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The Bot Brief
POSTED 04/28/2024
"There is no force on earth more powerful than an idea whose time has come."
- Victor Hugo
Bots in the News:
The domestic equity markets rebounded last week despite a somewhat disappointing GDP number and stubborn inflation statistics. Boosting the market, particularly the NASDAQ, was significant progress by Google/Alphabet as its revenues grew by 15% and earnings of $1.89. The company also imposed its first ever dividend and announced a $70 billion buyback.
The Bot Index bested the S & P 500 as it soared 3.50% while the broad index gained 2.67%. The Bots Index held five companies that rose by double digits and only two stocks that lost money.
NIO Inc. and Tesla each were in double digit territory having gained 18.16% and 14.44% respectively.
NVIDIA Corp. rose 15.14%, recovering from the prior week’s disastrous trading, and Oceaneering International gained 10.18% as oil prices recovered.
The aforementioned Google announcements drove the stock up 11.54% for the week.
New Substitutions Within the Bot Index:
Due to continued low pricing and the disproportionate impact of the percentages of their movement on the Bot Index, the analysts at Balcones Investment Research have chosen to replace Accuray Inc. and Cyberdyne. In consideration of the consistency of the Index’s corporate ‘make-up’ shares of Accuray (the cyberknife company in the healthcare sector) will be replaced by Novanta Inc., in that general industry. The Japanese company Cyberdyne will be replaced by a similar company FUJI Corp. and will be priced in yen under the symbol 6134.T.
Novanta (NOVT) will be initially priced on Friday, April 26th close of $159.41. FUJI will be priced in Yen at Y3606.50. There will be no immediate impact since the index utilizes weekly percentage changes as opposed to an
‘average’ such as the Dow Jones.
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