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Crypto winter has been rough for everyone. Especially Coinbase:
- Q4 2021: $840m net profit
- Q4 2022: $557m net loss
Prices as of 4 pm EST, 2/21/23; % YTD
MARKET UPDATE 2 pm: FOMC minutes
- Market embracing higher-for-longer
-
Federal funds rate expectations ~5.3% in June
- 4.9% three weeks ago
- US02Y at November highs
- US01Y above 5% for first time since 2006
Yesterday was the first day of the year where New Lows > New Highs
S&P Global flash PMIs
- Composite output (chart) rose sharply driven by services (both at 8-month highs)
- Uptick in manufacturing (4-month high)
- New orders down but pace of contraction decelerating
- Cost pressures soften but output charges rise
- Optimism highest since May 2022
Existing home sales
-
Dropped by 0.7%, 12th straight monthly decline
- Slowest pace since Oct 2010
- -37% YoY, worst on record
-
Median home price +1.3% YoY
- Prices fell MoM for 7th straight month
Palo Alto Networks (NASDAQ: PANW)
- Beat on top & bottom lines
- 3 consecutive Qs of profitability after decade in the red
- Raised outlook, earnings guidance for 2023
Microsoft (NASDAQ: MSFT)
- Making moves to ease regulator fears over Activision (NASDAQ: ATVI) takeover
-
Signs 10-year contract with Nintendo for Call of Duty
- CoD will be released same day, same features for Nintendo as Xbox
-
Agrees to bring games to Nvidia's (NASDAQ: NVDA) GeForce Now Service
- Nvidia now supports regulatory approval of MSFT/ATVI acquisition
- EU reviewing deal
- US FTC has sued to block
Earnings
- TJX (NYSE: TJX)
- Nvidia (NASDAQ: NVDA)
- Baidu (NASDAQ: BIDU)
- eBay (NASDAQ: EBAY)
- Etsy (NASDAQ: ETSY)
- Overstock.com (NASDAQ: OSTK)
- Garmin (NYSE: GRMN)
- iQIYI (NASDAQ: IQ)
- Charles River Labs (NYSE: CRL)
- Brink's (NYSE: BCO)
- NiSource (NYSE: NI)
- Bausch + Lomb (NYSE: BLCO)
- Vertiv (NYSE: VRT)
- Driven Brands (NASDAQ: DRVN)
- Travel + Leisure (NYSE: TNL)
- Sinclair (NASDAQ: SBGI)
- Installed Building Products (NYSE: IBP)
CRYPTO UPDATE Coinbase (NASDAQ: COIN)
- Beat earnings & revenue estimates
- Userbase is shrinking
-
8.3 million monthly transacting users in Q4
- Down from 8.5 million
Polygon Labs layoffs
- Cutting 20% of workforce (~100 jobs)
- Consolidating multiple business units
Paxos breaks up with Binance
- Paxos CEO says ending relationship with Binance
- Paxos served Wells notice by SEC over BUSD issuance/listing
-
Will Binance also move away from BUSD?
- Binance has been increasing its USDC holdings
Bitcoin vs. S&P 500
- 40-day correlation at lowest since 2021
- Down to
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