $240 in November of 2021. The index then crashed into mid-2022, right to the prior highs from 2018 and 2020 near $160. After a rally to near a prior breakout level around $200, IWM fell right back to its prior peak at $160 in October 2022. Another trip to the top of the range near $200 failed, as did an attempt to break out of the range in July 2023, which led to another successful test of the bottom of the range near $160 in October 2023.

The Vickers Top Buyers & Sellers is a daily report that identifies the five companies the largest insider purchase transactions based on the dollar value of the transactions as well as the five companies the largest insider sales transactions based on the dollar value of the transactions.

Stubborn Inflation, Sturdy Consumers: Our Monthly Survey of the Economy, Interest Rates, and Stocks

Investing in the Cloud is not for the faint of heart -- but we see upside. Alphabet lost a steep 10% in one day last week after investors expressed their disappointment over growth in its cloud business. That same day, Microsoft surged after reporting better-than-expected growth in its Azure OpenAI cloud service. The race is on, and some will win and some will lose along the way. But the potential pie is big. In the internet era, in which digital commerce complements or has supplanted physical commerce, the information technology needs of all enterprises have grown. The traditional on-premises approach has been rendered inefficient, given that a user's IT needs may fluctuate at any time. Into this void, the Cloud has arrived. In Cloud services models, an enterprise's IT needs can be matched and scaled in real time. Through the Cloud, enterprises consume only as much computing, storage, and networking bandwidth as they need. For a major event, this allows massive scaling of IT resources beyond the restraints of on-premises implementation. For periods in which operations are steady, the Cloud services model allows for a needs-only application. The leading providers of Cloud services tend to be large Technology and Communication Services companies that provide many goods and services distinct from or adjacent to their Cloud businesses. Growth has been impressive for this group. Collectively, participants in the Cloud eco-system grew revenue at a 19% compound annual growth rate from 2016 to 2022. Still, the line isn't straight up. While Cloud services grew at a 23% growth rate from 2020 to 2021, the average growth rate slowed to 15.3% for 2022. This slowdown in revenue growth reflected impediments to normal business activity from the supply-chain crisis, inflation, and rising interest rates. Even so, demand for Cloud services has held up relatively well, given that Cloud transition is a long-tailed process and that Cloud transformation has become an imperative. Here is a list of U.S.-based companies followed by Argus and that we think are in position to take advantage of this secular trend.

Innovation may be hard to define. But to borrow from former U.S. Supreme Court Justice Potter Stewart, you know it when you see it. The United States economy is full of innovation. It has to be. Manufacturing industries that dominated the economy decades ago - textiles, televisions, even automobiles to a large degree - have moved overseas, where labor and materials costs are lower. Yet the U.S. economy, even during the pandemic and the current period of high inflation, has expanded to record levels. If U.S. corporations weren't innovating, creating new products (such as vaccines) and services (such as Zoom calls) and moving into new markets and applications, the domestic economy would not be growing, and capital would not be flooding into the country. The current high level of the U.S. dollar relative to currencies around the world attests to the confidence that global investors have in the durable and innovative U.S. economy.

The emergence and adoption of cloud computing reflects a confluence of factors. A key driver of cloud adoptions is the ability to match and scale IT resources to an enterprise's needs in real time. All of these factors were accelerated by the pandemic. In the internet era, in which digital commerce complements or has supplanted physical commerce, the IT needs of any enterprise have grown. The traditional on-premises approach is inherently inefficient, given that IT needs may fluctuate. In cloud services models, enterprises only consume as much computing, storage, and networking bandwidth as they need at any time. For a major event, this allows massive scaling of IT resources beyond the restraints of on-premises implementation. For periods in which operations are steady, the cloud services model allows for a needs-only application. The leading providers of cloud services tend to be large technology and communication services companies that provide many goods and services distinct from or adjacent to their cloud businesses. These companies include Amazon, Microsoft, Alphabet and others in the United States, along with Alibaba, Baidu, Tencent and others in China. Collectively, participants in the cloud eco-system grew revenue at a 19% compound annual growth rate from 2016 to 2022. While cloud services grew at a 23% growth rate from 2020 to 2021, the average growth rate slowed to 15.3% for 2022. This slowdown in revenue growth reflected impediments to normal business activity from the supply-chain crisis, inflation, and rising interest rates. The global economy experienced cyclical softening during 2022 into 2023 due to inflation and rising interest rates, and this broadly impacted the Technology sector. Demand for cloud services has held up relatively well, given that cloud transition is a long-tailed process and that cloud transformation has become an imperative.

This pick list highlights constituents of the Morningstar US Large Cap Index that we believe offer investors the best risk-adjusted return prospects. Stocks of large-cap companies where neither growth nor value characteristics predominate. Stocks in the top 70% of the capitalization of the U.S. equity market are defined as large cap.

The Vickers Top Buyers & Sellers is a daily report that identifies the five companies the largest insider purchase transactions based on the dollar value of the transactions as well as the five companies the largest insider sales transactions based on the dollar value of the transactions.

Monday Tee Up: Will CPI Have a Two- or a Three-Handle?

This pick list highlights constituents of the Morningstar US Large Cap Index that we believe offer investors the best risk-adjusted return prospects. Stocks of large-cap companies where neither growth nor value characteristics predominate. Stocks in the top 70% of the capitalization of the U.S. equity market are defined as large cap.

In the typically strong month of April, the stock market laid an egg -- with most of the major indices posting minimal returns, and the small- and mid-cap stocks losing minor ground. The S&P 500 rose 1.5%, the Nasdaq was flat, and the Nasdaq 100 gained 0.5%. The Dow Jones Industrial Average was the big winner, up 2.5%. The S&P MidCap 400 fell 0.80% and the Russell 2000 dropped 1.8%, thanks to heavy exposure to small- and mid-sized banks.

The Vickers Top Buyers & Sellers is a daily report that identifies the five companies the largest insider purchase transactions based on the dollar value of the transactions as well as the five companies the largest insider sales transactions based on the dollar value of the transactions.

The Vickers Top Buyers & Sellers is a daily report that identifies the five companies the largest insider purchase transactions based on the dollar value of the transactions as well as the five companies the largest insider sales transactions based on the dollar value of the transactions.

Monday Tee Up: Data Hat Trick Includes the Fed, Jobs, and Earnings

October, as it has been many times in the past, was a wild month -- and at least a short-term bear killer. The month started out great and then the major indices fell off a small cliff and declined to new bear-market lows. But stocks had an amazing bullish reversal on October 13 and have been grinding nicely higher ever since. While it's a start, we are a long way from putting the bear fully into hibernation, despite the calendar's turn toward colder weather.

The Vickers Top Buyers & Sellers is a daily report that identifies the five companies the largest insider purchase transactions based on the dollar value of the transactions as well as the five companies the largest insider sales transactions based on the dollar value of the transactions.

The major indices turned on the afterburners in July following a difficult June. The S&P 500 soared 9%, regaining all its losses from June. The Nasdaq and the Nasdaq 100 both exploded over 12%, recapturing their June declines and then some. The S&P MidCap 400 and the Russell 2000 rocketed almost 11%. It was the largest 20-day rate-of-change (ROC) for the '500,' the '400,' and the '2000' since late 2020/early 2021. The Nasdaq and the QQQs saw a better 20-day ROC in early April, which, as we now know, was a bear-market rally.

In this edition, ServiceNow well-poised, electric components on verge of a surge, Illumina's shares have fallen, and Bayer, Carnival, and Kellogg.

Stocks rose on Tuesday morning as investors weighed new earnings reports and looked ahead to the Fed's policy statement on Wednesday. Pfizer shares rose after the company reported stronger-than-expected first-quarter results, though it also projected below-consensus sales for the full year, including sales of COVID medication Paxlovid. On the employment front, the Labor Department said that U.S. job openings rose to a record 11.549 million in March, up from 11.344 million in February and above the consensus estimate of 11.2 million. The Dow rose 0.7%, the S&P 0.9%, and the Nasdaq 0.4%. Crude oil traded near $104 per barrel, while gold rose $9 to $1873 per ounce.

The Vickers Top Buyers & Sellers is a daily report that identifies the five companies the largest insider purchase transactions based on the dollar value of the transactions as well as the five companies the largest insider sales transactions based on the dollar value of the transactions.

This edition features TripAdvisor's journey, Berkshire's burgeoning bank account, acquirers being a good bet, and Assa Abloy, Polaris, and ServiceNow.

Stocks were mostly higher on Monday morning, though the S&P remained on track for its worst month since the pandemic selloff in March 2020. Meanwhile, investors continued to weigh prospects for aggressive interest rate hikes as the Fed works to tamp down inflation. Goldman Sachs said that it expected five hikes in 2022, up from its prior forecast of four, and Bank of America said that it expected seven rate hikes. The Dow was flat, the S&P rose 0.7%, and the Nasdaq rose 2.0%. Crude oil rose slightly to $87 per barrel, while gold traded near $1796 per ounce.

With major stock indices dancing around all-time highs (seemingly the result of a so-far solid earnings season), the volume of insider transactions is predictably low (also the result of earnings season, with associated trading restrictions). That said, the current low transaction volume is particularly low. Indeed, it is now six consecutive weeks that Vickers' Stock Research has processed fewer than 1,000 weekly insider trades that met the criteria for inclusion in the Weekly Insider Report. The last time we saw such a run was back in September of 2020. One can argue that insiders then and now were/are biding their time, with no sense of urgency to sell stocks but also no great reason to buy shares at lofty levels.

The United States economy is full of innovation. It has to be. Manufacturing industries that dominated the economy decades ago - textiles, televisions, even automobiles to a large degree - have moved overseas, where costs are lower. Yet the U.S. economy, even during the pandemic, has expanded to record levels. If U.S. corporations weren't innovating, the domestic economy would not be growing and capital would not be flooding into the country. Consider that U.S. GDP was approximately $1 trillion in 1930 but nearly $23 trillion at the end of 1H21. That's growth of 23-times. Meanwhile, the U.S. population has grown less than three-times during that time span, to 320 million from 120 million. The delta between GDP growth and population growth has been driven, in large part, by innovation. In addition, the value of listed corporations on U.S. stock exchanges at the end of 2020 was approximately $41 trillion, according to SIFMA, representing 38% of global equity market capitalization, while U.S. GDP represented only 26% of global GDP. The current low level of interest rates and the relatively high level of the dollar both attest to the confidence that global investors have in the innovative U.S. economy.

This edition features the continuing shift to software; biopharma capital allocation; rising ransomware attacks; and new coverage of Stem, Keysight, and Carlyle Group.

Stocks fell on Friday morning on continued depressed consumer sentiment. The University of Michigan consumer sentiment index for September came in at 71, compared to economists' expectation for 72. However it was slightly up from August's final reading of 70.3. The Dow fell 0.5%, the S&P declined 0.7%, and the Nasdaq was down 1%. Crude oil traded near $72 per barrel, while gold fell $2 to $1755 per ounce.

The Technology sector started slowly in 2021 as investors focused on value stocks. But the sector has come on strong in recent months (up 22% year-to-date) and now is outperforming the market (up 20.7%) as well as value sectors such as Consumer Staples (+8%), Utilities (+10%), Materials (+17%), and Industrials (+18%). The sector is the largest in the U.S. market and now accounts for more than 28% of the S&P 500. Over the long term, we expect the sector to benefit from pervasive digitization across the economy, greater acceptance of transformative technologies, and the development of the Internet of Things (IoT). Healthy company and sector fundamentals are also positive. For individual companies, these include high cash levels, low debt, and broad international business exposure. We have an Over-Weight ranking on the Tech sector and think investors should look to allocate up to 30% of their diversified portfolios to the group. Here is how we use our analysts' Tech sector ideas in our Focus List and Model Portfolios.

This pick list highlights constituents of the Morningstar US Large Cap Index that we believe offer investors the best risk-adjusted return prospects. Stocks of large-cap companies where neither growth nor value characteristics predominate. Stocks in the top 70% of the capitalization of the U.S. equity market are defined as large cap.

Second-quarter earnings announcements are nearly complete, with some 90% of S&P 500 companies having reported. The profit recovery from the depths of the pandemic low in 2Q20 was been swift, with earnings growth of 93% in 2Q21, according to Refinitiv. But earnings do not look good just on a relative basis -- the $53.93 projected to be earned by S&P 500 companies for the second quarter is the highest ever for the index. Investors can now turn their attention to the third quarter, when earnings are expected to rise a still-strong 30% year-over-year. Our analysts are always on the lookout for companies that raise their outlooks during earnings season. Management's ability to "raise guidance" can often be a catalyst to strong returns in the quarters ahead. Here are 20 BUY-rated companies in Argus coverage for which management has raised guidance or increased its outlook during the 2Q21 EPS reporting season.

This pick list highlights constituents of the Morningstar US Large Cap Index that we believe offer investors the best risk-adjusted return prospects. Stocks of large-cap companies where neither growth nor value characteristics predominate. Stocks in the top 70% of the capitalization of the U.S. equity market are defined as large cap.

Stocks fell on Wednesday morning as investors weighed a new round of earnings reports and weaker-than-expected employment data. Payroll provider ADP said that U.S. companies added 330,000 jobs in July, down from 680,000 in June and well below the Reuters consensus forecast of 695,000. Services sector data was positive. The Institute for Supply Management said that its nonmanufacturing index rose to a record 64.1 in July, up from 60.1 in June and above the consensus forecast. The Dow fell 0.6%, the S&P 0.4%, and the Nasdaq 0.1%. Crude oil traded near $69 per barrel, while gold fell slightly to $1813 per ounce.

This pick list highlights constituents of the Morningstar US Large Cap Index that we believe offer investors the best risk-adjusted return prospects. Stocks of large-cap companies where neither growth nor value characteristics predominate. Stocks in the top 70% of the capitalization of the U.S. equity market are defined as large cap.

The Portfolio Selector features the Argus Focus List, a group of 30 "best idea" stocks generated and regularly updated by Argus' analysts and investment policy committee. It also includes the director of research’s monthly investment strategy column, stock recommendations and sector picks, economic forecasts, and an asset allocation model. This month, the Focus List additions are Vontier Corp (VNT); Discover Financial Services (DFS); U.S. Bancorp. (USB); LyondellBasell Industries NV (LYB) and the Focus List deletions are Linde Plc (LIN); ServiceNow Inc (NOW); Old Dominion Freight Line, Inc (ODFL); Square Inc (SQ).

This pick list highlights constituents of the Morningstar US Large Cap Index that we believe offer investors the best risk-adjusted return prospects. Stocks of large-cap companies where neither growth nor value characteristics predominate. Stocks in the top 70% of the capitalization of the U.S. equity market are defined as large cap.

This pick list highlights constituents of the Morningstar US Large Cap Index that we believe offer investors the best risk-adjusted return prospects. Stocks of large-cap companies where neither growth nor value characteristics predominate. Stocks in the top 70% of the capitalization of the U.S. equity market are defined as large cap.

Stocks fell on Tuesday morning, led by a sharp drop in large Tech stocks. On the economic front, the Commerce Department said that U.S. factory orders rose 1.1% in March, up from a 0.5% decline in February but below the Reuters consensus forecast of 1.3% growth. The Commerce Department also reported that the U.S. trade deficit rose 5.6% to an all-time high of $74.4 billion in March on strong growth in imports. The Dow fell 0.9%, the S&P 1.3%, and the Nasdaq 2.5%. Crude oil traded near $65 per barrel, while gold rose slightly to $1794 per ounce.

Sustainable Impact Investing is gaining traction with the global investment community. In January 2020, BlackRock CEO Lawrence Fink, who oversees approximately $9 trillion in assets, announced that his firm would be investing in companies that are making progress on sustainability. He doubled down in his January 2021 letter, calling on company managements to disclose their plans for making their businesses "compatible with a net-zero economy" by 2050. As assets have flowed in over the past 40 years, Sustainable Impact Investing has evolved. The discipline, originally known as Socially Responsible Investing, focused at first on excluding companies that conducted business in South Africa, or participated in industries such as tobacco, alcohol, and firearms. But the performance of these initial strategies lagged, and the approach has been modified. Now, instead of merely identifying industries to avoid, the discipline promotes "sustainable" business practices across all industries that can have an "impact" on global issues such as the climate, hunger, poverty, disease, shelter, and workers' rights.

This pick list highlights constituents of the Morningstar US Large Cap Index that we believe offer investors the best risk-adjusted return prospects. Stocks of large-cap companies where neither growth nor value characteristics predominate. Stocks in the top 70% of the capitalization of the U.S. equity market are defined as large cap.

The United States economy is full of innovation. It has to be. Manufacturing industries that dominated the economy decades ago - textiles, televisions, even automobiles, to a large degree - have moved overseas, where costs are lower. Yet the U.S. economy, prior to the pandemic, had expanded to record levels. And now, the U.S. Healthcare industry is mobilizing to improve COVID-19 testing, treatments and vaccines. Consider that U.S. GDP was approximately $1 trillion in 1930 but nearly $22 trillion at the end of 2019. That's growth of 22-times. Meanwhile, the U.S. population has grown less than 3-times during that time span, to 320 million from 120 million. The delta between GDP growth and population growth has been driven in large part by innovation. In addition, the value of listed corporations on U.S. stock exchanges at the end of 2020 was approximately $32 trillion, representing 41% of global equity market capitalization, while U.S. GDP represented only 25% of global GDP. The current low level of interest rates (the benchmark 10-year Treasury bond yield is 1.1%) and the relatively high level of the dollar both attest to the confidence that global investors have in the innovative U.S. economy.

This pick list highlights constituents of the Morningstar US Large Cap Index that we believe offer investors the best risk-adjusted return prospects. Stocks of large-cap companies where neither growth nor value characteristics predominate. Stocks in the top 70% of the capitalization of the U.S. equity market are defined as large cap.

The Vickers Top Buyers & Sellers is a daily report that identifies the five companies the largest insider purchase transactions based on the dollar value of the transactions as well as the five companies the largest insider sales transactions based on the dollar value of the transactions.