In this edition, we explore strength of the refining market; transferring coverage of Motorola; and initiating coverage of BYD Electronic; and OrbusNeich, Jazz Pharmaceuticals, and Prudential Financial.

Value stocks -- a market segment that includes high-yield stocks -- outperformed growth stocks in 2022. That's a recent rarity, as for the past decade-plus, the performance record has favored growth. But the tide turned in 2022. The rollout of COVID-19 vaccines gave a lift to some of the cyclical companies (energy and regional banks) that had lagged in recent quarters, and value stocks outpaced growth stocks that year. While growth stocks have retaken the lead since 2023, the Federal Reserve continues to keep interest rates high to fend off inflation. This could possibly cap multiple expansion for growth companies in coming quarters. In any event, the value sector is the place to achieve income.

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.

Value stocks -- a market segment that includes high-yield stocks -- outperformed growth stocks in 2022. That's a recent rarity, as for more than a decade, the performance record favored growth. Since 2010, the Russell 1000 Growth Index has climbed more than 575%, compared to an advance of almost 200% for the Russell 1000 Value Index. In 10 of the past 13 years, growth stocks have topped value stocks. That hasn't always been the case. In the 2000-2010 decade, including the Great Recession, value stocks were better performers than growth stocks, advancing an admittedly low 8% (but still better than growth, which declined 15% during the decade). Value investors trace their roots to the famous "Security Analysis" textbook, written by Ben Graham, an economics professor at Columbia University. Warren Buffett was one of his students. Why the recent deviation in performance? Several reasons, including changes in the make-up of the economy, growth in intangible assets, and the current level of interest rates. But the tide turned back in 2022, at least for a while, as the rollout of COVID-19 vaccines gave a lift to some of the cyclical companies (energy and regional banks) that had lagged in recent years. While growth stocks have recaptured the lead since 2023, the Federal Reserve continues to keep interest rates high to fend off inflation. This could possibly cap multiple expansion for growth companies in coming quarters. In any event, the value sector is the place to achieve income. The current yield on the iShares Russell 1000 Value Index ETF is 2.0%, compared to the 0.7% current yield on the iShares Russell 1000 Growth Index ETF. For our list this week, we have screened our coverage universe for stocks that are BUY-rated by Argus Research analysts, have an Argus Financial Strength Rating of at least Medium, and have a yield of 3.0% or higher. Here's a baker's dozen that meet the criteria. These stocks are also featured in our High-Yield theme model portfolio.

Stocks are trading lower on Wednesday morning ahead of the release of the Federal Reserve minutes. Turning to stocks, shares of Nvidia (NVDA) are down today, with the company reporting earnings today after market close. The S&P 500 fell 0.1%, the Dow was down $0.2% and the Nasdaq lost 0.5%. Crude oil traded near $77.50 per barrel, while gold fell nearly $4 to $2036 per ounce.

Monday Tee Up: Walmart and CPI

Value stocks -- a market segment that includes high-yield stocks -- outperformed growth stocks in 2022 for the first time since 2016. Indeed, for the past decade, the performance record has favored growth. Since 2010, the Russell 1000 Growth Index has climbed more than 550%, compared to an advance of almost 300% for the Russell 1000 Value Index. In eight of the past 10 years, growth stocks have topped value stocks. That hasn't always been the case. In the 2000-2010 decade, which included two Bear Markets and the Great Recession, value stocks were better performers than growth stocks, advancing an admittedly low 8% -- but still better than growth, which declined 15% during the decade. Value investors trace their roots to the famous "Security Analysis" textbook, written in 1934 (the year Argus Research was founded) by Ben Graham, an economics professor at Columbia University. Warren Buffett was one of his students. Looking ahead, the rollout of COVID-19 vaccines has given a lift to some of the cyclical companies (Energy sector companies in particular) that have lagged in recent years, and value stocks outpaced growth stocks in the past year. Now, the Federal Reserve is lifting interest rates to fend off inflation, which likely will cap multiple expansion for growth companies. In any event, value is the place to achieve income. The current yield on the iShares Russell 1000 Value Index ETF is 2.0%, compared to the 0.7% current yield on the iShares Russell 1000 Growth Index ETF. For our list this week, we screened our coverage universe for stocks that are BUY-rated by Argus Research analysts, have an Argus Financial Strength rating of at least Medium, and have a yield of 3.0% or higher. Here's a baker's dozen of stocks that meet the criteria.

Value stocks -- a market segment that includes high-yield stocks -- outperformed growth stocks in 2022 for the first time since 2016. Indeed, for the past decade, the performance record has favored growth. But the tide turned in 2022. The rollout of COVID-19 vaccines gave a lift to some of the cyclical companies (energy companies and regional banks) that had lagged in recent quarters, and value stocks outpaced growth stocks over the past year. Meanwhile, the Federal Reserve continues to lift interest rates to fend off inflation, which could possibly cap multiple expansion for growth companies for a few more quarters. Regardless, the value sector is the place to achieve income. The current yield on the iShares Russell 1000 Value Index ETF is 2.2%, compared to the 0.9% current yield on the iShares Russell 1000 Growth Index ETF. For our High-Yield Theme Model Portfolio, we are seeking stocks with yields of at least 3.0%. This moves us deep into the value segment of the market.

Value stocks -- a market segment that includes high-yield stocks -- outperformed growth stocks in 2022 for the first time since 2016. Indeed, for the past decade, the performance record has favored growth. But the tide turned in 2022. The rollout of COVID-19 vaccines gave a lift to some of the cyclical companies (energy companies and regional banks) that had lagged in recent quarters, and value stocks outpaced growth stocks over the past year. Meanwhile, the Federal Reserve continues to lift interest rates to fend off inflation, which could possibly cap multiple expansion for growth companies for a few more quarters. Regardless, the value sector is the place to achieve income. The current yield on the iShares Russell 1000 Value Index ETF is 2.2%, compared to the 0.9% current yield on the iShares Russell 1000 Growth Index ETF. For our High-Yield Theme Model Portfolio, we are seeking stocks with yields of at least 3.0%. This moves us deep into the value segment of the market.

Stocks recouped some of their recent losses on Friday morning following the government's July employment report. The Labor Department said that the U.S. economy added 187,000 payroll jobs in July, up from a revised 185,000 in June but below the Reuters consensus of 200,000. The unemployment rate ticked lower to 3.5% from 3.6% in June, and wage growth was stronger than expected. Average hourly earnings rose 4.4% from the prior year, above the consensus forecast of 4.2%. The Dow rose 0.6%, the S&P 0.6%, and the Nasdaq 0.8%. Crude oil rose 1% to $82.50 per barrel, while gold rose $8 to $1977 per ounce.

Stocks were mostly lower on Thursday morning following new inflation and employment data. The Labor Department reported that its producer price index for final demand rose 2.3% year-over-year in April, down from 2.7% growth in March. The core PPI, excluding volatile food, energy and trade services prices, rose 3.4%, also slowing from 3.7% a month earlier. First-time unemployment benefit claims rose by 22,000 to a seasonally adjusted 264,000 for the week ended May 6. The reading was the highest since October 2021 and exceeded the Reuters consensus forecast of 245,000. The Dow fell 0.7%, the S&P fell 0.2%, and the Nasdaq was flat.

Value stocks -- a market segment that includes high-yield stocks -- outperformed growth stocks in 2022 for the first time since 2016. Indeed, for the past decade, the performance record has favored growth. Since 2010, the Russell 1000 Growth Index has climbed more than 500%, compared to an advance of almost 300% for the Russell 1000 Value Index. In eight of the past 10 years, growth stocks have topped value stocks. That hasn't always been the case. In the 2000-2010 decade, which included two bear markets and the Great Recession, value stocks were better performers than growth stocks, advancing an admittedly low 8% -- but still better than growth, which declined 15% during the decade. Value investors trace their roots to the famous "Security Analysis" textbook, written in 1934 (the year Argus Research was founded) by Ben Graham, an economics professor at Columbia University. Warren Buffett was one of his students. Looking ahead, the rollout of COVID-19 vaccines has given a lift to some of the cyclical companies that have lagged in recent years, and value stocks outpaced growth stocks in the past year. Now, the Federal Reserve is lifting interest rates to fend off inflation, which likely will cap multiple expansion for growth companies. In any event, value is the place to achieve income. The current yield on the iShares Russell 1000 Value Index ETF is 2.2%, compared to the 0.9% current yield on the iShares Russell 1000 Growth Index ETF. For our list this week, we have screened our coverage universe for stocks that are BUY-rated by Argus Research analysts, have a Financial Strength rating of at least Medium, and have a yield of 4.0% or higher. Here's a baker's dozen that meet the criteria.

With a rally off the October bottom, the S&P 500 (SPX) at its February 2 high had retraced (using intraday prices) slightly more than 50% of the bear market. The NYSE Composite, the Dow Jones Industrials, (DJIA) and the S&P MidCap 400 (MDY) all have recaptured over 61.8% of their respective bear markets. At its high on February 2, the Nasdaq 100 (QQQ) had seen a 38.2% retracement, while the Nasdaq Composite hasn't quite reached that minimum takeback.

Value stocks -- a market segment that includes high-yield stocks -- outperformed growth stocks in 2022 for the first time since 2016. Indeed, for the past decade, the performance record has favored growth. But the tide turned in 2022. The rollout of COVID-19 vaccines gave a lift to some of the cyclical companies (energy companies and regional banks) that had lagged in recent quarters, and value stocks outpaced growth stocks over the past year. Meanwhile, the Federal Reserve continues to lift interest rates to fend off inflation, which could possibly cap multiple expansion for growth companies for a few more quarters. Regardless, the value sector is the place to achieve income. The current yield on the iShares Russell 1000 Value Index ETF is 2.2%, compared to the 0.9% current yield on the iShares Russell 1000 Growth Index ETF. For our High-Yield Theme Model Portfolio, we are seeking stocks with yields of at least 3.0%. This moves us deep into the value segment of the market.

Inflation pressures eased again last month in the U.S., continuing a downward trend that began last summer, according to the Consumer Price Index report released Thursday. The Bureau of Labor Statistics reported a 6.5% increase in overall inflation year-over-year through December, compared to a 7.1% rate through November and a 9.1% rate back in June. The core rate, excluding the impact of food and energy prices, also declined -- to 5.7% in December, versus 6.0% in the prior month. The consensus forecasts had called for a 6.7% inflation rate and a 5.6% core rate. The overall rate primarily benefited from falling energy prices (down 4.5% month-over-month), as well as from lower prices for new and used cars and commodities. The increase in transportation prices was moderate at 0.2%. But food and shelter inflation trends remained elevated (up 10.4% and 7.5% year-over-year, respectively) and energy services prices increased 1.5% month-to-month. Looking ahead, we continue to think that the July 9.1% CPI rate will prove to be the peak reading for the index this cycle, as the housing market cools, supplies of new vehicles are replenished, and the price of oil stays below $90 per barrel. Even so, the Federal Reserve still has wood to chop in order to bring core inflation down to its target of 2.0%. The Fed's last rate hike in December was a 50-basis-point increase. We think the central bank will slow the pace to 25 basis points at its meeting this month, and follow with two more 25-basis-point increases in 1H23.

Each December, Argus surveys its team of analysts, seeking their best ideas for the upcoming year. The Argus Research team draws on its experience (the average analyst has 18 years of Wall Street experience and 10 year at Argus), as well as the company's proprietary six-point research framework and earnings and valuation models to make the calls. Argus analysts cover the waterfront (every sector from Energy to Healthcare to Consumer to Technology), so each sector is represented. This year's list includes some long-time favorites, as well as some recent upgrades and new initiations. The list includes mostly large-caps and mid-caps, and both growth and value stocks. We will be going over the list in more detail during our January webinar and detailing why each stock has been selected by the covering analyst. In the interim, more information on each of these BUY-rated stocks is available on our website.

As earnings season began in mid-October, insider sentiment was solidly positive and we wrote the following: 'Insiders just won't give in to the dire mood on Wall Street.' Over the next three weeks, insider-sentiment gauges from Vickers Stock Research turned in a cautious direction based on light transaction volume (with insiders broadly prohibited from trading during earnings season). Now, with earnings season drawing to a close and insiders starting to trade again, the rubber meets the road.

In this edition, Vocera Acquisition a Boon for Stryker's Moat, Salty Sentiment Doesn't Portend Rocky Seas for Norwegian, Rising Rates Are a Positive for Life Insurers Like Prudential, and AMD, Coupa Software, and Conagra Brands

Value stocks -- a market segment that includes high-yield stocks -- are outperforming growth stocks in 2022 for the first time since 2016. Indeed, for the past decade, the performance record has favored growth. Since 2010, the Russell 1000 Growth Index has climbed more than 600%, compared to an advance of 300% for the Russell 1000 Value Index. In nine of the past 10 years, growth stocks have topped value stocks. That wasn't always the case. In the 2000-2010 decade, which included two bear markets and the Great Recession, value stocks were better performers than growth stocks, advancing an admittedly low 8% (but still better than growth, which declined 15% during the decade). Value investors trace their roots to the famous "Security Analysis" textbook, written by Ben Graham, an economics professor at Columbia University. Warren Buffett was one of his students. Looking ahead, the roll-out of COVID-19 vaccines has given a lift to some of the cyclical companies (energy companies and regional banks) that have lagged in recent quarters, and value stocks have kept up the pace with growth stocks in the past year. Now, the Federal Reserve is lifting interest rates to fend off inflation, which will likely cap multiple expansion for growth companies. In any event, value is the place to achieve income. The current yield on the iShares Russell 1000 Value Index ETF is 2.1%, compared to the 0.8% current yield on the iShares Russell 1000 Growth Index ETF. For our list this week, we have screened our coverage universe for stocks that are BUY-rated at Argus Research, have an Argus Financial Strength rating of at least Medium, and have a yield of 4.0% or higher. Here's a baker's dozen that meet the criteria.

Value stocks -- a market segment that includes high-yield stocks -- are outperforming growth stocks in 2022 for the first time since 2016. Indeed, for the past decade, the performance record has favored growth. In nine of the past 10 years, growth stocks have topped value stocks. But the tide may be turning. The rollout of COVID-19 vaccines has given a lift to some of the cyclical companies (energy companies and regional banks) that have lagged in recent quarters, and value stocks have kept up the pace with growth stocks in the past year. Now, the Federal Reserve lifting interest rates to fend off inflation, which will likely cap multiple expansion for growth companies. Regardless, the value sector is the place to achieve income. The current yield on the iShares Russell 1000 Value Index ETF is 2.1%, compared to the 0.8% current yield on the iShares Russell 1000 Growth Index ETF. For our High-Yield Theme Model Portfolio, we are seeking stocks with yields of at least 3.0%. This moves us deep into the value segment of the market.

Stocks fell on Friday morning after a better than expected July employment report raised prospects for continued aggressive Fed rate hikes. The Labor Department said that the U.S. economy added 528,000 nonfarm payroll jobs last month, up from a revised 398,000 in June and well above the consensus forecast of 250,000. The official unemployment rate ticked down to 3.5%, below the consensus of 3.6%. Wage growth was higher than expected. Average hourly earnings rose 0.5% from the prior month and 5.2% from the prior year, both above consensus estimates. The Dow fell 0.2%, the S&P 0.6%, and the Nasdaq 1.1%. Crude oil rose more than 2% to $90.50 per barrel, while gold fell $15 to $1792 per ounce.

A combination of pandemic-related factors (such as economic shutdowns and aggressive fiscal spending) have resulted in a sharp improvement in household finances. The Federal Reserve keeps track of Household Debt Service Payments as a Percent of Disposable Personal Income. This metric (the lower the better) was 9.9% prior to the pandemic and is now at 9.3%. During the depths of the pandemic, when households were receiving stimulus checks while sheltering in place, the ratio dropped to 40-year low of 8.4%. The average debt-service payment level since 1980 has been 11%. The high-water mark was established during the Great Recession (4Q07 to be exact) at 13.2%. We doubt households will be eager take on much more debt in coming quarters, as inflation is high and interest rates have risen, increasing the cost of debt to households while unemployment is still low. We do think the sound condition of household finances is an important indicator signaling that the consumer sector of the economy should continue to expand through 2022.

Sentiment is increasingly bearish, from market professionals to small investors. The five-day CBOE equity-only put/call (P/C) jumped to 0.76 on May 12, the highest reading since the correction started. The good news, though, is that it is not near prior peaks during corrections/bear markets (when it has reached 0.85 to over 1.00). The smallest option traders spent 30% or more of their volume buying put options to open. They also spent more on put premiums than on call premiums. Both measures are very rare -- and most times when this happens, the market is higher over the next year.

A combination of pandemic-related factors (such as economic shutdowns and aggressive fiscal spending) have resulted in a sharp improvement in household finances. The Federal Reserve keeps track of Household Debt Service Payments as a Percent of Disposable Personal Income. This metric -- the lower the better -- has fallen from 9.9% prior to the pandemic to a current level of 9.2%. During the depths of the pandemic, when households were receiving stimulus checks and sheltering in place, the ratio dropped to 8.4%. The average debt level since 1980 has been 11%. The high-water mark was established during the Great Recession (4Q07 to be exact) at 13.2%. We would not be surprised to see households take on a bit more debt in coming quarters, as pent-up demand has built and consumer confidence may improve as nonfarm payrolls continue to grow. We think the sound condition of household finances is an important indicator, signaling that GDP growth should remain positive through 2022.

Value stocks -- a market segment that includes high-yield stocks -- are outperforming growth stocks in 2022. For the past decade, the performance record has favored growth, but the tide may be turning. The rollout of COVID-19 vaccines has given a lift to some of the cyclical companies (energy companies and regional banks) that have lagged in recent quarters, and value stocks have kept up the pace with growth stocks in the past year. Now, the Federal Reserve is poised to lift interest rates to fend off inflation, which will likely cap multiple expansion for growth companies. Regardless, the value sector is the place to achieve income. The current yield on the iShares Russell 1000 Value Index ETF is 1.6%, compared to the 0.5% current yield on the iShares Russell 1000 Growth Index ETF. For our High-Yield Theme Model Portfolio, we are seeking stocks with yields of at least 3.0%. This moves us deep into the value segment of the market.

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.

Economy Keeps Chugging as Inflation Whittles away Confidence

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.

A combination of pandemic-related factors -- such as economic shutdowns and aggressive fiscal spending -- have resulted in a sharp improvement in household finances. The Federal Reserve keeps track of Household Debt Service Payments as a Percent of Disposable Personal Income. This metric (the lower the better) has fallen from 9.9% prior to the pandemic to a current level of 9.2%. During the depths of the pandemic, when households were receiving stimulus checks while sheltering in place, the ratio dropped to 8.4%. The average debt level since 1980 has been 11%. The high-water mark was established during the great recession (4Q07 to be exact) at 13.2%. We would not be surprised to see households take on a bit more debt in coming quarters, as pent-up demand subsides and consumer confidence improves while the unemployment rate declines. We think the sound condition of household finances is an important indicator signaling that GDP growth should remain positive into 2022.

Stocks were mixed on Thursday amid continued inflation concerns. The Technology and Materials sectors finished higher while Industrials, Communication Services, and Utilities declined. Disney shares fell sharply following weaker-than-expected 4Q results and disappointing subscriber growth in the Disney+ streaming service. Electric vehicle maker Rivian jumped 22% and has now risen more than 50% since its Wednesday IPO. The Dow fell 0.44%, the S&P rose 0.06%, and the Nasdaq rose 0.52%. Crude oil fell slightly to $81 per barrel, while gold rose $16 to $1865 per ounce.

Stocks were mixed on Thursday amid continued inflation concerns. The Technology and Materials sectors finished higher while Industrials, Communication Services, and Utilities declined. Disney shares fell sharply following weaker-than-expected 4Q results and disappointing subscriber growth in the Disney+ streaming service. Electric vehicle maker Rivian jumped 22% and has now risen more than 50% since its Wednesday IPO. The Dow fell 0.44%, the S&P rose 0.06%, and the Nasdaq rose 0.52%. Crude oil fell slightly to $81 per barrel, while gold rose $16 to $1865 per ounce.

Value stocks are outperforming growth in 2021 for the first time since 2016. While a recent rally in growth stocks has narrowed the performance advantage for value in the year to date, an environment of historically low interest rates is one in which many investors are still searching for high levels of income -- which often can be found in value stocks. When we look for attractive high-yield/deep-value stocks at Argus, we look for low valuations on metrics such as price/earnings, price/sales, price/book, yield, and price/cash flow. We also look for companies with clean balance sheets, high levels of profitability, high-quality earnings, and experienced management teams. We seek to avoid companies in industries that are in secular decline, or with dividend yields that are so high that the payout is clearly at risk. Based on numerous requests from clients, we have designed a portfolio of companies that are BUY-rated at Argus Research, have a Financial Strength rating of at least Medium, and have a yield of 3.0% or higher.

The stock market was up slightly last week, owing its success to a positive jobs Friday report and solid earnings throughout. Tech stocks modestly outperformed blue chips. During Friday's session, the Dow Jones Industrial Average increased 144 points, or 0.41%. The S&P 500 was up 0.17%, and the Nasdaq Composite was down 0.40%. For the week, the DJIA was up 273 points, or 0.78%, the S&P 500 was up 0.94%, and the Nasdaq Composite was up 1.11%. Year-to-date, the DJIA is up 15.04%, the S&P 500 is up 18.12%, and the Nasdaq Composite is up 15.11%.

Often overlooked amid gyrations in the stock market is dividend income, which is an important element of total return. Between 1930 and 2012, dividend income accounted for 42% of total return of the S&P 500, according to Hartford Funds. And that's just the average. In some decades, dividends accounted for more than 50% of total returns and even 100% of returns. More recently, dividends have accounted for 15%-20% of returns. Still, in 2018, dividend payments softened the blow when most market indices declined as the Federal Reserve hiked rates. Not all dividends are created equal, though, and it is important to understand the difference between the two main categories: high-yield stocks and dividend-growth stocks.

Stocks were mixed on Thursday morning following news that the Biden administration would support intellectual property waivers on coronavirus vaccines. Pfizer and Moderna shares were down sharply, though JNJ was flat. On the employment front, the Labor Department said that first-time claims for state unemployment benefits fell to 498,000 for the week ended May 1, down from 590,000 a week earlier and below the Bloomberg consensus of 538,000. The Dow rose 0.4%, the S&P rose 0.1%, and the Nasdaq fell 0.3%. Crude oil fell 1% to $65 per barrel, while gold traded near $1815 per ounce.

Stocks rose on Friday morning amid strong earnings reports from Deere and Applied Materials and new housing market data. The National Association of Realtors said that U.S. existing home sales rose 0.6% to an annualized 6.69 million units in January, above the Reuters consensus forecast of 6.61 million. The inventory of previously owned homes available for sale also fell to a record low of 1.04 million last month, down nearly 26% from the prior year. The Dow rose 0.4%, the S&P 0.4%, and the Nasdaq 0.8%. Crude oil traded near $59.50 per barrel, while gold rose $10 to $1785 per ounce.

Stocks rose on Friday morning amid strong earnings reports from Deere and Applied Materials and new housing market data. The National Association of Realtors said that U.S. existing home sales rose 0.6% to an annualized 6.69 million units in January, above the Reuters consensus forecast of 6.61 million. The inventory of previously owned homes available for sale also fell to a record low of 1.04 million last month, down nearly 26% from the prior year. The Dow rose 0.4%, the S&P 0.4%, and the Nasdaq 0.8%. Crude oil traded near $59.50 per barrel, while gold rose $10 to $1785 per ounce.

Growth stocks may be outperforming value, again, in 2020. But in an environment of historically low interest rates (and with the coronavirus and economic shutdown seemingly poised to keep them low for a long time), many investors are still searching for high levels of income, which can often be found in value stocks. Progress on COVID-19 vaccines has given a lift to some of the cyclical companies (energy companies and regional banks) that have lagged in recent quarters, and value stocks have kept up the pace with growth stocks in the past quarter. The current yield on the iShares Russell 1000 Value Index ETF is 2.5%, compared to the 1.0% current yield on the iShares Russell 1000 Growth Index ETF. This is not unimportant, as the current yield on the 10-year Treasury bond is 0.95%.

Stocks rallied strongly for a second day on Thursday as Joe Biden moved closer to winning the presidential race based on late vote counts in Pennsylvania, Georgia, and Nevada. Meanwhile, Republicans retained control of the Senate, setting the stage for a divided government that will likely be more favorable for business than a unified Biden White House and Democratic Congress. On the employment front, first-time unemployment benefit claims fell from the prior week to 751,000, but topped the consensus forecast of 732,000. Continuing claims totaled 7.285 million, down from the prior week. The data came ahead of the government's October employment report on Friday morning. The current Reuters consensus calls for the addition of 600,000 new payroll jobs, down from 661,000 in September. The Dow rose 1.95%, the S&P 1.95%, and the Nasdaq 2.59%. Crude oil fell more than 1% to $38.50 per barrel, while gold jumped $54 to $1950 per ounce.

Corporate insiders have come out of earnings season in a neutral mood. As major stock indices flirt with new highs, corporate executives, directors and beneficial owners are not dumping shares; but neither are they loading up in a manner that suggests significant additional gains for stocks. As such, the current batch of insider-sentiment data from Vickers Stock Research creates little concern this week, though a drill-down does reveal an item of interest.

Corporate insiders have come out of earnings season in a neutral mood. As major stock indices flirt with new highs, corporate executives, directors and beneficial owners are not dumping shares; but neither are they loading up in a manner that suggests significant additional gains for stocks. As such, the current batch of insider-sentiment data from Vickers Stock Research creates little concern this week, though a drill-down does reveal an item of interest.