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The most oversold stocks in the consumer staples sector presents an opportunity to buy into undervalued companies.
The RSI is a momentum indicator, which compares a stock’s strength on days when prices go up to its strength on days when prices go down. When compared to a stock’s price action, it can give traders a better sense of how a stock may perform in the short term. An asset is typically considered oversold when the RSI is below 30, according to Benzinga Pro.
Here's the latest list of major oversold players in this sector, having an RSI near or below 30.
Read Next:
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
The S&P 500 Index Monday closed up by +0.13%, the Dow Jones Industrials Index closed up by +0.55%, and the Nasdaq 100 Index closed down by -0.47%.
Stocks on Monday settled mixed, with the Dow Jones Industrials posting a new record high. Apple fell more than -2% Monday to pressure the overall market on signs of weak demand for the new iPhone. Also, the weakness in chip makers on Monday weighed on the broader market. However, Intel rose more than +6% Monday to lift the Dow Jones Industrials after the chipmaker officially qualified for as much as $3.5 billion in federal grants to make semiconductors for the Pentagon.
Monday’s US economic news was hawkish for Fed policy after the Sep Empire manufacturing survey general business conditions index rose +16.2 to a 2-1/3 year high of 11.5, stronger than expectations of -4.0.
Corporate news on Monday was mixed for stocks. On the negative side, Apple closed down more than -2% after TF International said weekend pre-order sales show demand for the company’s iPhone 16 Pro series is weaker than expected. On the positive side, Oracle closed up more than +5% after Melius Research upgraded the stock to buy.
This week, the market will focus on Tuesday’s US Aug retail sales report to see if consumer spending is holding up. The consensus is that Aug retail sales will fall by -0.2% m/m but that Aug retail sales ex-autos will increase by +0.2% m/m. The markets will also look to the 2-day FOMC meeting that begins Tuesday and whether policymakers will decide that a -25 bp cut in the fed funds target range would be adequate for a US economy that has shown signs of losing momentum or whether they will decide for a larger -50 bp rate cut instead. Post-meeting comments from Fed Chair Powell on Wednesday will also be scrutinized regarding the Fed’s future policy intentions.
The markets are discounting the chances at 100% for a -25 bp rate cut for the September 17-18 FOMC meeting and at 64% for a -50 bp rate cut at that meeting.
Signs of weakness in China’s economy are negative for global growth prospects. China Aug industrial production rose +4.5% y/y, weaker than expectations of +4.7% y/y. Also, China Aug retail sales rose +2.1% y/y, weaker than expectations of +2.5% y/y. In addition, China Aug new home prices fell -0.73% m/m, the largest decline in 9-3/4 years.
Overseas stock markets Monday settled lower. The Euro Stoxx 50 closed down -0.34%. China's Shanghai Composite was closed for the Mid-Autumn Festival holiday. Japan's Nikkei Stock 225 was closed for the Respect-for-the-Aged Day holiday.
Interest Rates
December 10-year T-notes (ZNZ24) Monday closed up +4.5 ticks. The 10-year T-note yield fell -2.6 bp to 3.625%. Dec T-notes Monday garnered support on heightened speculation the Fed will cut interest rates by -50 bp at this week’s 2-day FOMC meeting. Swap markets showed the chances of a -50 bp rate cut rose to 64% Monday from 52% last Friday. T-notes fell back from their best levels Monday after the US Sep Empire manufacturing survey general business conditions index rose more than expected to a 2-1/3 year high. Also, rising inflation expectations are negative for T-notes after the 10-year breakeven inflation rate rose to a 1-1/2 week high Monday of 2.100%.
European government bond yields on Monday moved lower. The 10-year German bund yield fell -2.6 bp to 2.122%. The 10-year UK gilt yield fell -0.9 bp to 3.759%.
ECB Governing Council member Kazaks said, "There's still more risk inflation will be higher over the medium term than we expect," and the ECB "will almost surely need to wait until December for a clearer picture before making its next move" on interest rates.
Swaps are discounting the chances of a -25 bp rate cut by the ECB at 31% for the October 17 meeting.
US Stock Movers
Apple closed down more than -2% to lead losers in the Dow Jones Industrials after TF International said demand for the company’s iPhone 16 Pro series is weak, with first-weekend pre-order sales of about 37 million units, down about -12.7% y/y from last year’s iPhone 15 series first-weekend sales. Apple suppliers retreated as well, with Qorvo closing down more than -6% to lead losers in the S&P 500. Also, Skyworks Solutions closed down more than -5%.
Chip makers were under pressure Monday and weighed on the broader market. ARM Holdings Plc closed down more than -5% to lead losers in the Nasdaq 100, and Micron Technology closed down more than -4%. Also, Nvidia and Broadcom closed down more than -2%. In addition, ON Semiconductor , KLA Corp , Lam Research , ASML Holding NV , Marvell Technology , and GlobalFoundries closed down more than -1%.
Intel closed up more than +6% to lead gainers in the S&P 500, Dow Jones Industrials, and Nasdaq 100 after the chipmaker officially qualified for as much as $3.5 billion in federal grants to make semiconductors for the Pentagon.
Oracle closed up more than +5% after Melius Research upgraded the stock to buy from hold with a price target of $210.
Charles Schwab closed up more than +2% after it reported that new brokerage accounts in August rose +4% y/y (324,000) and that it expects Q3 revenue will climb as much as 3% from Q2.
Elf Beauty closed down more than -3% after Piper Sandler cut its price target on the stock to $162 from $260.
MKS Instruments closed down more than -3% after Citigroup downgraded the stock to neutral from buy.
Nova Ltd closed down more than -8% after Citigroup downgraded the stock to neutral from buy.
Yelp Inc closed down more than -3% after Bank of America Global Research initiated coverage on the stock with a recommendation of underperform with a price target of $30.
Exact Sciences closed up more than +5% after releasing data from a study of its blood-based colon cancer screening that showed sensitivities of 88% for colorectal cancer and 31% for advanced precancerous lesions at 90% specificity.
Nuvalent closed up more than +27% after presenting updated data from two early-stage trials of its lead cancer programs that impressed analysts.
Builders FirstSource closed up more than +2% after Truist Securities upgraded the stock to buy from hold with a price target of $220.
Zillow closed up more than +4% after Wedbush upgraded the stock to outperform from neutral with a price target of $80.
Incyte closed up more than +4% after Guggenheim Securities raised its price target on the stock to $92 from $86.
Earnings Reports (9/17/2024)
Ferguson Enterprises Inc (FERG).
On the date of publication, Rich Asplund did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policyhere.
The S&P 500 Index today is down by -0.19%, the Dow Jones Industrials Index is up by +0.40%, and the Nasdaq 100 Index is down by -0.92%.
Stocks today are mixed, with the Dow Jones Industrials posting a new record high. Apple is down more than -3% today to weigh on the overall market on signs of weak demand for the new iPhone. Also, the weakness in chip makers today is a drag on the broader market. However, Intel is up more than +4% to lift the Dow Jones Industrials after the chipmaker officially qualified for as much as $3.5 billion in federal grants to make semiconductors for the Pentagon.
Today’s US economic news was hawkish for Fed policy after the Sep Empire manufacturing survey general business conditions index rose +16.2 to a 2-1/3 year high of 11.5, stronger than expectations of -4.0.
Corporate news today is mixed for stocks. On the negative side, Apple is down more than -2% after TF International said weekend pre-order sales show demand for the company’s iPhone 16 Pro series is weaker than expected. On the positive side, Oracle is up more than +4% after Melius Research upgraded the stock to buy.
This week, the market will focus on Tuesday’s US Aug retail sales report to see if consumer spending is holding up. The consensus is that Aug retail sales will fall by -0.2% m/m but that Aug retail sales ex-autos will increase by +0.2% m/m. The markets will also look to the 2-day FOMC meeting that begins Tuesday and whether policymakers will decide that a -25 bp cut in the fed funds target range would be adequate for a US economy that has shown signs of losing momentum or whether they will decide for a larger -50 bp rate cut instead. Post-meeting comments from Fed Chair Powell on Wednesday will also be scrutinized regarding the Fed’s future policy intentions.
The markets are discounting the chances at 100% for a -25 bp rate cut for the September 17-18 FOMC meeting and at 63% for a -50 bp rate cut at that meeting.
Signs of weakness in China’s economy are negative for global growth prospects. China Aug industrial production rose +4.5% y/y, weaker than expectations of +4.7% y/y. Also, China Aug retail sales rose +2.1% y/y, weaker than expectations of +2.5% y/y. In addition, China Aug new home prices fell -0.73% m/m, the largest decline in 9-3/4 years.
Overseas stock markets today are lower. The Euro Stoxx 50 is down -0.37%. China's Shanghai Composite was closed for the Mid-autumn Festival holiday. Japan's Nikkei Stock 225 was closed for the Respect-for-the-Aged Day holiday.
Interest Rates
December 10-year T-notes (ZNZ24) today are up +2 ticks. The 10-year T-note yield is down -1.5 bp at 3.636%. Dec T-notes today are slightly higher on heightened speculation the Fed will cut interest rates by -50 bp at this week’s 2-day FOMC meeting. Swap markets showed the chances of a -50 bp rate cut rose to 63% today from 52% last Friday. T-notes fell back from their best levels today after the US Sep Empire manufacturing survey general business conditions index rose more than expected to a 2-1/3 year high. Also, rising inflation expectations are negative for T-notes after the 10-year breakeven inflation rate rose to a 1-1/2 week high today of 2.100%.
European government bond yields today are moving lower. The 10-year German bund yield is down -2.7 bp at 2.121%. The 10-year UK gilt yield is down -1.0 bp at 3.758%.
ECB Governing Council member Kazaks said, "There's still more risk inflation will be higher over the medium term than we expect," and the ECB "will almost surely need to wait until December for a clearer picture before making its next move" on interest rates.
Swaps are discounting the chances of a -25 bp rate cut by the ECB at 31% for the October 17 meeting.
US Stock Movers
Apple is down more than -3% to lead losers in the Dow Jones Industrials after TF International said demand for the company’s iPhone 16 Pro series is weak, with first-weekend pre-order sales of about 37 million units, down about -12.7% y/y from last year’s iPhone 15 series first-weekend sales. Apple suppliers are falling as well, with Qorvo down more than -6% to lead losers in the S&P 500. Also, Skyworks Solutions is down more than -6%.
Chip makers are under pressure today and are weighing on the broader market. ARM Holdings Plc is down more than -6% to lead losers in the Nasdaq 100. Also, Micron Technology is down more than -4%, and Broadcom is down more than -3%. In addition, KLA Corp , Lam Research , and ASML Holding NV are down more than -2%. Finally, Nvidia , Marvell Technology , GlobalFoundries , Applied Materials , Microchip Technology , and Texas Instruments are down more than -1%.
Intel is up more than +4% to lead gainers in the Dow Jones Industrials and Nasdaq 100 after the chipmaker officially qualified for as much as $3.5 billion in federal grants to make semiconductors for the Pentagon.
Oracle is up more than +4% after Melius Research upgraded the stock to buy from hold with a price target of $210.
Charles Schwab is up more than +3% after it reported new brokerage account in August rose +4% y/y to 324,000 and that it expects Q3 revenue will climb as much as 3% from Q2.
Elf Beauty is down more than -3% after Piper Sandler cut its price target on the stock to $162 from $260.
MKS Instruments is down more than -3% after Citigroup downgraded the stock to neutral from buy.
Nova Ltd is down more than -5% after Citigroup downgraded the stock to neutral from buy.
Yelp Inc is down more than -2% after Bank of America Global Research initiated coverage on the stock with a recommendation of underperform with a price target of $30.
Exact Sciences is up more than +5% after releasing data from a study of its blood-based colon cancer screening that showed sensitivities of 88% for colorectal cancer and 31% for advanced precancerous lesions at 90% specificity.
Nuvalent is up more than +23% after presenting updated data from two early-stage trials of its lead cancer programs that impressed analysts.
Builders FirstSource is up more than +3% after Truist Securities upgraded the stock to buy from hold with a price target of $220.
Zillow is up more than +4% after Wedbush upgraded the stock to outperform from neutral with a price target of $80.
Earnings Reports (9/16/2024)
None.
On the date of publication, Rich Asplund did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policyhere.
The S&P 500 Index today is down by -0.18%, the Dow Jones Industrials Index is up by +0.47%, and the Nasdaq 100 Index is down by -0.84%.
Stocks today are mixed, with the Dow Jones Industrials posting a new record high. Apple is down more than -3% today to weigh on the overall market on signs of weak demand for the new iPhone. Also, the weakness in chip makers today is a drag on the broader market. However, Intel is up more than +3% to lift the Dow Jones Industrials after the chipmaker officially qualified for as much as $3.5 billion in federal grants to make semiconductors for the Pentagon.
Today’s US economic news was hawkish for Fed policy after the Sep Empire manufacturing survey general business conditions index rose +16.2 to a 2-1/3 year high of 11.5, stronger than expectations of -4.0.
Corporate news today is mixed for stocks. On the negative side, Apple is down more than -3% after TF International said weekend pre-order sales show demand for the company’s iPhone 16 Pro series is weaker than expected. On the positive side, Oracle is up more than +4% after Melius Research upgraded the stock to buy.
The market’s focus this week will be on Tuesday’s US Aug retail sales report to see if consumer spending is holding up. The consensus is that Aug retail sales will fall by -0.2% m/m, but that Aug retail sales ex-autos will increase by +0.2% m/m. The markets will also look to the 2-day FOMC meeting that begins Tuesday and whether policymakers will decide that a -25 bp cut in the fed funds target range would be adequate for a US economy that has shown signs of losing momentum, or whether they will decide for a larger -50 bp rate cut instead. Post-meeting comments from Fed Chair Powell on Wednesday will also be scrutinized regarding the Fed’s future policy intentions.
The markets are discounting the chances at 100% for a -25 bp rate cut for the September 17-18 FOMC meeting and at 69% for a -50 bp rate cut at that meeting.
Signs of weakness in China’s economy are negative for global growth prospects. China Aug industrial production rose +4.5% y/y, weaker than expectations of +4.7% y/y. Also, China Aug retail sales rose +2.1% y/y, weaker than expectations of +2.5% y/y. In addition, China Aug new home prices fell -0.73% m/m, the largest decline in 9-3/4 years.
Overseas stock markets today are lower. The Euro Stoxx 50 is down -0.27%. China's Shanghai Composite was closed for the Mid-autumn Festival holiday. Japan's Nikkei Stock 225 was closed for the Respect-for-the Aged Day holiday.
Interest Rates
December 10-year T-notes (ZNZ24) today is up +1 tick. The 10-year T-note yield is down -0.2 bp at 3.649%. Dec T-notes today are slightly higher on heightened speculation the Fed will cut interest rates by -50 bp at this week’s 2-day FOMC meeting. Swap markets showed the chances of a -50 bp rate cut rose to 69% today from 52% last Friday. T-notes fell back from their best levels today after the US Sep Empire manufacturing survey general business conditions index rose more than expected to a 2-1/3 year high. Also, rising inflation expectations are negative for T-notes after the 10-year breakeven inflation rate rose to a 1-1/2 week high today of 2.098%.
European government bond yields today are mixed. The 10-year German bund yield is down -0.9 bp at 2.139%. The 10-year UK gilt yield is up +0.3 bp at 3.771%.
ECB Governing Council member Kazaks said, "There's still more risk inflation will be higher over the medium term than we expect," and the ECB "will almost surely need to wait until December for a clearer picture before making its next move" on interest rates.
Swaps are discounting the chances of a -25 bp rate cut by the ECB at 31% for the October 17 meeting.
US Stock Movers
Apple is down more than -3% to lead losers in the Dow Jones Industrials after TF International said demand for the company’s iPhone 16 Pro series is weak, with first-weekend pre-order sales of about 37 million units, down about -12.7% y/y from last year’s iPhone 15 series first-weekend sales.
Chip makers are under pressure today and are weighing on the broader market. Micron Technology is down more than -5% to lead losers in the Nasdaq 100, and ARM Holdings Plc is down more than -4%. Also, Nvidia , Broadcom , and KLA Corp are down more than -3%. In addition, Lam Research and Applied Materials are down more than -2%.
Elf Beauty is down more than -3% after Piper Sandler cut its price target on the stock to $162 from $260.
MKS Instruments is down more than -2% after Citigroup downgraded the stock to neutral from buy.
Nova Ltd is down more than -5% after Citigroup downgraded the stock to neutral from buy.
Yelp Inc is down more than -2% after Bank of America Global Research initiated coverage on the stock with a recommendation of underperform with a price target of $30.
Oracle is up more than +4% to lead gainers in the S&P 500 after Melius Research upgraded the stock to buy from hold with a price target of $210.
Intel is up more than +3% to lead gainers in the Dow Jones Industrials and Nasdaq 100 after the chipmaker officially qualified for as much as $3.5 billion in federal grants to make semiconductors for the Pentagon.
Exact Sciences is up more than +4% after releasing data from a study of its blood-based colon cancer screening that showed sensitivities of 88% for colorectal cancer and 31% for advanced precancerous lesions at 90% specificity.
Nuvalent is up more than +21% after presenting updated data from two early-stage trials of its lead cancer programs that impressed analysts.
Builders FirstSource is up more than +2% after Truist Securities upgraded the stock to buy from hold with a price target of $220.
Zillow is up more than +2% after Wedbush upgraded the stock to outperform from neutral with a price target of $80.
Earnings Reports (9/16/2024)
None.
On the date of publication, Rich Asplund did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policyhere.
Top Wall Street analysts changed their outlook on these top names. For a complete view of all analyst rating changes, including upgrades and downgrades, please see our analyst ratings page.
Considering buying GOOGL stock? Here’s what analysts think:
Read More:
Latest Ratings for GOOGL
Date | Firm | Action | From | To |
---|---|---|---|---|
Feb 2022 | MKM Partners | Maintains | Buy | |
Feb 2022 | Mizuho | Maintains | Buy | |
Feb 2022 | Piper Sandler | Maintains | Overweight |
View More Analyst Ratings for GOOGL
View the Latest Analyst Ratings
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
The S&P 500 Index today is up +0.33%, the Dow Jones Industrials Index is down -0.16%, and the Nasdaq 100 Index is up +0.54%.
Stocks today are mixed. On the positive side, Oracle is up more than +13% after reporting stronger-than-expected Q1 adjusted revenue. Also, Tesla is up more than +3% after Deutsche Bank named the stock a top pick with a buy recommendation. In addition, Johnson Controls International is up more than +3% after Bank of America Global Research upgraded the stock to a buy.
On the negative side, Goldman Sachs is down more than -3% to weigh on the Dow Jones Industrials after CEO Solomon said his bank’s trading unit is on track to drop 10% from the prior year, led by declines in the fixed-income business. Also, Apple is down more than -1% after losing a court fight in the European Union over a $14.4 billion Irish tax bill.
Another supportive factor for stocks was today’s Chinese trade news that showed China’s Aug exports rose +8.7% y/y, stronger than expectations of +6.6% y/y and the largest increase in 17 months. The strength in Chinese exports is supportive of the global economic growth outlook.
The markets are cautious going into tonight’s debate between presidential candidates Harris and Trump, which may affect polling ahead of the November election.
The markets are looking ahead to US consumer price news on Wednesday to see if inflation falls by enough to allow the Fed to ease monetary policy aggressively. The consensus is for Aug CPI to ease to +2.6% y/y from +2.9% y/y in July and for the Aug core CPI to be unchanged from July at +3.2% y/y.
The markets are discounting the chances at 100% for a -25 bp rate cut for the September 17-18 FOMC meeting and at 29% for a -50 bp rate cut at that meeting.
Overseas stock markets today are mixed. The Euro Stoxx 50 is down -0.45%. China's Shanghai Composite recovered from a 7-month low and closed up +0.28%. Japan's Nikkei Stock 225 closed down by -0.16%.
Interest Rates
December 10-year T-notes (ZNZ24) today are down -1 tick. The 10-year T-note yield is up +0.2 bp at 3.702%. Dec T-notes today are slightly lower, weighed down by negative carryover from weakness in European government bonds. Also, supply pressures are undercutting T-notes as the Treasury will auction $58 billion of 3-year T-notes later today as part of this week’s $119 billion auction package of T-notes and T-bonds.
European government bond yields today are higher. The 10-year German bund yield is up +1.3 bp at 2.181%. The 10-year UK gilt yield is up +0.7 bp at 3.863%.
Swaps are discounting the chances of a -25 bp rate cut by the ECB at 100% for the Sep 12 meeting.
US Stock Movers
The strength of megacap technology stocks is supporting gains in the broader market. Nvidia and Amazon.com are up more than +2%. Also, Microsoft is up more than +2% to lead gainers in the Dow Jones Industrials. In addition, Meta Platforms and Alphabet are up more than +1%.
Oracle is up more than +13% to lead gainers in the S&P 500 after reporting Q1 adjusted revenue of $13.31 billion, better than the consensus of $13.26 billion.
Tesla is up more than +3% to lead gainers in the Nasdaq 100 after Deutsche Bank named the stock a top pick with a buy recommendation and a price target of $295.
Wells Fargo & Co is up more than +2% after CFO Santomassimo said deposits are performing “quite well” versus expectations.
Mission Produce is up more than +16% after reporting Q3 revenue of $324 million, well above the consensus of $231 million.
Calavo Growers is up more than +6% after reporting Q3 adjusted EPS of 57 cents, stronger than the consensus of 43 cents.
Elf Beauty is up more than +3% after B Riley Securities initiated coverage of the stock with a recommendation of buy and a price target of $175.
Johnson Controls International is up more than +1% after Bank of America Global Research upgraded the stock to buy from neutral.
Hewlett Packard Enterprise is down more than -7% to lead losers in the S&P 500 after announcing an offering of $1.35 billion of convertible preferred stock in an underwritten registered public offering.
Goldman Sachs is down more than -3% to lead losers in the Dow Jones Industrials after CEO Solomon said his bank’s trading unit is on track to drop 10% from the prior year, led by declines in the fixed-income business.
Ulta Beauty is down more than -4% after B Riley Securities initiated coverage of the stock with a sell rating and a price target of $300.
Apple is down more than -1% after losing a court fight in the European Union over a $14.4 billion Irish tax bill.
AngloGold Ashanti Plc is down more than -5% after announcing that it agreed to buy Centamin Plc for about $2.5 billion.
StepStone Group is down more than -5% after announcing that it offered 4.1 million class A shares via Goldman Sachs.
Earnings Reports (9/10/2024)
Academy Sports & Outdoors Inc (ASO), Cantaloupe Inc (CTLP), Critical Metals Corp (CRML), Dave & Buster's Entertainment (PLAY), Evolution Petroleum Corp (EPM), GameStop Corp (GME), Innovage Holding Corp (INNV), Mama's Creations Inc (MAMA), Petco Health & Wellness Co Inc (WOOF).
On the date of publication, Rich Asplund did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policyhere.
On CNBC's “Mad Money Lightning Round,” Jim Cramer called e.l.f. Beauty, Inc. “without a doubt, one of the most shorted stocks in the market.”
“And every time anything bad happens in the cosmetic group, people come down on it, but then you have to buy,” he said.
Cramer said he doesn't like B&G Foods, Inc. . “It's just really a bunch of warmed over brands put together under one roof. That game doesn't work anymore,” he added.
The “Mad Money” host said Johnson & Johnson has “just had a major move up. Every time it's had a major move up, it then moves down.” He recommended waiting until it comes down a little bit. “It's too high for me,” he added.
Cramer recommended to wait for a pullback, when asked about UWM Holdings Corporation .
Cramer recommended not touching Symbotic Inc. . “The company is not the one you want to be in. It is too high, even after this comedown,” he noted.
ACADIA Pharmaceuticals Inc. is a trading stock and not an investment stock, Cramer said. “It's just too high risk for me,” he added.
“I am believing that SoFi may be the right one,” Cramer said. “I see the risk reward to be very positive.”
Cramer said he believes in Michael Dell, CEO of Dell, and recommended buying Dell Technologies Inc. .
Cramer recommended selling Lucid Group, Inc. .
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