--- title: Friday Fast Five - 11/22/2024 description: We aim to help investors separate the news from the noise by providing our perspective. Every Friday the Hodges Capital research analysts list the five most interesting things they discovered that week. 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This shift follows slightly hotter-than-expected economic data and incrementally more hawkish commentary from Powell late last week. (Jefferies) **#2**** ****Low and Slow: **Housing starts dipped 3.1% m/m in October to 1,311k, worse than the 1,334k consensus, with a 1k downward revision to September. Regional breadth was mixed. The South (-8.8%, potentially impacted by Hurricane Milton) and Northeast (-32.9%, the smallest market) experienced declines, while the Midwest (+9.4%) and West (+21.1%) posted gains. Single unit starts dropped 6.9% with their inventories at a high 7.6 months of supply, and sales stuck below pre-Covid levels. Multi-units rose 9.6% but remained generally low. (Piper Sandler) **#3 ****Let's Walk Home: **According to a new Pew survey, Americans believe the roads have become more dangerous. 49% of U.S. adults say that people in their local community are driving less safely compared with five years ago. Only 9% say people are driving safer, and 35% see no change. Looking at actual traffic deaths, the roads have indeed become more dangerous. In 2021, the first full year of the pandemic, traffic deaths spiked 17.5% YoY. While deaths have declined over the last three years, they remain 10.0% above pre-pandemic levels (2019). (Hedgeye) **#4 ****Financials Analysis: **In evaluating S&P 500 YTD returns by sector, we observe that two-thirds of the 32% return from Financials were driven by P/E multiple expansion. On a Price/Book basis, large-cap financials have reached 20-year highs, while small-cap financials are trading at their 10-year average. (PSC charts) **#5 ****Keep On Truckin': **According to Cox/Kelley Blue Book, U.S. new vehicle average transaction prices averaged $48,623 in October, up 1.7% YoY, and the highest monthly level since January 2023. Incentive spending in October reached $3,149 per unit, or 6.5% of gross ATPs, the highest level since May 2021 and compared to an average of 10.3% pre-Covid. ATPs for light trucks are about 50% higher than for cars. Light truck share of the market has expanded from 72% in 2019 and will exceed 80% this year. Seasonally, Q4 is the highest quarter of the year for trucks. The increase in light truck share accounts for about one-third of the increase in average market ATPs. (Freedom Capital Markets)    *HCM is an Investment Advisory Firm registered with the Securities and Exchange Commission (“SEC”), is a wholly owned subsidiary of Hodges Capital Holdings and serves as investment advisor to the Hodges Funds. HCM is affiliated with First Dallas Securities, Inc, a broker-dealer, and investment advisor registered with the SEC.* *This discussion is not intended to be a forecast of future events and should not be considered a recommendation to buy or sell any security. Past performance is not indicative of future results. Investing involves risk. Principal loss is possible. Investing in smaller companies involves additional risks such as limited liquidity and greater volatility. No current or prospective client should assume that information referenced in this communication is a recommendation to buy or sell any security or is a substitute for personalized investment advice from your individual advisor. HCM does not provide tax or legal advice. Consult your tax or legal advisor for any related questions.* *All information referenced herein is from sources believed to be reliable and is provided as general market commentary and does not constitute investment advice. This material was created for informational purposes only and the opinions expressed are solely those of HCM. HCM shall not in any way be liable for claims and makes no expressed or implied representations or warranties as to the accuracy or completeness of the data and other information. The data and information are provided as of the date referenced and are subject to change without notice.* ### Hodges Friday Fast Five We aim to help investors separate the news from the noise by providing our perspective. Every Friday the Hodges Capital research analysts list the five most interesting things they discovered that week. 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