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