"There is no force on earth more powerful than an idea whose time has come."
- Victor Hugo
Bots In the News:
The Bot Index gained 1.54% in the first full week of March. A sparkling return by AeroVironment led the bots to a significant improvement over the broader S % P 500 which was virtually flat. AeroVironment, the drone manufacturer, rose 29.13% (a number that was muted by an $11.44 decline on Friday. The buzz about the stock was its 3rd quarter earnings which came in at $.50, 111% above analysts’ expectations. The full report showed revenues of $187 million, also ahead of projections. It was, however, the 2024 guidance by management that impacted investors the most. For the fiscal year revenues are expected to rise to $700-$710 million and earnings per share to increase from $2.60-$2.80.
The bots were also aided by the double digit increases if two of the index’s low priced issues. 3D Systems reversed its two week slide and bounce back 19.38% and Accuray rose 11.11%.
Of course, investor darling gained 6.38% to lead the larger caps within the portfolio and Yaskawa Electric gained another 8.95% as Japanese stocks continued their impressive march.
The Index held two double digit losers, both in the electric vehicle industry. NIO Inc. fell 14.45% and Tesla declined 13.47%.
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The Bot Brief is a weekly newsletter designed for economists, investment specialists, journalists, and academicians. It receives no remuneration from any companies that may from time to time be featured in the brief and its commentaries, analysis, opinions, and research represent the subjective view of Balcones Investment Research, LLC. Due to the complex and rapidly changing nature of the subject matter, the company makes no assurances as to the absolute accuracy of the material presented.
