LikeFolio Weekly Roundup

September 6, 2024

The September slump is well underway. Small-cap and crypto-related names appear to be more severely impacted by market weakness at large.

For traders, no need to panic. Some pullbacks may present as accumulation opportunities (and we'll point out where below).

Here's an overview of the biggest movers in our portfolio over the last week, through close on Sept. 5.

Tesla (TSLA): +7%

Tesla shares pushed higher this week after a slew of positive news. First, Tesla is reportedly planning a six-seat model Y, with Chinese production expected in 2025. Also, the company plans to launch fully self-driving cars in Europe and China early next year if it can secure regulatory approvals. We remain bullish on Tesla and its industry leading technology.

The Simply Good Foods Company (SMPL): +6%

The move higher from SMPL was not earnings related. It appears to be sparked by a new "Atkins Way" campaign featuring Rob Lowe highligting new product offerings targeting GLP-1 users. In a release, the company noted, "Atkins Strong is a groundbreaking new line of products designed to be an ally to individuals working hard to keep the weight off following their GLP-1 journeys or to anyone trying to live healthy and increase their protein. These High Protein Shakes are a delicious way to satisfy hunger and nourish the body with the nutrients it wants and needs." This falls in line exactly with our long-term thesis.

Chewy (CHWY): -8%

Chewy stock is giving back its post-earnings gain. While some traders speculate involvment from meme-trader Roaring Kitty, it remains just that -- speculation. On our end, Chewy's value proposition for consumers hasn't changed. The company continues to ramp it's health offerings and entice autoship users with premium offerings. Pull backs here serve as accumulation opportunities as the company enters a new growth mode.

Read the rest of our weekly summary here, including an enticing accumulation opportunity.

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