Aggregated price index with volume information
Summary:
- Computer Communications stocks up 1.1% on average while median return up 1.0% in a day
- Computer Communications stocks up 0.1% on average while median return up 1.2% in a week
- Computer Communications stocks up 9.2% on average while median return up 4.9% in a month
- When average return is significantly different from median return, this implies an asymmetry - composite return is driven by some outliners.
Aggregated price index (close) is based on equal weighted constituencies returns. Average short volume and average total volumes are averaged across all volume data among constituencies.
- 1M winners are : Winners for past month are $NEON 38.1%, $ALLT 33.6%, $DGII 18.5%, $ITI 16.4%, $VRRM 10.6%
- 1M losers are : Losers for past month are $FTNT -1.9%, $ANET -4.6%, $SMCI -14.3%
- 1W winners are : Winners for past week are $NTGR 5.5%, $BOSC 4.8%, $RDWR 4.4%, $DGII 4.3%, $ITI 2.7%
- 1W losers are : Losers for past week are $FTNT -2.5%, $ANET -3.4%, $NEON -4.1%, $AAOI -10.4%, $SMCI -10.6%
Correlation Analysis
Index correlation analysis
Correlation for the past month is 8.0%, for the past 3 months is 5.6%
In the past month for a 5 days rolling window, the highest corrrelation is 27.3%, the lowest correlation is -4.0%, the latest correlation is 27.3%
When a correlation deviated from the normal level and goes lower or even negative, it indicates some of stocks have deviated from the normal direction of the group. The deviation could reverse if long term level of correlation was at a higher level. It creates trading opportunities and deserves study whether the deviation is idiosyncratic or systematic.
Among pairwise correlation, the highest correlation is 70.6% between ANET and PANW
The lowest correlation is -56.7% between LTRX and PCTI
Steady economic growth amid easing inflationary pressure bodes well for Arista Networks (ANET), QUALCOMM (QCOM) and Micron Technology (MU).
Investors are rotating into energy, aerospace and insurance stocks as Nvidia and Google exit IBD's list of growth stocks.
IPG Photonics' (IPGP) second-quarter 2024 results are likely to suffer from weakness in cutting and marking applications and continued economic uncertainty.
Skyworks' (SWKS) third-quarter fiscal 2024 performance is likely to have benefited from its diversified portfolio despite weakness in wireless infrastructure and traditional data center end-markets.
Juniper (JNPR) reports a top-line contraction year over year, primarily due to demand softness in the Service Provider segment induced by macroeconomic headwinds.
CommVault's (CVLT) Q1 fiscal 2025 results are expected to benefit from steady demand for its cyber resilience and data protection solutions, as well as growth in subscription revenues.
Atlassian's (TEAM) fiscal fourth-quarter results are likely to reflect benefits from the increasing adoption of its cloud-based offerings, product enhancements with AI and growing customer base.
Paycom's (PAYC) second-quarter results are likely to reflect benefits from the strong demand for its latest products, the addition of new customers and high-margin recurring revenues.
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