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Advanced Micro Devices, Peloton Interactive, Mattel, Microsoft and NVIDIA highlighted as Zacks Bull and Bear of the Day
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For Immediate Release
Chicago, IL – September 2, 2021 – Zacks Equity Research Shares of Advanced Micro Devices, Inc. (AMD - Free Report) as the Bull of the Day, Peloton Interactive, Inc. (PTON - Free Report) as the Bear of the Day. In addition, Zacks Equity Research provides analysis on Mattel, Inc. (MAT - Free Report) , Microsoft Corporation (MSFT - Free Report) and NVIDIA Corporation (NVDA - Free Report) .
Advanced Micro Devices has taken the world of advanced chip technology by storm, with revolutionary CEO Lisa Su transforming this discount semiconductor enterprise into a leading-edge innovator. Since Lisa Su took the helm in 2014, AMD shares have skyrocketed an incomprehensible 3,200% (a $1000 investment would have yielded you $32,000 in returns).
The pandemic's digitizing economic impact pulled forward an enormous amount of demand for AMD's innovation-driven chips, demand that will only grow from here. This semiconductor powerhouse has produced record top and bottom-line results for the past 4 consecutive quarters, blowing past analysts' estimates each time. AMD achieved record profit margins, and management raised its guidance for the remainder of the 2021. Now, analysts across the board are driving up their EPS estimates propelling AMD into a Zacks Rank #1 (Strong Buy).
The last time AMD reached a Zacks Rank #1, it shot up 67.5% in just 1.5 months (July 17th to September 1st, 2020). AMD's August consolidation looks to present us with an excellent entry point as demand for next-generation chip technology continues to soar, providing AMD with pricing power and an incentive to push the boundaries of innovation.
AMD's Sights Set to the Future
AMD is already pushing the limits of possibilities with its latest patent filing, which unveiled a quantum-computing processor that would utilize teleportation. This patent addresses the stability and scalability issues that current quantum-computing frameworks have been struggling with and could revolutionize the world of computing if achieved. The technology may still be years away from commercial viability, but this patent filing illustrates AMD's focus on the 4th Industrial Revolution.
Quantum computing is a nascent space, but there is an enormous amount of capital flowing into its development due to the astronomical competitive advantage it would provide. In 2019, Google's quantum-computer Sycamore proved its ability to solve a complex mathematical equation 158 million times faster than the world's fastest binary supercomputer (IBM's Summit). If AMD could attain a competitive edge in the quantum-computing space, the profit potential would be boundless.
As for near-term goals, AMD is expected to release its 5nm 'Zen 4' high-performance CPU in the second quarter of 2022, which will sustain this chip designer's high-performance leadership in the space. This next-generation computer processor will be up to 40% faster than the currently available 'Zen 3,' and will almost certainly be the go-to CPU for data centers (EPYC) and consumer desktops & mobile processors (RYZEN) alike, as Intel lags the innovative curve.
AMD Takeover
While Intel has seemingly fallen asleep at the wheel with its once leading CPUs, AMD was provided with the rare opportunity to jump in the driver's seat of a market that had been monopolized for half a century. Intel's inability to match Taiwan Semi's third party manufacturing abilities (AMD's preferred fabricator) with its one in-house operations combined with other systemic supply chain issues has propelled AMD at least 3 years ahead of it (on a generous scale).
Following a strongly worded letter from an activist investor group, Intel decided enough was enough and brought Pat Gelsinger on as the new CEO in February of this year. The company will be hard-pressed in this game of innovative catch-up to maintain its long-standing corporate relationships with AMD's CPU technology, showing clear performance advantages.
According to PassMark, AMD now controls 40% of the total CPU space, while Intel sits at 60%. AMD has more than doubled its market share in the past 5 years and will progressively control more in the coming years as Intel attempts to restore its leadership. TSMC's accelerating capabilities will be the backbone to AMD's future success, and I don't see Intel's in-house manufacturing catching up to TSMC anytime soon.
AMD is also a leader in the graphic processing unit (GPU) duopoly with NVIDIA. However, they have not been as successful in competing with this revolutionary chip maker, who has been taking a growing portion of market share in this space. Still, its GPU segment provides AMD with a further diversified product portfolio that provides a hedge for the volatile chip business cycles.
The Financials
AMD has demonstrated accelerating revenue growth with its sales swelling by 99% in this past quarter, which flowed down to margin expanded profits that drove up 350% from a year prior. This chip innovator is expected to see double-digit annualized growth on both its top and bottom-line for years to come.
AMD's balance sheet is a fortress, with more liquid capital than total liabilities, meaning the risk of default is effectively 0, especially when factoring in its exponentially appreciating quarterly cash-flows.
AMD is a seemingly expensive stock with a forward P/E of 38.4x, far above the semiconductor industry average of 22x. However, when you factor growth into this valuation multiple (PEG), the company is trading at a discount to both the chip sector and its own 3-year average.
Final Thoughts
My bet in AMD is a bet on Lisa Su. She has been AMD's innovation catalyzer and invigorated this discount chipmaker into a high-performance, high-growth market leader. I am confident that she will continue to drive this technological backbone above and beyond expectations.
17 out of 25 analysts call AMD a buy today (0 sell ratings), with recent price targets being raised as high as $150 a share (over 35% upside from here). The 4th Industrial Revolution is upon us, and it's time to start investing in it.
Peloton Interactive, a digitally-powered exercise bike company, was provided with one of the most favorable tailwinds it could have asked for amid last year's pandemic lockdowns. With gyms closed, cold weather keeping society inside, and individual consumption turning towards durable (with services nowhere to be found), Peloton's high-end at-home digital bike and other connected equipment were the perfect exercise toys for this environment.
COVID pulled forward an immense amount of demand which temporarily propelled this consumer discretionary business into profitability for the finally three quarters of 2020. This prolific demand ramp-up drove management to swiftly increase capacity for growing sales volume from here on out. Unfortunately, Peloton seems to have overextended itself, with its June quarter (fiscal Q4) demonstrating its worst gross margins and net quarterly losses as a public company.
Aggressive Value Degrading Strategy
Peloton's management team is cutting the price of its connected bikes (best-selling product) by 20% and increasing its spending on marketing. This move had investors and shareholders running for the hills since its fiscal Q4 earnings release last Thursday evening, with PTON having lost over 12% of its value since. This management team is sacrificing profitability in the coming years for long-term brand recognition and subscription-based growth attached to its products.
This is a precarious move for an unprofitable business with a deteriorating balance sheet. Investors want to see sustained profitability and a proven management team before this kind of aggressive topline expansion strategy is put into place. Analysts have been dropping EPS estimates to the core of the Earth. Zacks Consensus Estimates had Peloton on a profitable growth trajectory as soon as its December quarter. Now it has been pushed out to 2024, driving PTON down to a Zacks Rank #5 (Strong Sell).
I am seeing analysts cut price targets across the board, with one analyst seeing a fair value of $45 a share, less than half of the generous $100 PTON is currently trading at today.
Final Thoughts
Peloton is nothing more than an exercise equipment company, operating in a highly saturated space with low barriers to entry. When you Google "Peloton Competitors," you get a slew of options, with the top two articles being "6 best Peloton alternatives for 2021" and "The 8 Best Peloton Bike Alternatives of 2021." There are too many competitors of this durable one-time purchase for me to consider this stock investible, especially after considering its plummeting margins, diminishing cash balance, and accumulating debt while trading at a 5.5x P/S, with profitability nowhere in sight.
Additional content:
3 Stocks to Make the Most of Continued Demand for Video Games
When coronavirus gripped the United States last year, people resorted to various at-home forms of entertainment. This is when gaming took center stage as people found it to be an engaging way of spending time.
While video games have been traditionally available across personal computers (“PCs”) and gaming consoles, other platforms like mobile are also allowing casual gamers to come into the fold. In fact, mobile games are quickly catching up with traditional games in terms of performance and graphics. The emergence of cloud gaming is also providing a boost to the video gaming industry as people can play graphic-intensive titles with the help of a stable Internet connection.
Even in 2021, the popularity of video games is continuing unabated in the United States, highlighting that it is emerging as a major form of entertainment. Per the Q2 2021 Games Market Dynamics: U.S. report from The NPD Group, U.S. consumer spending on video games during the second quarter of 2021 increased 2% year over year. The report stated, citing data from Sensor Tower, that U.S. consumer spending on mobile games during the second quarter of 2021 also increased 5% year over year.
In fact, video game sales continued to soar in July as well. The NPD Group reported that U.S. consumers spent $4.6 billion on video games, up 10% year over year, as mentioned in a gamesindustry.biz article. The article further stated, citing the NPD Group that spending on video game content increased 6% year over year in July across “console, mobile, PC, cloud, and subscription services” while spending on gaming hardware also rose 98% year over year.
The huge popularity of video games across the country seems set to continue. Per a report by SafeBettingSites, U.S. video gaming industry revenues are expected to increase 11.2% in 2021 and reach $30.37 billion. What’s more, the number of video gamers across the country is also set to receive a boost as a separate report by SafeBettingSites stated that the penetration rate in the U.S. gaming market is set to reach 50% in 2022 and 54% by 2025. The report also stated that U.S. video game revenues are expected to reach $42.5 billion by 2025.
3 Stocks to Invest in Now
The popularity of video games in the United States is expected to grow further as players find it to be an engaging way of spending time. The availability of video games across several platforms should also provide a boost to the industry with more users set to come into the fold. This seems then a good time to invest in stocks that stand to benefit from the continued demand for video games. We have handpicked three such stocks that carry a Zacks Rank #1 (Strong Buy) or 2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Mattel offers mobile games like Hot Wheels id. The company also entered into a joint venture with NetEase that formed Mattel163, which has launched mobile games based on Mattel toys and properties, like UNO. Besides that, Mattel along with Milestone, announced on Feb 25, the upcoming release of Hot Wheels Unleashed. It is an arcade-style racing game to be launched on Sep 30 for major platforms like PCs and consoles.
Shares of Mattel have risen 22.4% year to date and the company currently flaunts a Zacks Rank #1. The Zacks Consensus Estimate for its current-year earnings increased 16.7% over the past 60 days. The company’s expected earnings growth rate for the current year is 94.4%.
Microsoft offers a free-to-play mobile spin-off of its popular Forza racing franchise, namely, Forza Street. Notably, the company is set to launch the next installment of its Forza series on Nov 5, namely Forza Horizon 5, across PCs and Xbox consoles. In fact, in fiscal fourth quarter 2021, gaming revenues increased 11% year over year with revenues from Xbox hardware rising 172%, driven by the new line of consoles.
Shares of Zacks Rank #2 Microsoft have risen 35.7% year to date. The Zacks Consensus Estimate for its current-year earnings increased 3.6% over the past 60 days. The company’s expected earnings growth rate for the current year is 8%.
NVIDIA is a leader in offering graphics processing units (“GPUs”) for playing video games. In fiscal second-quarter 2022, the company’s Graphics segment, which includes GeForce GPUs for gaming and PCs, surged 87% year over year. The segment accounted for 60% of the company's total revenues. On Jan 12, the company introduced the GeForce RTX 3060 GPU, which is based on the NVIDIA Ampere Architecture and delivers up to ten times the ray-tracing performance of GTX 1060, providing an upgrade to the overall video gaming experience.
Shares of NVIDIA have risen 71.5% year to date. The Zacks Consensus Estimate for its current-year earnings increased 5.5% over the past 60 days. This Zacks Rank #2 company’s expected earnings growth rate for the current year is 68%.
Zacks.com provides investment resources and informs you of these resources, which you may choose to use in making your own investment decisions. Zacks is providing information on this resource to you subject to the Zacks "Terms and Conditions of Service" disclaimer. www.zacks.com/disclaimer.
Past performance is no guarantee of future results. Inherent in any investment is the potential for loss.This material is being provided for informational purposes only and nothing herein constitutes investment, legal, accounting or tax advice, or a recommendation to buy, sell or hold a security. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. It should not be assumed that any investments in securities, companies, sectors or markets identified and described were or will be profitable. All information is current as of the date of herein and is subject to change without notice. Any views or opinions expressed may not reflect those of the firm as a whole. Zacks Investment Research does not engage in investment banking, market making or asset management activities of any securities. These returns are from hypothetical portfolios consisting of stocks with Zacks Rank = 1 that were rebalanced monthly with zero transaction costs. These are not the returns of actual portfolios of stocks. The S&P 500 is an unmanaged index. Visit https://www.zacks.com/performance for information about the performance numbers displayed in this press release.
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Advanced Micro Devices, Peloton Interactive, Mattel, Microsoft and NVIDIA highlighted as Zacks Bull and Bear of the Day
For Immediate Release
Chicago, IL – September 2, 2021 – Zacks Equity Research Shares of Advanced Micro Devices, Inc. (AMD - Free Report) as the Bull of the Day, Peloton Interactive, Inc. (PTON - Free Report) as the Bear of the Day. In addition, Zacks Equity Research provides analysis on Mattel, Inc. (MAT - Free Report) , Microsoft Corporation (MSFT - Free Report) and NVIDIA Corporation (NVDA - Free Report) .
Here is a synopsis of all five stocks:
Bull of the Day:
Advanced Micro Devices has taken the world of advanced chip technology by storm, with revolutionary CEO Lisa Su transforming this discount semiconductor enterprise into a leading-edge innovator. Since Lisa Su took the helm in 2014, AMD shares have skyrocketed an incomprehensible 3,200% (a $1000 investment would have yielded you $32,000 in returns).
The pandemic's digitizing economic impact pulled forward an enormous amount of demand for AMD's innovation-driven chips, demand that will only grow from here. This semiconductor powerhouse has produced record top and bottom-line results for the past 4 consecutive quarters, blowing past analysts' estimates each time. AMD achieved record profit margins, and management raised its guidance for the remainder of the 2021. Now, analysts across the board are driving up their EPS estimates propelling AMD into a Zacks Rank #1 (Strong Buy).
The last time AMD reached a Zacks Rank #1, it shot up 67.5% in just 1.5 months (July 17th to September 1st, 2020). AMD's August consolidation looks to present us with an excellent entry point as demand for next-generation chip technology continues to soar, providing AMD with pricing power and an incentive to push the boundaries of innovation.
AMD's Sights Set to the Future
AMD is already pushing the limits of possibilities with its latest patent filing, which unveiled a quantum-computing processor that would utilize teleportation. This patent addresses the stability and scalability issues that current quantum-computing frameworks have been struggling with and could revolutionize the world of computing if achieved. The technology may still be years away from commercial viability, but this patent filing illustrates AMD's focus on the 4th Industrial Revolution.
Quantum computing is a nascent space, but there is an enormous amount of capital flowing into its development due to the astronomical competitive advantage it would provide. In 2019, Google's quantum-computer Sycamore proved its ability to solve a complex mathematical equation 158 million times faster than the world's fastest binary supercomputer (IBM's Summit). If AMD could attain a competitive edge in the quantum-computing space, the profit potential would be boundless.
As for near-term goals, AMD is expected to release its 5nm 'Zen 4' high-performance CPU in the second quarter of 2022, which will sustain this chip designer's high-performance leadership in the space. This next-generation computer processor will be up to 40% faster than the currently available 'Zen 3,' and will almost certainly be the go-to CPU for data centers (EPYC) and consumer desktops & mobile processors (RYZEN) alike, as Intel lags the innovative curve.
AMD Takeover
While Intel has seemingly fallen asleep at the wheel with its once leading CPUs, AMD was provided with the rare opportunity to jump in the driver's seat of a market that had been monopolized for half a century. Intel's inability to match Taiwan Semi's third party manufacturing abilities (AMD's preferred fabricator) with its one in-house operations combined with other systemic supply chain issues has propelled AMD at least 3 years ahead of it (on a generous scale).
Following a strongly worded letter from an activist investor group, Intel decided enough was enough and brought Pat Gelsinger on as the new CEO in February of this year. The company will be hard-pressed in this game of innovative catch-up to maintain its long-standing corporate relationships with AMD's CPU technology, showing clear performance advantages.
According to PassMark, AMD now controls 40% of the total CPU space, while Intel sits at 60%. AMD has more than doubled its market share in the past 5 years and will progressively control more in the coming years as Intel attempts to restore its leadership. TSMC's accelerating capabilities will be the backbone to AMD's future success, and I don't see Intel's in-house manufacturing catching up to TSMC anytime soon.
AMD is also a leader in the graphic processing unit (GPU) duopoly with NVIDIA. However, they have not been as successful in competing with this revolutionary chip maker, who has been taking a growing portion of market share in this space. Still, its GPU segment provides AMD with a further diversified product portfolio that provides a hedge for the volatile chip business cycles.
The Financials
AMD has demonstrated accelerating revenue growth with its sales swelling by 99% in this past quarter, which flowed down to margin expanded profits that drove up 350% from a year prior. This chip innovator is expected to see double-digit annualized growth on both its top and bottom-line for years to come.
AMD's balance sheet is a fortress, with more liquid capital than total liabilities, meaning the risk of default is effectively 0, especially when factoring in its exponentially appreciating quarterly cash-flows.
AMD is a seemingly expensive stock with a forward P/E of 38.4x, far above the semiconductor industry average of 22x. However, when you factor growth into this valuation multiple (PEG), the company is trading at a discount to both the chip sector and its own 3-year average.
Final Thoughts
My bet in AMD is a bet on Lisa Su. She has been AMD's innovation catalyzer and invigorated this discount chipmaker into a high-performance, high-growth market leader. I am confident that she will continue to drive this technological backbone above and beyond expectations.
17 out of 25 analysts call AMD a buy today (0 sell ratings), with recent price targets being raised as high as $150 a share (over 35% upside from here). The 4th Industrial Revolution is upon us, and it's time to start investing in it.
Bear of the Day:
Peloton Interactive, a digitally-powered exercise bike company, was provided with one of the most favorable tailwinds it could have asked for amid last year's pandemic lockdowns. With gyms closed, cold weather keeping society inside, and individual consumption turning towards durable (with services nowhere to be found), Peloton's high-end at-home digital bike and other connected equipment were the perfect exercise toys for this environment.
COVID pulled forward an immense amount of demand which temporarily propelled this consumer discretionary business into profitability for the finally three quarters of 2020. This prolific demand ramp-up drove management to swiftly increase capacity for growing sales volume from here on out. Unfortunately, Peloton seems to have overextended itself, with its June quarter (fiscal Q4) demonstrating its worst gross margins and net quarterly losses as a public company.
Aggressive Value Degrading Strategy
Peloton's management team is cutting the price of its connected bikes (best-selling product) by 20% and increasing its spending on marketing. This move had investors and shareholders running for the hills since its fiscal Q4 earnings release last Thursday evening, with PTON having lost over 12% of its value since. This management team is sacrificing profitability in the coming years for long-term brand recognition and subscription-based growth attached to its products.
This is a precarious move for an unprofitable business with a deteriorating balance sheet. Investors want to see sustained profitability and a proven management team before this kind of aggressive topline expansion strategy is put into place. Analysts have been dropping EPS estimates to the core of the Earth. Zacks Consensus Estimates had Peloton on a profitable growth trajectory as soon as its December quarter. Now it has been pushed out to 2024, driving PTON down to a Zacks Rank #5 (Strong Sell).
I am seeing analysts cut price targets across the board, with one analyst seeing a fair value of $45 a share, less than half of the generous $100 PTON is currently trading at today.
Final Thoughts
Peloton is nothing more than an exercise equipment company, operating in a highly saturated space with low barriers to entry. When you Google "Peloton Competitors," you get a slew of options, with the top two articles being "6 best Peloton alternatives for 2021" and "The 8 Best Peloton Bike Alternatives of 2021." There are too many competitors of this durable one-time purchase for me to consider this stock investible, especially after considering its plummeting margins, diminishing cash balance, and accumulating debt while trading at a 5.5x P/S, with profitability nowhere in sight.
Additional content:
3 Stocks to Make the Most of Continued Demand for Video Games
When coronavirus gripped the United States last year, people resorted to various at-home forms of entertainment. This is when gaming took center stage as people found it to be an engaging way of spending time.
While video games have been traditionally available across personal computers (“PCs”) and gaming consoles, other platforms like mobile are also allowing casual gamers to come into the fold. In fact, mobile games are quickly catching up with traditional games in terms of performance and graphics. The emergence of cloud gaming is also providing a boost to the video gaming industry as people can play graphic-intensive titles with the help of a stable Internet connection.
Even in 2021, the popularity of video games is continuing unabated in the United States, highlighting that it is emerging as a major form of entertainment. Per the Q2 2021 Games Market Dynamics: U.S. report from The NPD Group, U.S. consumer spending on video games during the second quarter of 2021 increased 2% year over year. The report stated, citing data from Sensor Tower, that U.S. consumer spending on mobile games during the second quarter of 2021 also increased 5% year over year.
In fact, video game sales continued to soar in July as well. The NPD Group reported that U.S. consumers spent $4.6 billion on video games, up 10% year over year, as mentioned in a gamesindustry.biz article. The article further stated, citing the NPD Group that spending on video game content increased 6% year over year in July across “console, mobile, PC, cloud, and subscription services” while spending on gaming hardware also rose 98% year over year.
The huge popularity of video games across the country seems set to continue. Per a report by SafeBettingSites, U.S. video gaming industry revenues are expected to increase 11.2% in 2021 and reach $30.37 billion. What’s more, the number of video gamers across the country is also set to receive a boost as a separate report by SafeBettingSites stated that the penetration rate in the U.S. gaming market is set to reach 50% in 2022 and 54% by 2025. The report also stated that U.S. video game revenues are expected to reach $42.5 billion by 2025.
3 Stocks to Invest in Now
The popularity of video games in the United States is expected to grow further as players find it to be an engaging way of spending time. The availability of video games across several platforms should also provide a boost to the industry with more users set to come into the fold. This seems then a good time to invest in stocks that stand to benefit from the continued demand for video games. We have handpicked three such stocks that carry a Zacks Rank #1 (Strong Buy) or 2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Mattel offers mobile games like Hot Wheels id. The company also entered into a joint venture with NetEase that formed Mattel163, which has launched mobile games based on Mattel toys and properties, like UNO. Besides that, Mattel along with Milestone, announced on Feb 25, the upcoming release of Hot Wheels Unleashed. It is an arcade-style racing game to be launched on Sep 30 for major platforms like PCs and consoles.
Shares of Mattel have risen 22.4% year to date and the company currently flaunts a Zacks Rank #1. The Zacks Consensus Estimate for its current-year earnings increased 16.7% over the past 60 days. The company’s expected earnings growth rate for the current year is 94.4%.
Microsoft offers a free-to-play mobile spin-off of its popular Forza racing franchise, namely, Forza Street. Notably, the company is set to launch the next installment of its Forza series on Nov 5, namely Forza Horizon 5, across PCs and Xbox consoles. In fact, in fiscal fourth quarter 2021, gaming revenues increased 11% year over year with revenues from Xbox hardware rising 172%, driven by the new line of consoles.
Shares of Zacks Rank #2 Microsoft have risen 35.7% year to date. The Zacks Consensus Estimate for its current-year earnings increased 3.6% over the past 60 days. The company’s expected earnings growth rate for the current year is 8%.
NVIDIA is a leader in offering graphics processing units (“GPUs”) for playing video games. In fiscal second-quarter 2022, the company’s Graphics segment, which includes GeForce GPUs for gaming and PCs, surged 87% year over year. The segment accounted for 60% of the company's total revenues. On Jan 12, the company introduced the GeForce RTX 3060 GPU, which is based on the NVIDIA Ampere Architecture and delivers up to ten times the ray-tracing performance of GTX 1060, providing an upgrade to the overall video gaming experience.
Shares of NVIDIA have risen 71.5% year to date. The Zacks Consensus Estimate for its current-year earnings increased 5.5% over the past 60 days. This Zacks Rank #2 company’s expected earnings growth rate for the current year is 68%.
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Zacks.com provides investment resources and informs you of these resources, which you may choose to use in making your own investment decisions. Zacks is providing information on this resource to you subject to the Zacks "Terms and Conditions of Service" disclaimer. www.zacks.com/disclaimer.
Past performance is no guarantee of future results. Inherent in any investment is the potential for loss.This material is being provided for informational purposes only and nothing herein constitutes investment, legal, accounting or tax advice, or a recommendation to buy, sell or hold a security. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. It should not be assumed that any investments in securities, companies, sectors or markets identified and described were or will be profitable. All information is current as of the date of herein and is subject to change without notice. Any views or opinions expressed may not reflect those of the firm as a whole. Zacks Investment Research does not engage in investment banking, market making or asset management activities of any securities. These returns are from hypothetical portfolios consisting of stocks with Zacks Rank = 1 that were rebalanced monthly with zero transaction costs. These are not the returns of actual portfolios of stocks. The S&P 500 is an unmanaged index. Visit https://www.zacks.com/performance for information about the performance numbers displayed in this press release.