Chewy is an e-commerce retailer of pet food and pet supplies, as well as of pet medication and insurance. It provides products for dogs, cats, fish, birds, small pets, horses, and reptiles. Established under the name 'Mr. Chewy' in 2011, the company was purchased by PetSmart in 2017 but continued to operate as an independent business. It went public in 2019. PetSmart distributed its remaining shares of Chewy about two years later. Based in Plantation, Florida, Chewy has approximately 18,000 employees. It currently operates only in the U.S.

Earnings season is about to begin (which might push stocks higher), stocks already are at all-time highs, investors are increasingly optimistic that interest rates will start to come down soon -- and corporate insiders increased their selling activity last week. But putting that all in perspective, it is important to note that insiders historically increase selling rates as stocks move higher and higher, taking some money off the table in shares for which they may have paid little or nothing. Also of note is that insiders are entering a period in which they will be limited in their ability to trade because of restrictions in place during earnings season. So they need to trade now or hold their cards for the better part of a month. At the end of the day, we are hard-pressed to ring alarm bells based on current insider sentiment. On a sector basis, selling by insiders last week was greatest in Consumer Staples, with shares valued at $554 million sold, followed by Information Technology ($293 million sold) and Healthcare ($65 million sold). Meanwhile, buying outpaced selling in Industrials, with shares valued at $55 million bought versus $29 million sold, as well as in Energy. This week, analysts at Vickers highlighted insider transactions of interest at Coca-Cola Consolidated Inc. (NGS: COKE) and Noble Corp. plc (NYSE: NE).

Earnings season is about to begin (which might push stocks higher), stocks already are at all-time highs, investors are increasingly optimistic that interest rates will start to come down soon -- and corporate insiders increased their selling activity last week. But putting that all in perspective, it is important to note that insiders historically increase selling rates as stocks move higher and higher, taking some money off the table in shares for which they may have paid little or nothing. Also of note is that insiders are entering a period in which they will be limited in their ability to trade because of restrictions in place during earnings season. So they need to trade now or hold their cards for the better part of a month. At the end of the day, we are hard-pressed to ring alarm bells based on current insider sentiment. On a sector basis, selling by insiders last week was greatest in Consumer Staples, with shares valued at $554 million sold, followed by Information Technology ($293 million sold) and Healthcare ($65 million sold). Meanwhile, buying outpaced selling in Industrials, with shares valued at $55 million bought versus $29 million sold, as well as in Energy. This week, analysts at Vickers highlighted insider transactions of interest at Coca-Cola Consolidated Inc. (NGS: COKE) and Noble Corp. plc (NYSE: NE).

The second quarter of 2024 was rewarding for equity investors, as the S&P 500 increased another 4% and has gained almost 15% year to date. Growth was the segment leader in 2Q, as the S&P 500 Growth Index advanced approximately 8% in the period while the S&P 500 Value Index declined slightly. Leading sectors included Information Technology and Communication Services, while sectors in the red for the past three months included Real Estate, Materials, Industrials, Financial, and Energy. The average stock in the Argus Universe of Coverage declined 2.4% during the quarter, while the median stock dropped 3.0%. The average BUY-rated stock declined 0.7%, while the average HOLD-rated stock gained 6.7%. Will the rally broaden in 2H24, or will investors keep focusing on Tech and Communications groups? Will small-caps pick up their pace (the Russell 2000 was up 1.8% in 1H24), or is the current bull market rally due for a break, with some profit-taking coming into play? Given declining interest rates, we expect growth stocks to continue to carry the bull market, while the risk of recession puts a premium on clean balance sheets, which are also more prevalent among large-caps. Investors seeking value are encouraged to focus on dividends and look for yields in the 3-4% range. Here are the top 10 performers from the Argus Universe last quarter, including, somewhat surprisingly, representatives of five of the 11 major sectors, as well as the five worst performers.