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In this edition, we uncover hidden SaaS profits; we see who is the top dog in animal health moats; and AI exuberance has overripened Apple's valuation; and Scor, Bilibili, and Target.

Volatility in the stock market during the third quarter gave institutional investors a chance to buy the dips. Taking a look at 13F filings from well-known institutional portfolios, we see that the big guns were busy adding new companies to their portfolios or expanding existing holdings. Buying occurred across a range of sectors. Vickers Stock Research, a subsidiary of Argus Research Group, analyzes insider trading and institutional stock ownership. Form 13-Fs, which institutions must file to report their holdings, are due 45 days after the end of calendar quarters and have come in for 3Q24. We review 13Fs of major institutional investors, including activists, to see what they are buying and to look for trends. Activist investing is now less about generating a short-term return and more about achieving long-term returns through an active management/investor partnerships. Based on data from Vickers, the following is a list of select purchases made in the third quarter by some high-profile money managers, including the Argus Research investment ratings.

We seem to be in a "don't worry, be happy" stock market, as one concern after another gets pushed aside. Goldilocks comes to mind, as the economy is neither too hot nor too cold, the presidential election went smoothly, and corporate earnings are (once again) beating estimates. Indeed, corporations manage quarterly results very well, and analysts always leave a little room for companies to beat. This happens quarter after quarter. It's quite the game, but the masses love it. According to Bloomberg Intelligence, 90% of companies in the S&P 500 (SPX) have released earnings, and 75% have surpassed their estimates. That's slightly below the three-year average. Companies in the SPX have posted an average 9% year-over-year EPS increase in the third quarter, more than double the preseason forecast. All 11 of the SPX sectors rose last week, with the winners being Materials (XLB +3.1%), and Utilities, Energy, Real Estate, Industrials, and Consumer Staples (all up between 2.4% and 2.8%). Healthcare and Financials gained the least, up 1.7%. The NYSE was particularly strong in the last two days of the week, with the two-day average of advances-declines totaling 1,508 issues. This two-day breadth strength was better on only five occasions in 2024 -- and all of them led to higher S&P 500 prices in the weeks to come. Basically, we saw a mini breadth thrust at the end of last week. As we've said before, and based on the last major SPX base (or "V" bottom), we could see a measured move up to the 6,500 region -- or another 9%. (Mark Arbeter, CMT)