Nasdaq Extends Losing Streak, Bitcoin and Crypto Plays Retreat
The Nasdaq continued its losing streak, while Bitcoin and other cryptocurrency plays also saw a decline. Tesla’s stock fell, which could potentially be a positive development.
Wednesday, January 3, 2024 – The Zacks Research Daily presents the latest research reports from our analyst team. Today’s Research Daily features new reports on 16 major stocks, including Amazon.com, Inc (AMZN), Berkshire Hathaway Inc (BRK.B), and Eli Lilly and Company (LLY). These reports have been carefully selected from the 70 reports published by our analyst team today.
Amazon.com (AMZN) has seen a 75.7% increase in its stock price over the past year, outperforming the Zacks Tech sector’s 50.4% gain and the 26.1% gain for the Zacks Retail sector. The company’s strong momentum in its Prime services, ultrafast delivery, and content portfolio have contributed to its success. Additionally, its relationship with third-party sellers and strong adoption rate of AWS have aided its cloud dominance. The expansion of its AWS services portfolio and strong presence in the global market have also been positive factors. Inflationary pressure, geopolitical tensions, and foreign currency headwinds remain concerns.
Berkshire Hathaway (BRK.B) has outperformed the Zacks Insurance – Property and Casualty industry over the past year, with a 17.0% increase in its stock price compared to the industry’s 13.4% gain. The company’s diverse business activities and strong cash position have supported its earnings and provided financial flexibility. Its insurance business has continued to grow, driving earnings and generating maximum return on equity. The addition of Pilot Travel Centers (PTC) has also strengthened its energy business. Exposure to catastrophe losses and high capital expenditure remain challenges for the company.
Eli Lilly (LLY) has significantly outperformed the Zacks Large Cap Pharmaceuticals industry over the past year, with a 63.8% increase in its stock price compared to the industry’s 11.3% gain. The company’s strong offerings in areas like obesity, diabetes, and Alzheimer’s have contributed to its success. Its Q4 results are expected to be released on February 6th, following a beat in both top- and bottom-line estimates in the Q3 report. The company’s revenue growth is driven by higher demand for drugs like Verzenio, Trulicity, Taltz, and others. It has also made significant progress in its pipeline, with recent approvals for new drugs. Generic competition, pricing pressure, and challenges in meeting demand for incretin products remain top-line headwinds.
Other noteworthy reports featured today include JPMorgan Chase & Co (JPM), Costco Wholesale Corporation (COST), and T-Mobile US, Inc (TMUS).
The Nasdaq’s losing streak and the decline in Bitcoin and crypto plays may be concerning, but Tesla’s stock fall could potentially be a positive development. Amazon, Berkshire Hathaway, and Eli Lilly have all seen success in their respective industries, with strong momentum and diverse business activities.
