MARKET UPDATE After a 3-week S&P 500 rally, U.S. markets catching Canadian market
-
Year-to-date in Canadian dollars
- S&P 500 -11%
- TSX -8%
- Nasdaq -17%
Large-Cap Technology stocks up 19% off the June lows
10yr 2.7
- Bank of England raises rates by 0.5%, most since 1995
- U.S. job numbers/ initial unemployment claims up 6,000 to 260,000
Crude $91 flat
- Oil prices back to pre-Ukraine/Russia war
Corn prices back to pre-Ukraine/Russia war
Meta (NASDAQ: META) +5% yesterday on Share Buyback rumours
- A no-debt company making its bond market debut
- Investment Grade debt seeking up to $10 billion @ 1.75%-1.8%
- Follows Apple (NASDAQ:AAPL) debt offerings
- Proceeds to be used for general corporate purposes including Capex, share buybacks and M&A
- Will hold investor meetings
- With net cash balance sheet (no debt) and Fiscal 2022 EBITDA of $50 billion, a substantial share buyback possible
Netflix (NASDAQ: NASDAQ:NFLX)
- Wall Street Journal: Reed Hastings, founder and CEO
- Thinks Cost-per-thousand-impressions (CPM) could hit $80
- $80 would allow Netflix to charge nothing for their Ad-supported service at 2 minute/hour Ad-load
- They probably will not do that, but the Ad-supported service will be cheap, offset by Ad revenue
- Netflix shifting from grow-at-all-costs to focus on cash flows
Earnings
eBay (NASDAQ: NASDAQ:EBAY) Q2 beat top and bottom lines
Wayfair (NYSE: W) free cash flow burn $244 million
Paramount (NASDAQ: PARA) Paramount+ streaming subs missed small due to Russia
Costco (NASDAQ: NASDAQ:COST) Solid comp but decelerated, 2 year stack 20.4% to 17.8%
ConocoPhillips (NYSE: NYSE:COP) repurchased $2.3B stock, paid $1B in dividends, ended Q2 with $8.5B cash
Booking (NASDAQ: NASDAQ:BKNG)
MetLife (NYSE: NYSE:MET)
Fortinet (NASDAQ: FTNT)
McKesson (NYSE: MCK)
Eli Lilly (NYSE: NYSE:LLY)
Alibaba (NYSE: NYSE:BABA)
Toyota (NYSE: TM)
Cigna (NYSE: NYSE:CI)
Duke $DUKE
Zoetis (NYSE: ZTS)
Becton, Dickinson (NYSE: BDX)
CRYPTO UPDATE 1-month performance
- Bitcoin (CRYPTO: BTC)
- Ethereum (CRYPTO: ETH)
- Solana (CRYPTO: SOL)
- Cardano (CRYPTO: ADA)
- BNB (CRYPTO: BNB)
- Ripple (CRYPTO: XRP)
Coinbase (NASDAQ:COIN) is partnering with the world’s largest money manager (NASDAQ: COIN)
- BlackRock (NYSE: NYSE:BLK) teaming up with the crypto exchange to make it “easier for institutional investors to manage and trade Bitcoin”
- Wall Street extends push into crypto…
Starbucks (NASDAQ:SBUX) has entered the chat (NASDAQ: SBUX)
- CEO Howard Schultz teased Web3 updates for its popular rewards program
- “Digital third place community”
- Will be unveiled on Investor Day (September 13)
Bitcoin options volume put/call ratio
- On-chain data indicates more calls are being purchased than puts
© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Read the original article on Benzinga
