🖥 Stocks are changing

Good morning investors! BTC is on its way to crossing the 60K mark as investors appear to be paying attention to other sectors and not just tech.

Today we cover:

• America now has more 401(k) millionaires.

• The changing stock situation

• How to improve credit scores.

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📊 Economy and News 

America now has more 401(k) millionaires

Many more new 401(k) “millionaires” were created last year, according to Fidelity.

The average 401(k) balance rose to $118,600 at the end of the fourth quarter, up 14% for the year.

The average 401(k) balance topped $500,000 among those who have been saving for at least 15 years consecutively.

Fidelity also reported that the number of 401(k) accounts with balances of at least $1 million rose in the fourth quarter by 20%, to 422,000 accounts; and by 41% for the whole year. The average account balance for this group was $1,551,300 in the fourth quarter.

Market performance coupled with an increase in saving habits helped people secure more. Yet, only 56% of workers participate in 401(k) programs.

The video below does a good job of explaining what it is:

Global hits:

• OpenAI alleges New York Times ‘hacked’ ChatGPT for lawsuit evidence.

• Wendy’s will soon begin testing Uber-like surge pricing.

• US consumer confidence soured in February for the first time in three months.

Reminder: More than 380,000 Toyota Tacoma pickups recalled because axles could loosen.

📈 Stocks

S&P 500 5,078.18 (+0.17%)
DJIA 38,972.41 (-0.25%)
NASDAQ 17,971.05 (+0.21%)
BRENT CRUDE 82.85 (-0.96%)
* Prices as of Feb 28th, 12:20 AM UTC

Three stocks jumped big after earnings

Shares of Hims & Hers Health (HIMS, +31.02%) popped Tuesday after the company reported strong fourth-quarter results. The company expects to deliver its first full year of profitability in 2024.

Norwegian Cruise Line (NCLH, +19.84%) reported its first profitable year since 2019 as fourth-quarter losses narrowed dramatically. For the full year 2024, the company expects an adjusted profit of about $635 million, or $1.23 per share.

With great guidance and low cost, we think these can be good investments. Another stock that we called a good investment in this week’s Pro issue is eBay (EBAY, +5.32%).

This is what we said about eBay:

The company reported positive earnings – $1.07 EPS, $0.04 better than the analyst estimate of $1.03. Revenue for the quarter came in at $2.6B versus the consensus estimate of $2.51B.

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Change of strategy: Macy’s changing things with plans to close about 150 stores and invest more in locations that are doing well. The new plan comes a week after Arkhouse Management launched a proxy fight for Macy's.

The company reported a poor quarter with sales falling nearly 2%. Moreover, it is predicting another year of stagnant sales.

Things are changing at Sony as well. The company is laying off 900 workers from the PlayStation division, or 8% of the unit’s global workforce. Similarly, Expedia is cutting 1,500 jobs due to slowing demand.

💵 Personal Finance

Improve your credit score – part II

Let’s continue yesterday’s topic and have a look at a few more ways to improve your credit score:

• Review your credit reports

  Have a look at your credit score and identify factors that are causing your score to go low. Furthermore, it allows you to monitor your progress as you work to improve your credit score. You can see how your actions are affecting your score over time.

  Also, by reviewing your credit report, you can set realistic goals for improving your credit score. You can track your progress and adjust your strategies as needed to achieve your goals.

• Keep credit utilization under 30%
  Credit utilization is a significant factor in determining your credit score. It refers to the ratio of your outstanding credit card balances to your credit card limits.

  Using a large percentage of your available credit can indicate to lenders that you may be overextended financially. This can lower your credit score, especially if your credit card balances are close to or exceed your credit limits.

  Ideally, you should aim to keep your credit utilization below 30%. Keeping it low shows lenders that you are managing your credit responsibly and can positively impact your credit score.

• Consider debt consolidation

  Consolidating multiple debts into a single loan or credit card can make it easier to manage payments. This can reduce the risk of missing payments, which can negatively impact your credit score. Also, if you use a debt consolidation loan to pay off credit card balances, your credit utilization ratio may improve.

  Furthermore, it can improve your payment history and allow you to enjoy lower interest rates by consolidating more expensive loans.

It can take three to six months for you to see results. The key lies in being persistent and continuing to manage your finances and you will have an improved credit score in no time.

💰 Be a Better Investor

👩🏽‍⚖️ Legal Stuff
Nothing in this newsletter is financial advice. Always do your own research and think for yourself.

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