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Sell Fidelity National Information Services (FIS)

WHAT TO DO NOW: We continue to stay relatively close to shore as the major indexes remain rangebound and many stocks are hit and miss—but we are impressed given the resilience shown after some worrisome headlines, and earnings season has gone fairly well so far. Today and tonight, we’re making a few small moves: On the sell side, we sold one-third of our AppLovin (APP) stake today and, tonight, will sell half of our On Holding (ONON) position—but we’ll also buy an additional 3% position to Duolingo (DUOL) and start a half-sized stake in DoorDash (DASH). All told, we’ll still have a mid-40% cash position, but we could do more buying if the recent resilience leads to clear buying.

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Housekeeping: As a reminder, with the market closed on Monday, your next issue of Top Ten will come Tuesday evening, February 18. Have a great long weekend.

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It’s been a solid week for the big-cap indexes and many growth measures, most of which are up a couple of percent or a bit more, though the broad market indexes have been mostly quiet, up or down a smidge.

WHAT TO DO NOW: The market remains resilient, but range bound, so we continue to go slow, with lots of hit-or-miss action out there. Happily, most of the Model Portfolio stocks are acting normally, though ahead of tonight’s update we’re going to make one small change—we’re going to sell one-third of what we have left in AppLovin (APP), which is up big again today after earnings, though it’s fading during the day. We’ll take some more profits off the table and hold the rest.

The volatile and sloppy start to 2025 continued last week as the indexes fell hard on Monday, recovered in the middle part of the week, and then lost ground again on Friday. For the week the S&P 500 fell 0.2%, the Dow lost 0.5%, and the Nasdaq declined by 0.5%.

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The market remains relatively mixed from a top-down perspective, but growth stocks remain a different story -- some still look fine, but the action is very hit or miss, and recently, more have come under pressure, with air pockets appearing all over the place this week. That doesn’t portend doom -- in fact, some things like sentiment are encouraging, and the indexes aren’t in bad shape -- but we’ve pared back this week and will look to reinvest the proceeds once big investors decisively step up to support growth stocks.

Despite early-week wobbles on inflation worries, the market again held its ground and in fact advanced as the week wore on. By week’s end the S&P 500 had gained 1.5%, the Dow had risen by 0.5%, and the Nasdaq had added 2.6%.

Shares of Perpetua Resources (PPTA) are having a tough day today following the release of a Financial Update. This Financial Update is part of the process for formalizing its loan application with the U.S. Export-Import Bank (EXIM), which indicated potential financing of up to $1.8 billion in the Stibnite gold project via a Letter of Interest in April 2024.

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Despite early-week wobbles on inflation worries, the market again held its ground and in fact advanced as the week wore on. By week’s end the S&P 500 had gained 1.5%, the Dow had risen by 0.5%, and the Nasdaq had added 2.6%.

Despite early-week wobbles on inflation worries, the market again held its ground and in fact advanced as the week wore on. By week’s end the S&P 500 had gained 1.5%, the Dow had risen by 0.5%, and the Nasdaq had added 2.6%.