We’re Adding to This Public Safety Play After Powell Sends Market Higher
Jerome Powell left the door open for a September rate cut during comments from Jackson Hole.
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| Symbol | Transaction Type | # Shares Traded | Recent Price $ | Shares Owned After Trade | % Portfolio |
|---|---|---|---|---|---|
AXON | Buy | 43 | $772.50 | 263 | 3.5% |
After you receive this alert, the Portfolio will buy 43 shares of Axon Enterprise AXON at or near $772.50. Following the trade, the Portfolio will own 263 AXON shares, roughly 3.5% of the Portfolio.
Fed Chair Powell’s Jackson Hole comments laid out multiple scenarios for the jobs market and inflation — he effectively said that the September policy decision will hinge on what is revealed in the data between now and September 17.
While Powell left the door open for a September rate cut should the data lean that way, he also gently pushed back on the market’s high expectation for a rate cut should oncoming job creation and inflation data support what we saw in Thursday's Flash August PMI report from S&P Global. We will continue to follow the data.
With the door left open, the market is moving higher, and that is leading us to put some additional capital to work in AXON shares. We continue to see the company benefiting from the positive mix shift toward the higher-margin, recurring revenue services business. With that in mind, the recent double-digit pullback from early August levels and the improving support we see in the technicals are prompting today’s move.
The next known catalyst for the shares will be management’s presentation at the Goldman Sachs Communacopia & Technology Conference on September 9.
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(Please note that we are looking to execute these trades at or near the share price mentioned above. Once the trade is completed, subscribers can see the trade's executed price here. Be sure to toggle the chart to sort by Purchase Date.)
At the time of publication, TheStreet Pro Portfolio was long AXON.
