Good Morning Everyone!
Remember, today at 2pm, a group of middle-aged financial experts determines whether or not millions of Robinhood (NASDAQ:HOOD) traders get margin called.
Prices as of 4 pm EST, 11/1/22; % YTD
MARKET UPDATE 2 p.m. Fed Reserve Rate decision
- Volatility is relatively LOW heading into the Fed Meeting
- 4th straight rate hike of 75 basis points expected
- More important: messaging on how the Fed proceeds from here
- 2:30 p.m. Powell press conference
- Will Powell say: we are not done
- Powell can’t be happy about the spectacular rally in the DOW in October / this is not what Powell wants
China orders a 7-day lockdown of iPhone City (Foxconn’s main plant in Zhengzhou)
- Foxconn had a Covid flare-up that forced 200,000 staff into quarantine
- Lockdown will last until November 9
- The abrupt action reflects Beijing’s Covid Zero approach
- Apple (NASDAQ: NASDAQ:AAPL) pre-market is down 1%
Russia
- said it would resume participation in the Ukrainian grain deal
- Wheat down 6%, Corn down 2%
Crude 88 flat
- API Crude and product inventories out last night had little impact on Crude
- Fed Day is more important
Maersk container vessels
- A bellwether for global trade
- Believes global demand will shrink by 4% in 2022 and will be down in 2023
Amazon (NASDAQ: NASDAQ:AMZN) hit a new year-to-date low yesterday
- Amazon paused hiring in their Ad business
- Any cost cutting measures will be viewed positive by investors
Autos
- U.S. supply 32 days 18 month high
- U.S. SAAR 15.3 million units 17 month high
- Incentives were down 47% year-over-year but up 2.7% month-over-month
- Inventory days supply is 32 days vs. 30 days last month and 23 days last year
- Mix remains strong favouring trucks: Car vs. light truck mix at 21% / 79%
Opioid Settlement
- Final settlement positive for pharmacies
- $12-13.8 billion for the big three retail pharmacies
- $21 billion announced in 2021 for the big 3 distributors
- CVS (NYSE: CVS) + 2%
- Walgreens Boots Alliance (NASDAQ: NASDAQ:WBA) +2%
- Walmart (NYSE: NYSE:WMT) flat
Earnings
- Advanced Micro Devices (NASDAQ: NASDAQ:AMD)
- Mondelez (NASDAQ: NASDAQ:MDLZ)
- Airbnb (NASDAQ: ABNB) beat but guide below street
- McKesson (NYSE: MCK)
- Public Storage (NYSE: NYSE:PSA)
- Devon Energy (NYSE: DVN) Earnings and FCF beat, capex below consensus
- AIG (NYSE: AIG) EPS beat
- Prudential (NYSE: LON:PRU) EPS beat
- Energy Transfer (NYSE: ET)
- CVS Health (NYSE: CVS) agreed to pay $5 billion to settle opioid lawsuits
- Estee Lauder (NYSE: NYSE:EL) -8%, guide down to 2023
- Progressive Insurance (NYSE: PGR)
- Humana (NYSE: NYSE:HUM)
CRYPTO UPDATE International regulation
-
G-20 will prioritize crypto regulation
- Third objective of India’s G-20 presidency
- Year-long presidency
- Takes over starting in December
-
Hong Kong warming up to crypto
- Exploring giving access to retail crypto trading and ETFs
- Considering range of pro-crypto measures
-
Mainland China much more strict
- Blanket ban on all crypto in September 2021
Recent crypto trademark filings
- Visa (NYSE: NYSE:V)
- PayPal (NASDAQ: NASDAQ:PYPL)
- Western Union (NYSE: WU)
- Viking Cruises
- Ulta (NASDAQ: ULTA)
- Del Monte (NYSE: FDP)
- Kraft (NASDAQ: KHC)
- Inn-N-Out
- Takis
- Moët Hennessy
- Formula One
- DraftKing (NASDAQ: DKNG)
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