Congrats to those who traded with us yesterday, First Solar (FSLR) is up more than 9% since our trade alert.
Futures have been flat this morning leading to a bump as weekly jobless claims just came out, the report shows that another 1.314 million Americans submitted claims for unemployment benefits last week. This will be the 16th straight week of jobless claims over 1 million. However, 1.314 is less than the Dow Jones estimate of 1.39 million. The news of lower than expected jobless claims is stock-market positive, we will see how the day unfolds.
Despite rising coronavirus case numbers and virus containment methods re-issued in some hotspot areas, reopening efforts are chugging along. The better than estimated jobless claim number indicates that more U.S. citizens are returning to work than expected.
Investors who are optimistic about an economic recovery in 2020 will want to take note of this key winner in the consumer electronics market.
Cognex Corp. (Nasdaq: CGNX) produces a machine vision system which helps manufacturers control and guide automated processes. Cognex derives about half of its sales from the automotive and consumer electronics industry. The work from home trend helped ease suffering order numbers from automakers when the economy was first derailed by COVID-19 and swift economic recovery in the second half of the year could boost Cognex sales to automakers. If that’s not enough to pique your interest in CGNX, 5G roll-outs are expected to bring more orders from the consumer electronics industry.
