Archives June 2025

Dollar stores are gaining ground with high-income households, companies have said this week.

Dollar Tree (DLTR) saw 2.6 million new customers in the latest quarter, and people making at least six figures annually fueled much of that growth, executives said on an earnings conference call Wednesday. Dollar General (DG) on Tuesday said it’s seeing more middle- and high-income customers. That effect has been seen across retailers who say wealthier households are increasingly searching for value, Walmart (WMT) among them.

Dollar Tree has been expanding its inventory and adding merchandise that costs as much as $7, which CEO Michael Creedon credited with bringing in wealthier customers. Still, 85% of items at Dollar Tree cost $2 or less, the company said. 

“We believe they’re loving the expanded assortment that multi-price provides,” Creedon said, according to a transcript made available by AlphaSense. 

Dollar Tree Gets More Monthly Repeat Shoppers

Customers are buying items typically consumed right away, such as candy, snacks, and drinks, and returning more frequently, Creedon said. Dollar Tree posted a 9% bump in the number of shoppers who visit a store at least three times per month, he said.

“In the current environment, our low prices and smaller pack sizes are perfect for families trying to manage a tight household budget, and our expanded assortment is attractive to all customers across every income level,” Creedon said, according to the transcript. 

Dollar General’s first-quarter results exceeded expectations, but executives warned tariffs may squeeze profits this quarter, sending its stock lower in recent sessions.

CrowdStrike (CRWD) shares retreated from their record high on Wednesday after the cybersecurity provider issued a disappointing quarterly revenue outlook.

The company reported better-than-expected earnings for its latest quarter and announced a share repurchase program of up to $1 billion. However, CrowdStrike’s guidance of fiscal second-quarter revenue of $1.14 billion to $1.15 billion came in below Wall Street Expectations.

CrowdStrike shares fell nearly 6% to around $461 on Wednesday, leading Nasdaq decliners. Even with the sharp decline, the stock has gained 50% over the past 12 months, as the cybersecurity giant has recovered from an erroneous software update last July that caused a widespread outage of Windows PCs.

Below, we take a closer look at CrowdStrike’s chart and use technical analysis to identify major price levels worth watching out for.

Bullish Price Momentum Put to Test After Earnings

After forming two closely aligned troughs just below the 200-day moving average, CrowdStrike shares have trended sharply higher, albeit on lackluster trading volume.

The stock broke out from an ascending triangle to an all-time high this week in a move that coincided with the relative strength index nudging toward overbought territory. However, longer-term bullish momentum was tested on Wednesday following the cybersecurity provider’s soft outlook.

Let’s identify three major support levels on CrowdStrike’s chart where the shares may encounter support and also locate a key overhead area to monitor if the stock resumes its longer-term uptrend.

Major Support Levels to Watch

The first lower level to watch sits around $455. This area on the chart would likely provide significant support near the ascending triangle’s top trendline and the prominent February swing high.

A close below this level could see the shares retrace to the $390 level. The shares may attract support in this location near a trendline that links several peaks that formed on the chart between December and April.

Further selling opens the door for a drop to lower support around $340. Investors could see this region, which sits just above the notable March and April troughs, as a longer-term floor given its proximity to a series of lows that developed on the chart from late November to early January.

Key Overhead Area to Monitor

If CrowdStrike shares resume their longer-term uptrend, investors can project an overhead area to monitor by using the measured move technique, also known as the measuring principle.

When applied to CrowdStrike’s chart, we calculate the distance between the ascending triangle’s two trendlines near this widest point and add that amount the pattern’s breakout area. For example, we add $55 to $455, which projects a target of $510.

The comments, opinions, and analyses expressed on Investopedia are for informational purposes only. Read our warranty and liability disclaimer for more info.

As of the date this article was written, the author does not own any of the above securities.

Written by Steven Dooley, Head of Market Insights, and Shier Lee Lim, Lead FX and Macro Strategist

Dollar weaker on weak economic data

Dollar index fell 0.4% to 98.79 as markets digested weak US economic data, particularly ADP employment and ISM Services.

The DXY Index tested 98.67 after the Trump/Putin phone call headlines but recovered to close at 98.79.

In Europe, dip-buying interest in EUR/USD is expected around Thursday’s ECB decision, with regional geopolitical risks seen as potential headwinds.

Risk-sensitive currencies like AUD and NZD outperformed.

Asian currencies showed mixed performance, with CNH tracking broader dollar moves.

SGD gains 0.27% while CNH was up 0.28% overnight.

Contractionary US ISM Services, USD weaker

The US ISM services index dropped from 51.6 in April to 49.9 in May, below the 52-point consensus.

The details don’t seem promising.

The number of new orders dropped from 52.3% to 46.4, the lowest since December 2022.

The one bright spot is that employment increased from 49 to 50.7.  

In Asia, USD/SGD is 0.5% away from September 2024 low of 1.2789.

From technical lens, USD/SGD remains under pressure, with the next key resistance levels of 21-day EMA of 1.2928 and 50-day EMA of 1.3051 remain in sight.

Aussie lower after GDP, but remains in the range

The Australian dollar was initially lower on Wednesday after a disappointing March-quarter GDP reading.

Annualised economic growth to 31 March for Australia was reported at 0.2% for the quarter (below the 0.4% forecast) and 1.3% for the year (below the 1.5% consensus forecast).

The AUD/USD later rallied helped by the weaker US dollar.

For now, the AUD/USD remains in the clearly defined trading range, with USD buyers targeting a move back to 0.6500 while USD sellers will look the lower end of the range at 0.6400.  

With no major AUD data out over the next 48 hours, the main driver of this market will be Friday night’s US non-farm payrolls report.

Antipodeans gain on dollar weakness

Table: seven-day rolling currency trends and trading ranges  

Key global risk events

Calendar: 2 – 6 June

Have a question? [email protected]

*The FX rates published are provided by Convera’s Market Insights team for research purposes only. The rates have a unique source and may not align to any live exchange rates quoted on other sites. They are not an indication of actual buy/sell rates, or a financial offer.

The Professional Numismatists Guild (www.PNGdealers.org) will host a dealers-only PNG Dealer Day show on Wednesday, November 5, 2025, in conjunction with the Whitman Expos™ Baltimore Show, November 6-8, in the Baltimore Convention Center.

In addition to PNG member-dealers, all other dealers are invited to participate, according to PNG Executive Director John Feigenbaum.

“As part of the new partnership between PNG and Whitman Expos, all table placements on PNG Dealer Day will be in the same location for the main show, so moving to another table the next day will not be necessary,” explained Feigenbaum.

The table fee is $250 for PNG members and $350 for non-PNG dealers. The entry fee for dealers without a table is free for PNG members and $100 for non-members.

The dealer set-up will begin at 9 am, and the bourse will be open to attendees for wholesale, dealer-only trading from 10 am to 5 pm.

“Our first PNG Dealer Day at the Central States Numismatic Society convention in April was a resounding success. We look forward to another successful event in Baltimore in November because the Whitman Coin & Collectibles Expo is a leading producer of coin and currency shows,” stated PNG President James Sego.

The Professional Numismatists Guild was founded in 1955. For additional information about the 2025 Baltimore PNG Dealer Day, visit online at www.PNGdealers.org/png-events or contact PNG by phone at 951-587-8300 or by email at [email protected].

For additional information about the Whitman Expos Baltimore November Show, visit www.expo.whitman.com.

Around the country, business and community leaders are still holding their breath, waiting for another tariff-related shoe to drop.

At least that’s the case according to the Beige Book, the Federal Reserve’s report on the economy released Wednesday. The report gathers interviews, anecdotes, and observations from businesses and other leaders from around the country. In May, it revealed that decision-makers were still paralyzed about spending and expansion plans while they wait to see what will happen next in President Donald Trump’s unpredictable tariff campaign.

“On balance, the outlook remains slightly pessimistic and uncertain, unchanged relative to the previous report,” the latest Beige Book said.

Much like April’s Beige Book, the report was shot through with mentions of “uncertainty” and related terms, especially about trade policy. In South Carolina, a commercial real estate agent said deals for industrial facilities have been falling through.

“Companies freeze because they can’t figure out the rules of this tariff game,” the agent told the Fed.

The same uncertainty was reported in many regions and industries.

“No one wants to spend money when the future is so uncertain,” one Minnesota firm told the Fed, adding that price uncertainty was “pushing projects out of budget” and complicating bidding.

In Kansas City, Missouri, a manufacturing executive used a medical metaphor to describe the difficulty of making investment decisions in the coming years.

“Right now, we are working on triage; we’ll worry about diet and exercise later,” they said.

The report echoed concerns of Fed officials and economists who have said uncertainty about the future of tariffs has taken a toll on the economy, as businesses delay making investments and hiring. Forecasters expect GDP growth to slow and unemployment to rise as tariffs and the uncertainty surrounding them start to bite.

Jeff Clark’s bright red warning flag… the reversal of bond yields’ multi-decade direction… three major consequences… on a bear market’s doorstep?… how to trade volatility

Sir John Templeton once said:

The four most dangerous words in investing are: “This time it’s different.”

Perhaps.

But master trader Jeff Clark offered a visual of why today is “different” compared to the last 40 years – and the takeaway suggests that investors should be careful.

Here’s Jeff:

Most folks under 50 years old have no idea what’s coming next. They’ve never experienced a rising interest rate environment.

Look at this chart of 30-year interest rates…

Long-term interest rates peaked in 1982, with the 30-year Treasury Bond yielding 14%.

Rates then declined for the next 40 years – hitting as low as 0.4% during the COVID crisis in 2020.

But look at what has happened in the last three years. The 30-year Treasury yield broke out above a 40-year declining resistance line.

This is a tectonic shift in the market

This reversal in the direction of treasury yields has three primary consequences:

• Tighter economic conditions for Main Street
• Tougher investment conditions for Wall Street
• Heavier debt burdens on Uncle Sam

Beginning with “Main Street,” Jeff notes that Interest rates are up 60% since 2022 – and 1,100% higher than their 2020 lows. Borrowing money now costs 11 times more than it did five years ago.

Here’s Jeff with the significance:

Most folks manage their debt by taking out new loans to pay off older debt as it matures. And, for the past 40 years we’ve been able to do this at perpetually lower interest rates. This allowed us to borrow even more money without incurring larger debt payments…

There were no consequences to borrowing money. Deficits didn’t matter.

Now though, with long-term interest rates recently hitting the highest level in 20 years, it costs more to borrow money. Any maturing debt must be refinanced at higher rates.

Nobody is refinancing their mortgage anymore and taking out a pile of cash to spend on their lavish lifestyles.

Now, you might recall that in yesterday’s Digest, we profiled the recent resilience of the U.S. consumer. But that resilience doesn’t mean that there aren’t risks today.

To explain, let’s jump to our hypergrowth expert Luke Lango. In his Innovation Investor Daily Notes from last week, he dove into the “pretty ugly” second revision of U.S. Q1 GDP, then turned to the consumer:

The more-important personal consumption number was revised significantly lower from +1.8% to +1.2%. That’s a really low growth number for personal consumption.

Going back to 1995, the average personal consumption growth rate has hovered around 3%. We are at 1/3 of that today.

The U.S. economy is not in a great position right now.

Tougher investment conditions for Wall Street

Back in 2023, I wrote a Digest that suggested the economic and investment conditions that helped Baby Boomers and Generation X generate wealth were fading.

Yes, those generations faced bear market and recessions, but overall, “buy the dip” was a winning strategy. I suggested one primary reason for their good fortune…

The slow, steady decline of the 10-year Treasury yield.

It created a perfect environment for stock investors.

I wasn’t the only one who had arrived at this conclusion. Here was the “Bond King” Bill Gross, co-founder of PIMCO, from back in 2013:

All of us, even the old guys like [Warren] Buffett, [George] Soros, [Dan] Fuss, yeah – me too, have cut our teeth during perhaps a most advantageous period of time, the most attractive epoch, that an investor could experience.

Since the early 1970s when the dollar was released from gold and credit began its incredible, liquefying, total return journey to the present day, an investor that took marginal risk, levered it wisely and was conveniently sheltered from periodic bouts of deleveraging or asset withdrawals could, and in some cases, was rewarded with the crown of “greatness.”

Perhaps, however, it was the epoch that made the man as opposed to the man that made the epoch…

We’re no longer in that epoch.

To illustrate, in our 2023 Digest, we showed a very similar chart to the one Jeff highlighted above, except we chose the 10-year Treasury, not the 30-year.

Our bottom-line mirrored Jeff’s…

This time is different…at least in the bond market.

To be clear, this doesn’t mean life-changing stock returns aren’t possible (we’re looking at you, AI/robotics/humanoids). But it does suggest that if this bond direction continues, it will be a headwind to stock returns that we haven’t faced in about 45 years.

Heavier debt burdens on Uncle Sam

Let’s return to Jeff:

The U.S. government – with $9 trillion of its $36 trillion national debt due to mature in 2025 – for lack of a better word… is screwed.

All of that debt will be refinanced at higher interest rates.

Stepping back for context, our government is already paying through the teeth on interest expense.

The U.S. Treasury’s annual interest expense passed $1.117 trillion last year, making it the second-largest government expense on record.

Source: Bloomberg / Joe Consorti

But the spending that’s on the way dwarfs this…

Here’s the Peter G. Peterson Foundation, a non-partisan thinktank:

Over the next decade, the U.S. government’s interest payments on the national debt are now projected to total $13.8 trillion — the highest dollar amount for interest in any historical 10-year period and nearly double the total spent over the past two decades after adjusting for inflation.

The government has two options to finance this hefty price tag: raise taxes or issue more debt.

We’re not raising taxes. As we’ve profiled in the Digest, the Trump Administration’s “big, beautiful bill” (which Elon Musk calls “a disgusting abomination”) has passed the House and is now in the Senate.

It aims to make the tax cuts from the “2017 Tax Cuts and Jobs Act” (TCJA) permanent, including provisions like the higher standard deduction and lower tax brackets.

It also includes new tax relief measures, such as no taxes on tips, a deduction for auto loan interest, and tax relief for seniors.

So, that leaves “issuing more debt” – which is what we’ve been doing for the last handful of years.

As you can see below, we’ve had an explosion of treasury issuance since 2020.

Source: MacroMicro

When new treasury issuance floods the market, the oversupply results in lower prices to entice buyers. And since bond prices and yields are inversely correlated, this means bond yields rise.

That’s not good for stocks or for the federal government’s debt service (and eventually, the value of your savings in dollars).

Back to Jeff:

Some of us wrinkled, gray-haired, old folks remember what it was like living in the 1970s.

We’ve seen how financial assets perform in a rising interest rate environment.

So, what do we do?

First, while we won’t dive into it today, we’ve been pounding the table for months: We invest in AI, robotics, and humanoids.

These stocks may face volatility and go through significant drawdowns, but the long-term upside is massive given the seismic tech shifts ahead.

Second, prepare for volatility. As we’ve covered in the Digest, Jeff believes a bear market is at our doorstep, with a potential bottom around 4,150 on the S&P this fall.

Most importantly, we seek out opportunity regardless of the market environment.

Even in bear markets, Jeff has shown how explosive rallies can deliver double- or triple-digit gains in days. And of course, there are also big profits in betting on downside moves.

Bottom line: double- and even triple digit returns – as the market moves up or down – are in play over very short timeframes. But let me show you.

Here are five of Jeff’s most recent trades in his service Delta Report, both long and short. Notice how quickly Jeff is in and out of these trades, as well as their returns:

1. OSCR long trade on 05/06/2025, closed on 05/07/2025 for a profit of 97.10%
2. WGMI long trade on 04/15/2025, closed on 04/24/2025 for a profit of 81.13%
3. DELL short trade on 04/09/2025, closed on 04/11/2025 for a profit of 89.79%
4. C short trade on 04/04/2025, closed on 04/09/2025 for a profit of 76.39%
5. MRVL short trade on 04/04/2025, closed on 04/09/2025 for a profit of 90.72%

Now more than ever, you should consider adding this type of shorter-term, bi-directional trading to your toolkit. If you’d like to learn more about how, mark your calendar for next week, Wednesday, June 11 at 10 am ET for Jeff’s Countdown to Chaos event.

Jeff will dive into the details of how he trades. In short, it’s a “reversion-to-the-mean” trading strategy. Basically, when he sees that a stock or an index gets stretched too far in one direction or the other, he bets on the proverbial rubber-band snapping back.

Here’s Jeff:

We look to buy stocks that are deeply oversold, and we look to sell/short stocks that have pushed too far into overbought territory.

Next Wednesday, I’ll walk you through more details, as well as exactly what’s coming next… and how you can position yourself not just to survive but to profit in spades.

I’ll reveal 10 compelling opportunities flashing right now, as well as the powerful new tool I’ve built with TradeSmith to find them daily.

If you’ve ever wanted to turn volatility into your biggest advantage, join us for the Countdown to Chaos.

Stepping back, “this time it’s different” can be a dangerous assumption…unless it really is different

So, it is different today?

Back to Jeff to answer and take us out:

“Deficits don’t matter,” the younger folks shout at us older traders. “The national debt has grown from less than $1 trillion in 1982 to almost $37 trillion today, and nothing bad has happened.”

They ask, “What’s different this time?”

Take another look at the chart above…

This time, you’ll see the difference.

Have a good evening,

Jeff Remsburg

The proposed federal budget bill could reduce the dollar amount of federal student loans available to future college students.

The U.S. House of Representatives advanced its budget bill to the Senate last month. The bill could be reworked before it becomes law, but if adopted, it would cap the amount of loans college students can take out on or after July 1, 2026.

The bill proposes lowering the cap on unsubsidized student loans for college students. It would also eliminate subsidized loans, the only loan type that does not accrue interest while the borrower is in school, and Grad PLUS loans for undergraduates.

Nearly 15% of undergraduate students took out the maximum of subsidized and unsubsidized loans, according to the 2020 National Postsecondary Student Aid Study. These borrowers would likely be forced to finance their education through private loan companies, which do not provide federal loan protections or forgiveness programs, according to advocates.

How Exactly Does The Bill Impact Loan Limits?

Currently, unsubsidized and subsidized loans have a set annual loan limit, which increases each year a student is in school. The proposed bill would vary the maximum annual loan limit for students by calculating the difference between the median cost of college and the Pell Grant the student was awarded that year.

For example, in the 2024-25 school year, the average tuition and fees for a public undergraduate school came to $11,610, according to the College Board. The maximum Pell Grant for that year was $7,395, according to Financial Student Aid. That means that a first-year dependent student who received the maximum Pell Grant award would be offered just $4,215 in loans, compared to the current $5,500 annual limit.

Additionally, the bill would lower the aggregate limits for many students, or the total amount borrowers can take out throughout their degree program.

The Bill Lowers How Much Most Students Can Borrower Throughout Their Degree Program
Type of Student	Current Aggregate Limit	Proposed Aggregate Limit
Undergraduate Dependent	$31,000	$50,000
Undergraduate Independent	$57,000	$50,000
Graduate Student	$138,500	$100,000
Professional Student	$138,500	$150,000
Lifetime Limit	None	$200,000

However, it raises the aggregate limit for professional students, defined as graduate students whose programs train for a career, such as medical and law students.

The proposed bill does not distinguish between independent and dependent borrowers, like current loan policies do. That means the bill would increase the limit for dependent students who claim their parents’ income when they fill out the Free Application for Federal Student Aid (FAFSA) form. At the same time, it would lower the limit for independent students who claim their own income and, if applicable, that of their spouse.

Published on June 4th, 2025 by Bob Ciura

As the group of companies that produce goods that are used in construction and manufacturing, the industrial sector forms the backbone of the global economy.

The industrial sector covers a wide swath of industries, including (among others):

The industrial sector is the section of the overall stock market that is concerned with manufacturing, producing, and distributing goods used in construction and manufacturing.

The sector also includes other industries like airlines, farming equipment, industrial machinery, lumber production, and metal fabrication.

We’ve compiled a list of nearly 80 industrial stocks (along with important investing metrics) that you can download below:

 

A surprising number of Dividend Kings, a group of stocks with at least 50 years of dividend increases, come from the Industrials sector.

In fact, of the 55 stocks that currently comprise the Dividend Kings, 12 are Industrials. Therefore, it is clear that there are a number of quality dividend growth stocks from the Industrials sector.

This article will list the 12 Dividend Kings from the Industrials sector.

Table of Contents

You can instantly jump to any specific section of the article by clicking on the links below:

Industrials Dividend King #12: Automatic Data Processing (ADP)

• Dividend Growth Streak: 50 years

Automatic Data Processing is one of the largest business services outsourcing companies in the world. The company provides payroll services, human resources technology, and other business operations to more than 700,000 corporate customers. Automatic Data Processing produces annual revenue of about $20 billion.

Source: Investor Presentation

ADP posted third quarter earnings on April 30th, 2025, and results were better than expected on both the top and bottom lines. Adjusted earnings-per-share came to $3.06, which was nine cents ahead of estimates. Earnings were up from $2.35 in Q2, and from $2.88 a year ago.

Revenue was up almost 6% year-over-year to $5.6 billion, beating expectations by $110 million. Employer Services revenue was $3.77 billion, up 5% year-over-year. Segment earnings were $1.5 billion, up 6% year-over-year, on pretax margin of 39.8% of revenue. The latter was up 20 basis points year-over-year.

PEO Services revenue was $1.79 billion, up 7% year-over-year, with segment earnings up 7% to $253 million on pretax margin of 14.2% of revenue. That was unchanged from a year ago.

Click here to download our most recent Sure Analysis report on ADP (preview of page 1 of 3 shown below):

Industrials Dividend King #11: Gorman-Rupp Co. (GRC)

• Dividend Growth Streak: 52 years

Gorman-Rupp began manufacturing pumps and pumping systems back in 1933. Since that time, it has grown into an industry leader with annual sales of about $680 million.

Gorman-Rupp is a focused, niche manufacturer of critical systems that many industrial clients rely upon for their own success. Gorman-Rupp generates about one-third of its total revenue from outside of the U.S.

Gorman-Rupp posted first quarter earnings on April 24th, 2025. Earnings came to 46 cents per share, while revenue was up 2.9% year-over-year to $164 million.

Sales were up $1.8 million in the municipal market, and up $3.2 million in the repair market. Sales were up $2.5 million in the OEM market. These were partially offset by declines of $2.7 million in construction, $0.9 million in agriculture, and $0.9 million in industrial markets.

Gross profit was $50.3 million in Q1, resulting in gross margin of 30.7% of revenue. These were better than $48.4 million and gross margin of 30.4% a year ago.

The increase in gross margin was primarily driven by the realization of selling price increases, partially offset by increased labor and overhead costs.

Click here to download our most recent Sure Analysis report on GRC (preview of page 1 of 3 shown below):

Industrials Dividend King #10: Tennant Co. (TNC)

• Dividend Growth Streak: 53 years

Tennant Company is a machinery company that produces cleaning products and that offers cleaning solutions to its customers. In the US, the company holds the market leadership position in its industry, but the company also sells its products in more than 100 additional countries around the globe. Tennant was founded in 1870.

Tennant Company reported its first quarter earnings results in May. The company announced that it generated revenues of $290 million during the quarter, which was 7% less than the top line number from the previous year’s quarter.

This was worse than the recent trend, as revenue had grown during the last couple of quarters. Revenues were lower compared to what the analyst community had forecast.

Tennant Company generated adjusted earnings-per-share of $1.12 during the first quarter, which was less than what the analyst community had forecast, and was down compared to the previous year.

Management is forecasting that adjusted earnings-per-share will fall into a range of $5.70 to $6.20 in 2025, which means that earnings will decline this year. At the midpoint of the guidance range, $5.95, Tennant’s earnings-per-share would be down around 10%.

Click here to download our most recent Sure Analysis report on TNC (preview of page 1 of 3 shown below):

Industrials Dividend King #9: W.W. Grainger (GWW)

• Dividend Growth Streak: 54 years

W.W. Grainger, headquartered in Lake Forest, IL, is one of the largest business-to-business distributors of maintenance, repair, and operations (“MRO”) supplies in the world. The company was founded in 1927 and generated sales of $17.2 billion in 2024.

On April 30th, 2025, W.W. Grainger raised its dividend by 10% to a quarterly rate of $2.26.

On May 1st, 2025, W.W. Grainger posted its Q1 results for the period ending March 31st, 2025. For the quarter, revenues were $4.31 billion, up 1.7% on a reported basis and up 4.4% on a daily, constant currency basis compared to last year.

Net income equaled $479 million, up 0.2% compared to Q1-2024. Net income was driven by a 30 basis point expansion in the gross margin to 39.7%, though the operating margin declined by 20 basis points to 15.6%.

Favorable product mix and supplier funding benefit in High-Touch, along with margin improvement at Zoro, contributed to gross margin gains. Earnings-per-share came in at $9.86, 2.5% higher year-over-year, and were aided by a lower share count.

Click here to download our most recent Sure Analysis report on GWW (preview of page 1 of 3 shown below):

Industrials Dividend King #8: MSA Safety (MSA)

• Dividend Growth Streak: 55 years

MSA Safety Incorporated, formerly Mine Safety Appliances, was founded in 1914. Today, it develops and manufactures safety products.

Customers come from a variety of industrial markets, including oil & gas, fire service, construction, mining, and the military.

MSA Safety’s major products include gas and flame detection, air respirators, head protection, fall protection, air purifying respirators, and eye protection gear.

On April 29th, 2025, MSA released its Q1 results. For the quarter, revenue came in at $421.3 million, up 2% compared to Q1-2024.

More specifically, the Americas segment’s sales were down 1% while the International segment’s sales rose by 9%.

MSA’s adjusted operating margin declined slightly by 50 basis points to 20.8% compared to last year. Adjusted EPS improved by 4% to $1.68.

Click here to download our most recent Sure Analysis report on MSA (preview of page 1 of 3 shown below):

Industrials Dividend King #7: Stanley Black & Decker (SWK)

• Dividend Growth Streak: 57 years

Stanley Black & Decker is a world leader in power tools, hand tools, and related items. The company holds the top global position in tools and storage sales. Stanley Black & Decker is second in the world in the areas of commercial electronic security and engineered fastening.

On April 30th, 2025, Stanley Black & Decker reported first quarter results for the period ending March 31st, 2025. For the quarter, revenue fell 3.4% to $3.74 billion, but this was $20 million ahead of estimates. Adjusted earnings-per-share of $0.75 compared favorably to $0.56 in the prior year and was $0.08 more than expected.

Company-wide organic growth improved 1% for the quarter, but this was offset by currency exchange and divestitures. Organic sales for Tools & Outdoor, the largest segment within the company, had organic growth of 1%.

North America improved 2%, Europe was unchanged, and the rest of the world declined 3%. Gains for DEWALT, Outdoor and Aerospace were offset by weaker results in Consumer and Auto Production.

Click here to download our most recent Sure Analysis report on SWK (preview of page 1 of 3 shown below):

Industrials Dividend King #6: ABM Industries (ABM)

• Dividend Growth Streak: 57 years

ABM Industries is a leading provider of facility solutions, which includes janitorial, electrical & lighting, energy solutions, facilities engineering, HVAC & mechanical, landscape & turf, and parking.

The company employs about 124,000 people in more than 350 offices throughout the United States and various international locations, primarily in Canada.

Source: Investor Presentation

ABM Industries reported its first quarter earnings results on March 12. The company announced that its revenues totaled $2.1 billion during the quarter, which was up 2% versus the previous year’s quarter and which beat estimates.

The revenue performance was weaker than during the previous quarter, in which revenues had been up 4% on a year-over-year basis. ABM Industries was able to keep its margins at the same level as during the previous year’s quarter, as its EBITDA margin remained at 5.9%.

ABM Industries was able to generate earnings-per-share of $0.87 during the first quarter, which beat the analyst consensus by $0.09. ABM Industries’ earnings-per-share were up slightly versus the previous year’s quarter on an adjusted basis.

Click here to download our most recent Sure Analysis report on ABM (preview of page 1 of 3 shown below):

Industrials Dividend King #5: Illinois Tool Works (ITW)

• Dividend Growth Streak: 61 years

Illinois Tool Works is a diversified multi-industrial manufacturer with seven unique operating segments: Automotive, Food Equipment, Test & Measurement, Welding, Polymers & Fluids, Construction Products and Specialty Products.

Last year the company generated $15.9 billion in revenue. The company is geographically diversified, with more than half of its revenue generated outside of the United States.

On April 30th, 2025, Illinois Tool Works reported first quarter 2025 results for the period ending March 31st, 2025. For the quarter, revenue came in at $3.8 billion, shrinking 3.4% year-over-year. Sales declined 3.7% in the Automotive OEM segment, the largest out of the company’s seven segments.

In fact, every single one of ITW’s segments experienced revenue declines year-over-year. Food Equipment, Test & Measurement and Electronics, Welding, Polymers & Fluids, Construction Products and Specialty Products all saw revenue decline -0.7%, -6.3%, -0.9%, -0.8%, -9.2%, and -1.0% respectively.

Net income equaled $700 million or $2.38 per share compared to $819 million or $2.73 per share in Q1 2024. In the first quarter, ITW repurchased $375 million of its shares. Illinois Tool Works reaffirmed its 2025 guidance, still expecting full-year GAAP EPS to be $10.15 to $10.55.

Click here to download our most recent Sure Analysis report on ITW (preview of page 1 of 3 shown below):

Industrials Dividend King #4: Nordson Corp. (NDSN)

• Dividend Growth Streak: 61 years

Nordson was founded in 1954 in Amherst, Ohio by brothers Eric and Evan Nord, but the company can trace its roots back to 1909 with the U.S. Automatic Company.

Today the company has operations in over 35 countries and engineers, manufactures, and markets products used for dispensing adhesives, coatings, sealants, biomaterials, plastics, and other materials, with applications ranging from diapers and straws to cell phones and aerospace.

Source: Investor Presentation

On February 19th, 2025, Nordson reported first quarter results for the period ending January 31, 2025. For the quarter, the company reported sales of $615 million, 3% lower compared to $633 million in Q1 2024, which was driven by organic sales decrease of 9%, partly offset by a positive acquisition impact.

Medical and Fluid Solutions saw sales increase by 21%, while the Industrial Precision Solutions and Advanced Technology Solutions segments both had sales decreases of 11%. The company generated adjusted earnings per share of $2.06, a 7% decrease compared to the same prior year period.

Click here to download our most recent Sure Analysis report on NDSN (preview of page 1 of 3 shown below):

Longest Dividend Growth Streak #3: Emerson Electric Co. (EMR)

• Dividend Growth Streak: 68 years

Emerson Electric was founded in Missouri in 1890 and since that time, it has evolved through organic growth, as well as strategic acquisitions and divestitures, from a regional manufacturer of electric motors and fans into a diversified global leader in technology and engineering.

Its global customer base and diverse product and service offerings afford it more than $18 billion in annual revenue.

Emerson posted second quarter earnings on May 7th, 2025, and results were better than expected on both the top and bottom lines. Revenue was up 1.1% year-over-year to $4.43 billion, beating estimates by $50 million.

The company consummated its acquisition of AspenTech during the quarter. Underlying sales were up 2% after adjusting for currency impacts.

Free cash flow was up 14% to $738 million, while operating cash flow climbed to $825 million. Adjusted segment earnings pretax rose by 200 basis points to 28% of revenue, a new quarterly record. Adjusted earnings were up 6% year-over-year.

Emerson expects AspenTech to generate about $100 million in cost savings by 2028. In addition, the company is keeping the Safety and Productivity business after the strategic review.

Click here to download our most recent Sure Analysis report on EMR (preview of page 1 of 3 shown below):

Longest Dividend Growth Streak #2: Parker-Hannifin Corp. (PH)

• Dividend Growth Streak: 69 years

Parker-Hannifin is a diversified industrial manufacturer specializing in motion and control technologies. The company generates annual revenues of $20 billion.

Parker-Hannifin has increased the dividend for 69 consecutive years.

Source: Investor Presentation

In early May, Parker-Hannifin reported (5/1/25) results for the third quarter of 2025. Organic sales grew 1% over the prior year’s quarter, as 12% growth in aerospace was almost offset by declines in North American Business and International Business.

Adjusted earnings-per-share grew 7%, from $6.49 to $6.94, thanks to strong sales and a wider profit margin in all segments.

Parker-Hannifin exceeded the analysts’ consensus by $0.22. Notably, Parker-Hannifin has exceeded the analysts’ EPS estimates for 39 consecutive quarters.

Click here to download our most recent Sure Analysis report on Parker-Hannifin (preview of page 1 of 3 shown below):

Longest Dividend Growth Streak #1: Dover Corp. (DOV)

• Dividend Growth Streak: 69 years

Dover Corporation is a diversified global industrial manufacturer with annual revenues approaching $8 billion.

Dover is composed of five reporting segments: Engineered Systems, Clean Energy & Fueling, Pumps & Process Solutions, Imaging & Identification, and Climate & Sustainability Technologies.

On April 24th, 2025, Dover reported first quarter results the period ending March 31st, 2025. For the quarter, revenue fell 10.8% to $1.87 billion, which was $10 million below estimates.

Adjusted earnings-per-share of $2.05 compared favorably to $1.95 in the prior year and was $0.07 more than expected.

For the quarter, organic revenue and bookings both grew 1% year-over-year. Organic sales declined 8% for the Engineered Products segment as gains in fluid dispensing were more than offset by weaker volumes in vehicle services and the timing of shipments in aerospace and defense.

Dover provided updated guidance for 2025 as well, with the company now expecting adjusted earnings-per-share in a range of $9.20 to $9.40 for the year. At the midpoint, this would represent 12.2% growth from 2024. Organic revenue growth is projected to be in a range of 2% to 4%.

Click here to download our most recent Sure Analysis report on DOV (preview of page 1 of 3 shown below):

Additional Reading

Sure Dividend maintains a number of other lists of quality dividend growth stocks:

If you’re looking for other sector-specific dividend stocks, the following Sure Dividend databases will be useful:

Hello, Reader.

Chaos.

It’s a five-letter word that, for better or worse, accurately describes the stock market in 2025.

The “for worse” piece of this equation is all too easy to recall…

In January, the launch of DeepSeek, the Chinese AI competitor to ChatGPT, led to a sharp selloff in the tech sector. The Nasdaq Composite dropped 3.1%, and the move erased approximately $600 billion in Nvidia Corp’s (NVDA) market value.

The administration’s tariffs on Canada, Mexico, and China sent the S&P 500 into correction territory in March. Then, in early April, President Donald Trump’s sweeping “Liberation Day” affected nearly all sectors of the U.S. economy and sent both the Nasdaq and S&P 500 into a bear market.

In May, after one court declared the trade levies illegal, stock markets fell following a different U.S. court’s decision to temporarily reinstate the tariff policies. And this week, stocks fell as apprehensions over renewed trade tensions with China resurfaced.

You get the picture.

In the midst of chaos like this, the idea of a “for better” sounds downright preposterous.

However, what many folks don’t realize is that volatility can be the best opportunity to make money as a trader.

This is my colleague Jeff Clark’s specialty.

I’ve known and respected Jeff for over two decades. And during this time, he has accurately predicted every major market drop this century… and handed his readers over 1,000 winning trades during those volatile times.

He predicted the 2008 financial meltdown… and helped his readers double their money 10 different times during the fallout, with winners like 490% in 25 days from Palomar Holdings Inc. (PLMR).

He also predicted the 2020 Covid crash… and proceeded to hand his readers at least 10 different chances to double their money that year.

In 2022, he predicted the tech crash that sent the tech heavy Nasdaq down 32% that year. But that didn’t stop him from making gains as high as 333% in only two days from Citigroup Inc. (C).

And he predicted the rough start to 2025 all the way back in September of last year.

Now, he’s stepping forward with another shocking prediction.

I recently sat down to interview Jeff about what he sees coming… and how he trades the market right now.

It all comes down to the “chaos pattern” he uses to accurately predict the direction of any individual stock or the entire market.

In our conversation, Jeff shares compelling new research that shows how chaos could soon be dominating the markets once again.

Click on the play button below to watch now. You can also read the full transcript below.

Next Wednesday, June 11, at 10 a.m. Eastern, Jeff is holding an important market update where he will detail everything you need to know about this “chaos pattern” and how you can use it to your advantage, even in bear markets.

Jeff has teamed up with our partners at TradeSmith to create a new powerful stock screener that looks for his “chaos pattern” every single day. His is unveiling this screener for the first time during the event, which he is calling the Countdown to Chaos (register here).

Based on his research, Jeff sees that dozens, if not hundreds, of stocks could soon flash this “chaos pattern” in the coming weeks and months. So, he will also share 10 different opportunities from his powerful new screener – for free – during his special event.

It’s free to attend. But Jeff asks that you register ahead of time by going here.

Regards,

Eric Fry

Transcript

Eric Fry: Hello, Eric Fry here.

Today I’m sitting down with a very special guest, one of America’s top traders, Jeff Clark. He’s a guy I’ve known and respected for more than two decades. In fact, many times over the years I’ve highlighted Jeff’s insights from my own readers and even some of his specific trades.

Our investment style is not that similar, but they are very complimentary, which is why I’m always curious to see what Jeff’s up to. For the past 40 years and counting, he has accurately predicted I think every major market event and helped his readers get in front of a thousand different winning trades. He even predicted the 2008 financial meltdown and helped his readers during that time double their money 10 different times, with winners like 490% in 25 days from Palomar Medical Technologies Inc. (PMTI). Similarly, in the Covid-19 crash of 2020, he handed his readers at least 10 different chances to double their money again in that year from his various trades.

More recently in 2022, he predicted the tech crash in advance of that event, which set the S&P 500 down nearly 20% that year, and sent the tech-heavy Nasdaq down 30%+. But even during that rough period, they didn’t stop him from giving his readers 12 different chances to double their money that year. And so, he captured gains like 230% in just three weeks from Pan American Silver Corp. (PAAS), 333% in only two days from Citigroup Inc (C).

More recently, he predicted the rough start to 2025, and he made that prediction all the way back in September. So during this rough period, he’s given his readers chances to capture gains like 97% in two days from Oscar Health Inc. (OSCR) or 90% in just five days from Marvell Technology Inc. (MRVL). His secret? It’s something he refers to as the chaos pattern, and we certainly have plenty of that around at the moment. So, this unique pattern is a setup which can tip you off to major moves in the broad stock market.

That brings us to today. Jeff has some compelling new research that shows volatility could soon be dominated in the markets once again. So, I wanted to just meet with him quickly and ask him a few questions about what he sees coming and how he views and trades the market right now. That being said, Jeff, thanks for sitting down with me today.

Jeff Clark: Thank you, Eric. I’m glad to be here. Thanks for having me.

Eric: That’s a very interesting term, chaos pattern. Tell a little bit about it. What is that?

Jeff: Exactly? Well, I wish I was the one who came up with it, but it was actually the folks in marketing. I utilize what’s commonly referred to as a reversion to the mean strategy, which basically is an educated person’s way of saying, I look for things that are a little bit out of whack and look for ’em to come back into normal.

If it was me telling the story, I’d say it’s a rubber band pattern. I’m looking for situations where that rubber band is stretched, where conditions are incredibly overbought or incredibly oversold and just waiting to snap back to where they normally historically are. This pattern tends to emerge during periods of chaos in the market, extreme levels of volatility in the market. You can go back to – you talked about what we did for readers back in 2008, 2020, 2022, and then going back to the dot-com bust back in 2001… This pattern exists during all of that time and that time tends to be fairly chaotic or have a lot of turmoil in the market, but that’s also where there’s a lot of opportunities.

And so oftentimes what happens is people get a little bit wigged out or they get fearful of volatility in the market. And really what I try to do is to tell folks that it’s not a fearful event. It’s something that you ought to embrace because that’s what creates the opportunity. And we’ve seen it so far in 2025. We had a wild market that didn’t exist a year ago. 2024 was what we call a non-volatile market. It was basically a one-way grind higher. The rallies weren’t huge and the selloffs were very, very mild. So every day it was just a little bit of a grind. That’s not my kind of a market.

Eric: Let me stop you really quick here. So, to be clear, you’re playing both sides of the market. So, if you see something out of whack, say on the overvaluation side or momentum is too high or however you categorize it, then you’re going to play that with a negative put option, right? And if you see something similar on the undervalued side or low momentum side, you’re going to put that with a call option. Is that correct?

Jeff: Exactly. I’ll trade both sides. But what’s interesting is when we go back to those periods that you talked about, 2008, 2020, 2022, yeah, we had a handful of winners betting on the downside of stocks. But our biggest gains, oddly enough, came from betting on the upside when conditions got remarkably oversold, not unlike what happened just in April. We have these tremendous oversold conditions back in early April, and then this wicked snapback move to the upside. Most of our gains for this year have come betting on the long side caused by that oversold condition.

Eric: Right. So, with your call options, typically how far out in time do you go with them? Are you buying a three month option or a six month? How does that work?

Jeff: Well, there are two ways to do it. When I’m buying an option, I like to buy a little bit of time, so I’ll buy 30 to 60 days. I rarely go any further than that because most of the time these movements, these snapbacks occur relatively soon. But I like to have a little bit of time because it is very uncomfortable if you predict a move, but your option expires before that move has a chance to play out. We’ve all had that situation developed where our option expires on one Friday, and sure enough, the next week the move takes off. I don’t want that to happen. So, I like the idea of buying a little extra time, 30 to 60 days, oftentimes in a very volatile market.

I also use the strategy known as selling uncovered puts, which not to get too complicated, but it’s basically a way of generating income by agreeing to buy a stock at a particular price. So, if you like the idea of buying Intel Corp. (INTC), you can sell an uncovered put that obligates you to buy Intel if it falls below a certain price in a very volatile market because option prices can inflate, oftentimes selling your uncovered put is a preferable strategy to buying a call option.

Eric: That’s also the same as selling a naked put, correct?

Jeff: Yes.

Eric: Okay. We call it a naked put both terms, so I just want to make sure that that’s what we’re talking about.

Jeff: Yes, that’s exactly what it is. And a lot of folks sometimes get kind of concerned because you’re selling a naked put, it sounds like an ominous type of a strategy, but it’s no more different than selling a covered call on stocks that you own. In fact, it’s the same risk reward parameter, but oftentimes in a period of extreme volatility in the market, because option prices are expensive, it makes more sense to sell an uncovered put than it does to buy a call option.

Eric: So, some of these things can sound a little scary and intimidating to a lot of investors. What percentage would you say of your trades during the course of a year are simply buying a call option, betting a stock’s going to go higher as opposed to any other kind of trade?

Jeff: Last year, because of the environment we were in with a low volatility, option prices were relatively cheap. So last year, I would say better than 80% of my trades involved buying options. This year, because option prices have expanded, they’ve inflated, I’d say it’s probably more of a 50/50, maybe 60/40, 60% is buying and 40% is selling. And I expect that’ll probably be the case throughout the rest of the year.

Eric: Do you feel that investors – because I know a lot of times people want to get comfortable with options, right? As they move into the strategy and get comfortable with your approach and so on… So, if they don’t touch any of the more, call it exotic – although it’s not those exotic trades like selling naked puts – are there still plenty of trades during the course of the year to get?

Jeff: Absolutely. One thing I want to clear up a little bit when we talk about options is that oftentimes people think risk right away. They think risk, they think leverage. They think gambling, and that’s common for folks to do. And oftentimes if you talk to people about their experience and trading options, it’s usually negative and it’s because they’ve probably done things incorrectly. Options were designed originally as vehicles to reduce risk, right? That’s what I use them for. I hate losing money. I’m 60 years old, I don’t bet the ranch anymore. I’m not looking for 3000% gains on a fly by night company. I’m looking for ways that I can increase my rewards when I’m right and reduce my risk when I’m wrong, and that’s what options allow me to do.

For example, if you’re looking at buying the SPDR S&P 500 ETF (SPY), it’s trading around $570. So, if you wanted to buy a hundred shares of it, it’d cost you $57,000. I can create the same sort of a situation where you can profit off of SPY, just like owning the stock for $500. So the other $56,500 is sitting safe, locked up in a nice tiny little money market fund treasury bill. No worries on that. My $500 is at risk. Most people that buy the S&P 500 might be willing to risk 10%, 15%, or 20%. Well, that’s $5,700, $7,500, $10,000 you’re willing to risk owning that. I’m risking just $500. If I want to get things more exciting, I might buy two options. Maybe if I’m feeling really good, three. Rarely ever more than that.

Where people make their mistake is instead of buying $57,000 worth of stock, they take the entire $57,000 and put it in options. And then of course the option expires worthless, and they’ve lost everything. They’ve blown up their account. That’s the problem when people use options the incorrect way. The right way is to look at it as a vehicle to reduce risk. So anytime you’re taking on a new position, my first question is, how much can I lose? Unfortunately, what a lot of folks do these days is they say, how much can I make? And then they try to accentuate that. I take the opposite approach, and when you have a market environment like we’re having right now, there’s going to be lots of opportunities to make money. You don’t have to make a killing on one trade. Just have a consistent strategy that allows you to earn money on multiple trades as you go through this process.

Eric: Yeah. Okay, great. My final question is more of a timely one. Are you seeing any particular areas of interest right now, either on the buy side or on the sell side?

Jeff: Oh, absolutely. The problem is by the time this airs, it may be different, and that might be just a few days from now because the market is moving so quickly. Again, what I try to look at is I look for situations where we have incredibly overbought conditions or incredibly oversell conditions and just look for them to move back. A month ago, I would’ve had a different conversation with you. I was looking at semiconductor stocks, which is where Marvell Technology came in, healthcare stocks, which is where Oscar Health came in, and we did really well on those. Today I’m looking more in the oil patch for stocks that I might be interested in purchasing, and I’m looking at semiconductor stocks as possibly stocks to bet on the downside with, because they’ve completely flip flopped and they’re now overbought from an oversold condition.

So, it’s a dynamic philosophy and it’s really… I can’t oversimplify it enough. It really is no more complicated than looking at a rubber band and saying, okay, we’re overextended. Let’s bet on it snapping back.

Eric: Well, I think like you. I firmly believe that options – used well – are an all-weather strategy. But certainly in this environment where there is, let’s call it more volatility than usual, the opportunities both to capture short-term option gains and/or to hedge against short-term volatility are probably as numerous as they’ve ever been.

Jeff: Yeah, I agree. And that is the benefit of using options in a volatile market.

First of all, they tend to be short-term oriented, so you need to do something with the trade in a short-term basis. You’re moving in and out a little more frequently than if you just simply own the underlying stock. So, you’re encouraged to take profits off the table quickly. A lot of folks sometimes look at that and go, well, geez, I left too much money on the table.

There are always opportunities. You never go broke taking a profit. I’ll throw any number of cliches out about that. But the bottom line is what we’re trying to do is to generate profits on a consistent basis. We’re not trying to hit a grand slam every time we step up to the plate. I’m happy if readers and subscribers can make several trades in a row where they’ve doubled their money. Nobody’s going to complain to me about that. They are going to complain to me a little bit if I swing for the fence every time and strike out.

Eric: Absolutely.

Alright, well there you have it folks. Jeff, thank you very much for sharing your insights and giving us details about your trading tactics and your strategy.

As I mentioned at the top of this video, Jeff’s one of the premier options traders I’ve ever known, and he’s got a fantastic track record. So, if you want to learn more about Jeff and his unique strategy for finding big winners and/or hedging in an expert fashion, then I encourage you to sign up for his Countdown to Chaos event on June 11th at 10 a.m. Eastern time.

At that event, you’ll learn about Jeff’s latest market prediction and how it could help you double your money at least six different times over the coming 12 months. Simply click the link below this video to read more about what you’ll learn. And thanks again for joining us today.

Jeff: Thanks everyone.

Tipping is leaving a number of Americans, especially GenZers, in an unhappy place.

The practice can be a prickly topic, and it’s getting under the skin of more consumers. As many as 41% of Americans recently surveyed feel that tipping culture has gotten out of control, up from 35% last year, according to a new report from Bankrate. Annoyance with pre-entered tip screens on electronic payment systems, which have become seemingly ubiquitous, is at 38%, up from 34% last year, the report said.

“We’re being asked to tip in all kinds of unconventional settings,” said Ted Rossman, senior industry analyst with Bankrate. “We’re being asked for tips at pick-your-own strawberry farms. Some people have reported being asked for tips at doctors’ offices. Some of this is pretty crazy.”

About two-thirds of Americans have at least one negative view about tipping and are of the opinion that businesses should pay their employees better rather than leave them to rely on tips. Congress is considering a budget proposal that could mean a tax break for some workers who earn tips.

“Businesses are hesitant to raise prices more than they already have but they are also looking for ways to funnel more money to their workers without having to foot the bill,” Rossman said. “So tipping has become kind of hidden surcharge of sorts.”

Tipping Levels Among Younger Consumers ‘Phenomenally Low’

Younger Americas are less inclined to tip frequently, according to Bankrate. The report said 25% of GenZers and 45% of Millennials, for example, always tip their hair stylist or barber, compared to 67% of GenXers and 71% of Baby boomers.

At sit-down restaurants, 43% of GenZers and 61% of Millennials said they always tip for service, versus 83% of GenXers and 84% of Boomers. Those attitudes can be partly attributed to younger people generally having less money, according to Rossman, but many also believe the practice is unfair to workers.

“These levels seem phenomenally low among the younger consumers,” Rossman said. “Tipping is part of the American way of life—it’s not going away anytime soon, as much as we may grumble about it.”

While more people are complaining about the practice, according to Bankrate, the percentage of Americans who always tip has stabilized after years of decline. 

“Overall, fewer people are tipping now than they were in 2021,” Rossman said. “But we have reversed some of the declines.”

The Bankrate report was based on a survey of nearly 2,300 adults conducted in late April.