Abbott Labs Hits New High

The stock market is creeping higher today which follows up days on Thursday and Friday. The S&P 500 isn’t far from yet another all-time high. The current all-time high close came last Monday when the index closed at 4,701.70. So far today, we’ve been as high as 4,697.42.

There isn’t much economic news today. Earlier this morning, the Empire State Manufacturing Index rose for October after dropping sharply in September.

Shares of Tesla (TSLA) are down again today. The stock has been falling lately after Elon Musk talked about selling his shares. Tesla is no longer a member of the Trillion Dollar Club. The car company’s market value is currently $991 billion, but don’t feel too bad for Elon; it’s still up over 40% this year.

On our Buy List, Ross Stores (ROST) will report its earnings on Thursday. The other “off cycle” report that’s due soon is from Heico (HEI) but the company hasn’t said yet when it will report. It should be soon.

Five months ago, shares of Abbott Labs (ABT) dropped 9% after the company lowered its earnings guidance. The reason for the lower guidance was fading demand for their Covid tests. At the time, I said, “Don’t let this week’s drop scare you. Abbott is a very sound company.”

Since then, Abbott has released very strong reports in July and October. In fact, the company has raised its full-year guidance higher than where it was before. Today the stock hit a new all-time high.

Posted by on November 15th, 2021 at 11:57 am


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