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EVgo owns and operates a public direct current fast-charging network in the US. Its network of charging stations provides electric vehicle charging infrastructure to consumers and businesses. The network is capable of charging all EV models and meets all charging standards currently available in the US. EVgo partners with national and regional chains of grocery stores, automotive original equipment manufacturers, hotels, shopping centers, gas stations, parking lot operators, local governments and independent property owners in order to locate and deploy its EV charging infrastructure.

Best Buy Co. is a leading retailer of consumer electronics, with FY24 sales of $43.5 billion, down from $46.3 billion in FY23 and $51.8 billion in FY22. Approximately 8% of revenue is from international operations. The Minneapolis-based company ended FY24 with 965 stores in the U.S., which average about 40,000 square feet. The International segment ended FY24 with 160 stores. Total square footage is about 40.4 million, down from 50 million in FY11. In the Domestic segment, Consumer Electronics generated about 31% of FY24 revenue; Computing and Mobile, 42%; Entertainment, 10%; Services, 5%; and Appliances, 11%. The company's fiscal year ends on the Saturday closest to the end of January. FY24 was a 53-week year.

Thursday was one of the strangest market days that we can remember. The S&P 500 fell 0.9%, the Nasdaq gave back almost 2%, the Nasdaq 100 declined 2.2%, and the S&P 100 dropped 1.6%. Meanwhile, the Russell 2000 (IWM) surged 3.6%, the S&P MidCap 400 popped 2.5%, and the Invesco S&P 500 equal weight (RSP) gained 1.2%. NYSE breadth was quite strong at +2,200, NYSE advancing issues/total issues hit 78%, and NYSE advancing volume/total volume popped to 84%. Yes, you read that correctly. Talk about a day of rotation! Real Estate (XLRE) was up 2.7% and Utilities surged 1.8%, both helped by falling interest rates. Materials rose 1.4%, Industrials rose 1.3%, Energy gained 1%, Financials rose another 0.8%, and Healthcare was up 0.7%. Information Technology dropped 2.5%, with semiconductors down 3%-4%. As mentioned, momentum was scorching on Wednesday, with the S&P 500's 14-day Relative Strength Index (RSI) hitting 82 on Wednesday, the most overbought reading since December 19, 2023. That was followed by a nasty one-day wonder to the downside and some chop for a couple of weeks before the index took off again. The 14-week RSI reached 77 this week, the highest since 79 was hit in late March -- just before a slide of several hundred points in the index that, of course, was followed by all-time highs. The 14-day RSI for the Nasdaq 100 (QQQ) hit 80 Wednesday after reaching 82 in mid-June. The 14-week RSI is in the mid-70s. Generally, we see some indigestion when we cycle this far into overbought territory. Then there is often another run higher. (Mark Arbeter, CMT)

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