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 explore oil and gas exploration and production opportunities; Ameriprise manages to get a fair value estimate raise; we launch coverage of Kongsberg Gruppen; and Royalty Pharma, Hanesbrands, and Orsted.

In this edition, we explore oil and gas exploration and production opportunities; Ameriprise manages to get a fair value estimate raise; we launch coverage of Kongsberg Gruppen; and Royalty Pharma, Hanesbrands, and Orsted.

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 Same, Only Different: Our Monthly Survey of the Economy, Interest Rates, and Stocks

Monday Tee Up: Earnings and Powell

As we've said, this week (and maybe the next couple of weeks) is very important for stocks, bonds, and the U.S. Dollar Index (USD). But we would be remiss to ignore the precious metals, especially gold futures. The yellow metal is approaching a very important support area -- and a break could lead to a quick downside flush.

The major indices finished slightly lower on Thursday as investors weighed a new round of earnings reports from Qualcomm, PayPal, and other major companies. Apple and Amazon also reported above-consensus sales and earnings after the close. On the employment front, first-time claims for state unemployment benefits rose by 6,000 to a seasonally adjusted 227,000 for the week ended July 29, in line with the Reuters consensus forecast. Continuing claims rose by 21,000 to 1.7 million. The data came ahead of the government's July employment report on Friday morning. The consensus calls for 200,000 new payroll jobs, down from 209,000 in June, and a steady unemployment rate of 3.6%. The Dow fell 0.19%, the S&P 0.25%, and the Nasdaq 0.10%. Crude oil rose nearly 3% to $82 per barrel, while gold fell $6 to $1969 per ounce.

This was one of our 10 Investment Themes for 2023 and remains relevant, as the S&P 500 is up 13% year-to-date. The long-term trend in the U.S. stock market has been higher; since 1980, stocks have turned in a positive performance almost 80% of the time. The average annual gain has been 13%. That was not so in 2022. Yes, the S&P 500 set an all-time record. But it peaked on January 3 and the rest of the year was downhill. The stock market entered a bear market in June 2022. Bond returns weren't much better, as spiking inflation pushed long-term interest rates higher and the Fed raised short-term rates to try to bring inflation down. The turmoil posed a challenge for Wall Street firms, as investment returns were dismal, the IPO market dried up, and M&A activity disappeared. By year-end, Wall Street firms such as Goldman Sachs and Morgan Stanley were announcing layoffs. We are more optimistic for the financial markets in 2023. Equity valuations are lower in the wake of the selloff in 2022. There is pent-up demand for IPOs and M&A once the environment improves. Finally, consensus expectations call for weak earnings and investment returns in 2023, setting markets up for a positive surprise. As the outlook improves, we think that investor demand will pick up for investment banks, exchange operators, and money-management firms. We recently raised our sector rating on Financial Services to Over-Weight. Stocks in our coverage universe that we believe are positioned to benefit include the following.

Stocks fell sharply on Tuesday morning, led by declines in regional bank stocks. Treasury Secretary Janet Yellen warned that the U.S. government could run out of funding by June 1, earlier than previously expected, if Congress fails to raise the debt ceiling. Employment data pointed to a cooling labor market. In its monthly JOLTS survey, the Labor Department said that U.S. job openings dropped to 9.59 million on the last day of March, below the Reuters consensus forecast of 9.78 million and the third straight monthly decline. The Dow fell 1.6%, the S&P 1.6%, and the Nasdaq 1.4%. Crude oil traded near $72 per barrel, while gold jumped $26 to $2018 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.

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 current volume of insider transactions remains the primary issue when considering current insider sentiment. As is always the case when earnings season in full swing, insiders are broadly prohibited from trading and, as such, there are few transactions and therefore few meaningful signals about insider sentiment. But even with less sentiment inputs, the weekly data from Vickers Stock Research does reflect trends -- and current trends ring no alarms.

The long-term trend in the U.S. stock market has been higher. Since 1980, stocks have turned in positive performances almost 80% of the time. The average annual gain has been 13%. That was not the case in 2022. Sure, the S&P 500 set an all-time record. But it peaked on January 3, and the rest of the year was downhill. The stock market technically entered a bear market in June. Bond returns weren't much better, as spiking inflation pushed long-term interest rates higher and the Federal Reserve raised short-term rates to try to bring inflation under control. The turmoil in the marketplace posed a challenge for Wall Street firms, as investment returns were dismal, the IPO market dried up, and M&A activity disappeared. By year-end, Wall Street firms such as Goldman Sachs and Morgan Stanley were announcing layoffs. Looking ahead, we are more optimistic for stocks in 2023. For one thing, equity valuations are lower in the wake of the sharp sell-off in 2022. For another, there is pent-up demand for IPOs and M&A, once the environment improves. Finally, consensus expectations call for weak 2023 earnings and investment returns, setting the markets up for a positive surprise. As the outlook for financial firms improves, we think investor demand will pick-up for investment banks, exchanges, and money management firms. Stocks in our Universe of Coverage that are in position to benefit include the following.

Monday Tee Up: The Fed, Jobs, Earnings Roll On

Stocks rose strongly on Wednesday morning as investors weighed earnings reports from AMD, Starbucks, and CVS along with new U.S. service sector data. The Institute for Supply Management said that its nonmanufacturing index rose to 56.7 in July, up from 55.3 in June and above the Reuters consensus forecast of 53.5. The reading marked the first increase after three straight monthly declines. The Dow rose 0.9%, the S&P 0.9%, and the Nasdaq 1.8%. Crude oil fell 2% to $92 per barrel, while gold fell $19 to $1771 per ounce.

Stocks fell on Wednesday morning ahead of the Federal Reserve's afternoon policy statement and comments from Fed Chair Jerome Powell. On the employment front, payroll provider ADP said that U.S. companies added 247,000 payroll jobs in April, down from 479,000 in March and below the Bloomberg consensus forecast of 383,000. The Dow fell 0.3%, the S&P 0.6%, and the Nasdaq 1.5%. Crude oil rose more than 3% to $106 per barrel, while gold dropped $3 to $1868 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.

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.

Our rating on the Financial Services sector is Over-Weight. Based on positive vaccine developments and actions from the administration in Washington, interest rates have started to move higher at the long end of the yield curve. We expect banks to benefit from wider net interest margins and lower loan-loss provisions as the economy normalizes. We also expect insurance companies to generate higher income in their investment portfolios. The sector accounts for 10.7% of the S&P 500, down from 16.3% following the exclusion of Real Estate stocks. Over the past five years, the weighting has ranged from 9% to 17%. We think the sector should account for 11%-12% of diversified portfolios. Here is how we use our analysts' Financial Services sector ideas in our Focus List and Model Portfolios. All of the following stocks currently are rated BUY at Argus.

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.

January Jitters: Our Monthly Survey of the Economy, Interest Rates, and Markets

Stocks were mixed on Friday morning following new consumer spending data and earnings reports from Apple and Amazon. The Commerce Department said that U.S. consumer spending rose 0.6% in September, above the Reuters consensus of 0.5% but down from 1.0% growth in August. Apple shares fell 3% after the company posted lower-than-expected fiscal 4Q revenue and warned of continued supply-chain constraints. Amazon also fell following disappointing 3Q results and weaker-than-expected fourth-quarter guidance. The Dow rose 0.2%, the S&P fell 0.1%, and the Nasdaq fell 0.2%. Crude oil traded near $82 per barrel, while gold fell $26 to $1777 per ounce.

Earnings Topping Already-High Expectations

Our rating on the Financial Services sector is Over-Weight. With market optimism rising on positive vaccine developments and the new administration in Washington, interest rates have started to move higher at the long end of the yield curve. We expect banks to benefit from wider net-interest margins and lower loan-loss provisions as the economy normalizes, and insurance companies to generate higher income in their investment portfolios. The sector now accounts for 11.4% of the S&P 500. Over the past five years, the weighting has ranged from 10% to 17%. We think the sector should account for 12%-15% of diversified portfolios. Here is how we use our analysts' Financial Services sector ideas in our Focus List and Model portfolios. All of the following stocks are rated BUY at Argus.

Stocks were largely flat on Wednesday morning as investors weighed mixed earnings reports and awaited the Federal Reserve's policy announcement this afternoon. Boeing shares fell following a wider-than-expected first-quarter loss, though the company also reported a strong increase in aircraft deliveries. Microsoft shares also fell despite better-than-expected sales and earnings. The Dow fell 0.3%, the S&P rose 0.1%, and the Nasdaq fell 0.2%. Crude oil traded near $64 per barrel, while gold fell $6 to $1773 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.

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.

Stocks started 2021 with a decline in January before moving to record highs this month, while bonds were flat. From an asset-allocation standpoint, our model is close to equally balanced between stocks and bonds for the long-term. In other words, these asset classes should be near their normal weights in diversified portfolios. We looked for large-cap companies with strong balance sheets and experienced managements to be the leaders during the eventual recovery from COVID-19. This has played well, and now, with a vaccine on the horizon, small-cap risks are reduced. Our recommended exposure to small- and mid-caps is now 15% of equity allocation, in line with the benchmark weighting. Moving to the international arena, U.S. stocks have outperformed global stocks over the trailing one- and five-year periods. We expect this trend to continue, given volatile global economic and currency conditions. That said, international stocks offer favorable near-term valuations, and we target 15%-18% of equity exposure to the group. In terms of growth and value, growth, led by Tech and Healthcare, outperformed value in 2020, driven by Energy and Materials. As there is no change expected in this dynamic over the next few quarters, we continue to favor growth -- as long as interest rates remain low.

The stock market rallied last week, beginning February on a strong note. Tech stocks outperformed blue chips on strong earnings from a handful of megacap technology companies. On Friday, The Dow Jones Industrial Average rose 0.30%, the S&P 500 0.39%, and the Nasdaq Composite 0.57%. For the week, the DJIA climbed 3.89%, the S&P 500 4.65%, and the Nasdaq 6.01%.

We recently upgraded our rating on the Financial Services sector to Over-Weight. With market optimism rising on positive vaccine developments and the presidential transition, interest rates have started to move higher at the long end of the yield curve. We expect banks to benefit from wider net interest margins and lower loan-loss provisions as the economy normalizes, and insurance companies to generate higher income in their investment portfolios. The sector accounts for 10.4% of the S&P 500, down from 16.3% following the exclusion of REIT stocks. Over the past five years, the weighting has ranged from 9% to 17%. We think the sector should account for 11%-12% of diversified portfolios. The Financial sector is underperforming the market thus far in 2020, with a loss of 9.6%. It slightly outperformed in 2019, with a gain of 29.2%, and underperformed in 2018, with a loss of 14.7%. Here is how we use our analysts' Financial Services sector ideas in our Focus List and Model portfolios. All of the following stocks are rated BUY at Argus.

Stocks closed October with their worst week since the early days of the pandemic. In spite of a positive week for 3Q20 earnings and better-than-expected 3Q20 GDP, markets were slammed by concerns about possible lockdowns related to the rising tide of coronavirus infections. As polls tighten, investors are also worried about an inconclusive and contested election, something that slammed markets in the year 2000. Selling was harshest in tech names, but few areas were spared. On Friday, the Dow Jones Industrial Average fell 158 points, or 0.6%. The S&P 500 dropped a sharper 1.2% and the Nasdaq Composite was hit the hardest, down 2.5% on the day. For the full week, the Dow was down 6.5%, the S&P 500 was down 5.6%, and the Nasdaq was down 5.5%. For the year-to-date, the DJIA is down 7.1%, the S&P is up just 1.2%, and the Nasdaq is up 21.6%. Over the past 52 weeks, the Dow is down 3.1%, the S&P 500 is up 6.6%, and the Nasdaq is up 35.4%.

Stocks closed October with their worst week since the early days of the pandemic. In spite of a positive week for 3Q20 earnings and better-than-expected 3Q20 GDP, markets were slammed by concerns about possible lockdowns related to the rising tide of coronavirus infections. As polls tighten, investors are also worried about an inconclusive and contested election, something that slammed markets in the year 2000. Selling was harshest in tech names, but few areas were spared. On Friday, the Dow Jones Industrial Average fell 158 points, or 0.6%. The S&P 500 dropped a sharper 1.2% and the Nasdaq Composite was hit the hardest, down 2.5% on the day. For the full week, the Dow was down 6.5%, the S&P 500 was down 5.6%, and the Nasdaq was down 5.5%. For the year-to-date, the DJIA is down 7.1%, the S&P is up just 1.2%, and the Nasdaq is up 21.6%. Over the past 52 weeks, the Dow is down 3.1%, the S&P 500 is up 6.6%, and the Nasdaq is up 35.4%.

Investors hunting for stocks that reasonably balance long-term growth and value characteristics might want to look at companies in the Financial Services, Healthcare and Technology sectors. These are a few of the industry groups that currently are selling for (price/earnings)/(growth+yield) ratios at or below the S&P 500's ratio of 1.8x. To generate the PEGY ratios, we use the P/E ratio for each sector based on forward 2021 earnings for the numerator. For the denominator, we average the growth rates for the past three years along with two years of forward estimates, in order to achieve a smoother, less-volatile, earnings trend. Then we add the current yield, to approximate total return. Premium-valued sectors with low growth rates include the Energy, Materials and Consumer Staples sectors. Our over-weight sectors include Healthcare, Communication Services, Utilities and Information Technology. Our under-weight sectors include Materials and Energy.

Investors hunting for stocks that reasonably balance long-term growth and value characteristics might want to look at companies in the Financial Services, Healthcare and Technology sectors. These are a few of the industry groups that currently are selling for (price/earnings)/(growth+yield) ratios at or below the S&P 500's ratio of 1.8x. To generate the PEGY ratios, we use the P/E ratio for each sector based on forward 2021 earnings for the numerator. For the denominator, we average the growth rates for the past three years along with two years of forward estimates, in order to achieve a smoother, less-volatile, earnings trend. Then we add the current yield, to approximate total return. Premium-valued sectors with low growth rates include the Energy, Materials and Consumer Staples sectors. Our over-weight sectors include Healthcare, Communication Services, Utilities and Information Technology. Our under-weight sectors include Materials and Energy.

Stocks rose on Friday, capping off a mixed week for the major indices. Equity index performance returned to the pattern that was common during the first 12 weeks of the recovery, as growth stocks outperformed blue chips. Economic readings, though plentiful, were overshadowed by big-tech earnings news. On Friday, The Dow Jones Industrial Average gained 115 points, or 0.4%. The S&P 500 increased 0.8% and the Nasdaq Composite jumped 1.5%. For the full week, the Dow fell 0.2%. The S&P 500 was up 1.7%, and the Nasdaq increased 3.7%. For the year-to-date, losses are now 7.4% for the Dow, while the S&P is up 1.3% and the Nasdaq is up 19.8%. Over the past 52 weeks, the Dow is down 0.2%, while the S&P 500 is up 11.6%, and the Nasdaq is up 34.3%. July is usually a strong stock month, and this year was no exception as the S&P 500 rose 5.5%.

Stocks rose on Friday, capping off a mixed week for the major indices. Equity index performance returned to the pattern that was common during the first 12 weeks of the recovery, as growth stocks outperformed blue chips. Economic readings, though plentiful, were overshadowed by big-tech earnings news. On Friday, The Dow Jones Industrial Average gained 115 points, or 0.4%. The S&P 500 increased 0.8% and the Nasdaq Composite jumped 1.5%. For the full week, the Dow fell 0.2%. The S&P 500 was up 1.7%, and the Nasdaq increased 3.7%. For the year-to-date, losses are now 7.4% for the Dow, while the S&P is up 1.3% and the Nasdaq is up 19.8%. Over the past 52 weeks, the Dow is down 0.2%, while the S&P 500 is up 11.6%, and the Nasdaq is up 34.3%. July is usually a strong stock month, and this year was no exception as the S&P 500 rose 5.5%.

Our rating on the Financial Services sector is Market-Weight. The recent rush into safe-haven Treasuries has led to an historical collapse in interest rates, further pressuring banks' net interest margins. We also believe that speculative-grade debt, particularly in the Energy sector, faces viability risks if economic activity remains suppressed for an extended period. The sector accounts for 10.6% of the S&P 500, down from 16.3% following the exclusion of REIT stocks. Over the past five years, the weighting has ranged from 10% to 17%. We think the sector should account for 10%-12% of diversified portfolios. The Financial sector is underperforming the market thus far in 2020. Here is how we use our analysts' Financial Services sector ideas in our Focus List and Model Portfolios. All stocks are rated BUY.

Our rating on the Financial Services sector is Market-Weight. The recent rush into safe-haven Treasuries has led to an historical collapse in interest rates, further pressuring banks' net interest margins. We also believe that speculative-grade debt, particularly in the Energy sector, faces viability risks if economic activity remains suppressed for an extended period. The sector accounts for 10.6% of the S&P 500, down from 16.3% following the exclusion of REIT stocks. Over the past five years, the weighting has ranged from 10% to 17%. We think the sector should account for 10%-12% of diversified portfolios. The Financial sector is underperforming the market thus far in 2020. Here is how we use our analysts' Financial Services sector ideas in our Focus List and Model Portfolios. All stocks are rated BUY.