As I mentioned last week, most Sunday evenings I review the market and examine charts on my watchlists. I thought this would be a great time to then also share what I’m reviewing. This format may change a bit as time goes on, but the basic idea is to share the key data, news, and articles I’m currently looking at for the upcoming week.
Here’s the weekly market summary for the week of July 6, 2020:
- Paychex (PAYX), Levi Strauss (LEVI) on July 7
- Bed Bath & Beyond (BBBY) on July 8
- Walgreen Boots Alliance (WBA), Helen of Troy (HELE) on July 9
- Shaw Communications (SJR) on July 10
- June same-store sales reports are due from Costco (COST) on July 8.
But stocks are also coming off their best quarter in 22 years, with valuations by some measures the most expensive in two decades. Add to that: earnings estimates proffered by analysts are even more speculative this time around, after 80% of companies refused to provide guidance over the last three months.
According to BDS Analytics, which tracks the cannabis industry, sales in states that have already legalized both recreational and medical use hit $15 billion in 2019. That number is expected to double to $30 billion by 2024.
More than eleven years after its creation, Bitcoin is struggling to gain widespread institutional acceptance. While constructive criticism is healthy, ARK believes that some influential financial research institutions are dismissing bitcoin based on stale information, incoherent arguments, and flawed analysis.
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