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Good Stocks To Invest In Now? 3 Consumer Stocks To Watch

Consumer stocks to keep an eye on in the stock market today.
The post Good Stocks To Invest In Now? 3 Consumer Stocks To Watch appeared first on Stock…



The consumer sector, often referred to as the consumer discretionary or staples sector, encompasses companies that produce or sell goods and services directly to everyday people. This sector is closely tied to the overall health of the economy, as it reflects how freely people are spending their money on non-essential items like entertainment, luxury goods, and dining out, or on essential items like food, beverages, and household products. In a booming economy, consumers tend to spend more on discretionary items, while in a downturn, spending might be restricted to only essentials.

Investing in consumer stocks can be both exciting and challenging. Given the direct correlation with consumer spending habits, these stocks can offer investors a pulse on the economy’s health. When people feel confident about their financial future, they’re more likely to spend, driving up revenues for companies in this sector.

However, it’s worth noting that consumer stocks can be volatile, particularly the discretionary ones, as they are sensitive to economic cycles. Proper research and understanding of market trends are crucial for anyone looking to invest in this dynamic segment of the stock market. Taking this into consideration, here are three consumer stocks to check out in the stock market today.

Consumer Stocks To Invest In [Or Avoid] Today

McDonald’s Corporation (MCD Stock)

dividend stocks to buy (MCD stock)

To begin, McDonald’s Corporation (MCD) is a global leader in the fast-food industry, operating thousands of restaurants in numerous countries. Recognized by its iconic golden arches, the company offers a menu that includes favorites like the Big Mac, Happy Meals, and various breakfast items.

In July, McDonald’s reported better-than-expected Q2 2023 financial results. Getting straight into it, McDonald’s notched in earnings per share of $3.17 on revenue of $6.50 billion for the second quarter of 2023. For context, this is versus Wall Street’s consensus estimates which were earnings of $2.77 per share with revenue estimates of $6.23 billion. Additionally, revenue increased by 13.62% in comparison to the same period, the previous year.

In the last six months of trading, shares of MCD stock are up 3.28%. Meanwhile, during Monday morning’s trading session, McDonald’s stock opened up modestly by 0.52% at $279.68 a share.

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Walmart (WMT Stock)

wmt stock

Next, Walmart Inc. (WMT) stands as one of the world’s largest retail chains. The company has an extensive network of stores and supercenters offering a vast array of products at competitive prices.

Just last month, Walmart announced a beat for its most recent quarterly financial results. In detail, the retail giant posted Q2 2024 earnings of $1.84 per share, with revenue of $161.63 billion. This is compared to analysts’ consensus estimates for the quarter which were earnings of $1.69 per share, along with revenue estimates of $159.51 billion. Moreover, revenue grew by 5.74% versus the same period, the previous year.

Looking at the last six months of trading, shares of Walmart stock have surged by 16.78%. While, during Monday morning’s trading session, shares of WMT stock opened flat on the day so far trading at $164.63 a share.

[Read More] Top Stocks To Buy Today? 3 Tech Stocks To Know

Costco Wholesale Corporation (COST Stock)

best retail stocks to buy (COST stock)

Last but not least, Costco Wholesale Corporation (COST) operates membership warehouses, offering its members discounted prices on a limited selection of branded products. The company is known for its bulk products and unique finds.

Late last month, Costco Wholesale Corporation announced its sales results for August 2023. The company revealed net sales of $18.42 billion for the month, marking a 5.0 percent increase from the $17.55 billion recorded in the same period the previous year. Additionally, for the majority of its fiscal year, spanning 52 weeks out of 53 and ending on August 27, 2023, Costco reported net sales of $232.95 billion, up by 4.6 percent from the $222.70 billion in the corresponding timeframe of the prior year.

In the last six months of trading action, Costco stock is trading higher by 14.49%. Moreover, during Monday morning’s trading session, shares of COST stock opened slightly higher by 0.64%, trading at $559.90 per share.

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SEC initiates legal action against FTX’s auditor

The SEC alleges that Prager Metis, an accounting firm engaged by bankrupt crypto exchange FTX in 2021, committed hundreds of violations related to auditor…



The SEC alleges that Prager Metis, an accounting firm engaged by bankrupt crypto exchange FTX in 2021, committed hundreds of violations related to auditor independence.

The United States Securities and Exchange Commission (SEC) has commenced legal proceedings against an accounting firm that had provided services to cryptocurrency exchange FTX before its bankruptcy declaration.

According to a Sept. 29 statement, the SEC alleged that accounting firm Prager Metis provided auditing services to its clients without maintaining the necessary independence as it continued to offer accounting services. This practice is prohibited under the auditor independence framework.

Extract from the SEC's September 29 statement. Source: SEC

To prevent conflicts of interest, accounting and audit tasks must be kept clearly separate. However, the SEC claims that these entwined activities spanned over a period of approximately three years:

“As alleged in our complaint, over a period of nearly three years, Prager’s audits, reviews, and exams fell short of these fundamental principles. Our complaint is an important reminder that auditor independence is crucial to investor protection.”

While the statement doesn't explicitly mention FTX or any other clients, it does emphasize that there were allegedly "hundreds" of auditor independence violations throughout the three-year period.

Furthermore, a previous court filing pointed out that the FTX Group engaged Metis to audit FTX US and FTX at some point in 2021. Subsequently, FTX declared bankruptcy in November 2022. 

The filing alleged that since former FTX CEO Sam Bankman-Fried publicly announced previous FTX audit results, Metis should have recognized that its work would be used by FTX to bolster public trust.

Related: FTX founder’s plea for temporary release should be denied, prosecution says

Concerns were previously reported about the material presented in FTX audit reports.

On Jan. 25, current FTX CEO John J. Ray III told a bankruptcy court that he had “substantial concerns as to the information presented in these audited financial statements.”

Furthermore, Senators Elizabeth Warren and Ron Wyden raised concerns about Prager Metis' impartiality. They argued that it functioned as an advocate for the crypto industry.

Meanwhile, a law firm that provided services to FTX has come under scrutiny in recent times.

In a Sept. 21 court filing, plaintiffs allege that U.S. based law firm, Fenwick & West, should be held partially liable for FTX's collapse because it reportedly exceeded the norm when it came to its service offerings to the exchange.

However, Fenwick & West asserts that it cannot be held accountable for a client's misconduct as long as its actions remain within the bounds of the client's representation.

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DOJ readies witnesses in Bankman-Fried trial, highlights FTX asset management

The DOJ intends to highlight the experiences of retail and institutional clients who entrusted substantial assets to FTX.
The Department…



The DOJ intends to highlight the experiences of retail and institutional clients who entrusted substantial assets to FTX.

The Department of Justice (DOJ) has confirmed its intention to summon former FTX clients, investors and staff as witnesses in the upcoming trial involving Sam Bankman-Fried, the former FTX CEO.

The DOJ submitted a letter motion in limine on Sept. 30 describing the witnesses it intends to call concerning FTX’s treatment of customer assets.

The testimonies intend to provide perspectives on the interactions between the accused and the witnesses. It also aims to get the witnesses’ understanding of Bankman-Fried’s remarks and conduct, particularly regarding FTX’s asset management. The DOJ intends to highlight the experiences of retail and institutional clients who entrusted substantial assets to FTX, believing that the platform would safeguard them securely.

Court filing in the United States District Court for the Southern District of New York. Source: CourtListener

Furthermore, a situation has emerged concerning one of the DOJ’s witnesses, “FTX Customer-1,” who resides in Ukraine. Given the ongoing conflict in Ukraine, traveling to the U.S. to provide testimony is associated with difficulties. The DOJ has suggested using video conferencing as a viable alternative. However, Bankman-Fried’s defense has not yet approved this proposal.

Nonetheless, the legal team representing Bankman-Fried, led by lawyer Mark Cohen, has voiced concerns about the jury questions put forth by the DOJ. According to Bankman-Fried’s defense, these interrogations insinuate guilt on Bankman-Fried’s part, potentially undermining the principle of “innocent until proven guilty.“

Additionally, the defense contends that these inquiries may not effectively uncover the jurors’ inherent biases, especially related to their encounters with cryptocurrencies. Moreover, specific questions could inadvertently guide the jury’s perspective instead of eliciting authentic insights, possibly compromising the trial’s impartiality.

Related: Sam Bankman-Fried’s lawyer challenges US gov’t proposed jury questions

With the jury selection scheduled to start on Oct. 3, closely followed by the trial, the spotlight is firmly on this high-stakes legal confrontation. This case underscores not only its immediate consequences but also underscores the vital importance of transparent communication and unbiased questioning in upholding the principles of justice.

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Vitalik Buterin voices concerns over DAOs approving ETH staking pool operators

The Ethereum co-founder proposes a solution that could lower the likelihood of any individual liquid staking provider growing to a point where it poses…



The Ethereum co-founder proposes a solution that could lower the likelihood of any individual liquid staking provider growing to a point where it poses a systemic risk.

Vitalik Buterin, the co-founder of Ethereum, has expressed worries regarding decentralized autonomous organizations (DAOs) exerting a monopoly over the selection of node operators in liquidity staking pools.

In a September 30 blog post, Buterin issues a warning that as staking pools adopt the DAO approach for governance over node operators—who are ultimately responsible for the pool's funds—it can expose them to potential risks from malicious actors.

“With the DAO approach, if a single such staking token dominates, that leads to a single, potentially attackable governance gadget controlling a very large portion of all Ethereum validators.”

Buterin highlights the liquid staking provider Lido (LDO) as an example with a DAO that validates node operators. However, he emphasizes that relying on just one layer of protection may prove insufficient:

“To the credit of protocols like Lido, they have implemented safeguards against this, but one layer of defense may not be enough,” he noted.

ETH staked by category chart. Source: Vitalik Buterin

Meanwhile, he explains that Rocket Pool offers the opportunity for anyone to become a node operator by placing an 8 Ether (ETH) deposit, which, at the time of this publication, is equivalent to approximately $13,406.

However, he notes this comes with its risks. "The Rocket Pool approach allows attackers to 51% attack the network, and force users to pay most of the costs," he stated.

On the other hand, Buterin highlights that having a mechanism to ascertain who can act as the underlying node operators is an inevitable necessity:

"It can't be unrestricted, because then attackers would join and amplify their attacks with users' funds."

Related: Ethereum is about to get crushed by liquid staking tokens

Buterin further outlines that a possible approach to address this issue involves encouraging ecosystem participants to utilize a variety of liquid staking providers. 

He clarifies this would decrease the likelihood of any one provider becoming excessively large and posing a systemic risk.

“In the longer term, however, this is an unstable equilibrium, and there is peril in relying too much on moralistic pressure to solve problems," he stated.

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