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Except those mistaking leverage for genius.
Prices as of 4 pm ET, 11/18/22; % YTD
MARKET UPDATE Fed talk
-
Bostic favors slower pace of hikes
- Sees another 75 to 100 bps
- Favors ending 4.75-5%
-
Bullard more hawkish
- Last week called for 5 to 5.25% (at least)
Leading Economic Indicator
- Conference Board’s Leading Economic Indicators have fallen for 8 consecutive months
- Consumer worsening outlook on high inflation, rising interest rates
- Declining prospects for housing construction and manufacturing
Dollar short positions increasing
- Fund managers most bearish USD since July 2021
- Hedge funds 5th consecutive week of selling
China re-opening uncertainty
- 3 Covid deaths over weekend
- Rumored test-case city has suspended schools, locked down universities, asked residents stay home 5 days
- Increasing possibility re-tightening, further lockdowns
Crude $79.5
- Goldman lowers Q4 forecast for prices, $110 -> $100
- China lockdowns weighing on demand
Disney (NYSE: DIS)
- Bob Iger back in as CEO
- Bob Chapek OUT
- Iger previously spent 15 years as DIS chief (2005-2020)
- Left ~1 year ago
-
2-yr contract: 2 goals
- Set strategic direction for renewed growth
- Develop successor to lead company
Domino's Pizza (NYSE: DPZ) + General Motors (NYSE: NYSE:GM)
- Domino's to buy 800 branded EVs (Chevy Bolt)
- "…we will have the biggest fleet of electric vehicles in the pizza industry, period" - DPZ CEO
- Others pushing for EV fleets: (NASDAQ: AMZN) (NYSE: FDX) (NASDAQ: PEP) (NYSE: UBER)
Earnings
- Niu Technologies (NASDAQ: NIU)
- Futu Holdings (NASDAQ: FUTU)
- JM Smucker (NYSE: SJM)
- Jacobs (NYSE: J)
- Zoom (NASDAQ: ZM)
- Dell (NYSE: DELL)
- Urban Outfitters (NASDAQ: NASDAQ:URBN)
- Agilent (NYSE: A)
- ZTO Express (NYSE: ZTO)
- StoneX (NASDAQ: SNEX)
- Symbotic (NASDAQ: SYM)
CRYPTO UPDATE SBF/FTX corner
-
Top 50 FTX creditors owed ~$3.1 billion
- 2 creditors owed +$200 million each
-
Optimism for creditors
- From new CEO John J. Ray:
“We are pleased to learn that many regulated or licensed subsidiaries of FTX, within and outside of the United States, have solvent balance sheets, responsible management and valuable franchises”
-
SBF’s law firm terminates representation
- Related to SBF’s “incessant and disruptive tweeting”
- The tangled FTX web:
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