Our trades and decisions on stock ratings were driven more by earnings, company-specific developments and portfolio management.
What a difference a week makes. Following last week's stumbles, the Dow Jones Industrial Average , the S & P 500 and the Nasdaq Composite are all tracking to go wire-to-wire this week, with five-straight days of gains. Dovish rhetoric from the Federal Reserve on Wednesday and a Goldilocks jobs report from the U.S. Labor Department on Friday pulled bond yields lower, which supported stocks.
We also downgraded Estee Lauder to a 4 rating and removed our price target on the stock after a shockingly bad quarter. We knew things were not going to be good. However, the luxury beauty company's warning on forward guidance called into question management's credibility. Estee Lauder's new "Profit Recovery Plan" provided little comfort because it's not expected to kick in until the company's fiscal years 2025 and 2026.
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