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Wells Fargo (NYSE: WFC) just laid off hundreds of mortgage bankers, including some top producers who brought the bank more than $100 million in loans last year.
Is Wells Fargo making a huge mistake?
Prices as of 4 pm EST, 2/22/23; % YTD
MARKET UPDATE Stock correlations
- Fading
- Becoming slightly less macro-driven
- Good news for stock pickers
FOMC minutes
- "Almost all" officials favor 25bps next meeting (Mar 22)
- "A few" want 50bps
- Forget about pivot - not willing to give up progress on inflation
- Market expect peak funds rate ~5.36%
- Number of mentions of "inflation":
This morning’s data:
-
Labor market
- Still tight
- 192k initial jobless claims vs. 200k expected (prev. 195k)
- Continuing claims also lower than expected
-
Q4 GDP
- Revised lower
- Second estimate 2.7% vs. 2.9% expected
-
Core PCE
- +4.3% vs. 3.9% expected (prev. 4.7%)
US housing
- Weak mortgage demand data follows weak sales
-
Purchase index -18% last week (biggest drop since 2015)
- At lowest level since 1995
-
2022: US housing market lost $2.3 trillion in value
- 4.9% drop - biggest since 2008
- Home prices in Dec 22 still 6.5% higher than Dec 21
O&G prices
-
US nat gas has dropped 80% since August
- Prices at pandemic-era lows
- EU gas prices now lower than before Russia invasion
- Same with Brent crude:
Nvidia (NASDAQ: NVDA)
- Beat top and bottom lines
- Both declined YoY
- Q1 sales forecast topped estimates ($6.5B vs. $6.3B)
- Continues to benefit heavily from AI rush
Alibaba (NYSE: BABA)
- Topped EPS and smashed sales estimates
- Gross merchandise volume (GMV) decline mid-single-digit YoY
- Cost controls have paid off: net income +69% YoY
- Expects strong demand on China reopening
Earnings
- Alibaba
- CBRE Group (NYSE: CBRE)
- Moderna (NASDAQ: MRNA)
- Cheniere (AMEX: LNG)
- Lloyds (NYSE: LYG)
- Vipshop (NYSE: VIPS)
- PG&E (NYSE: PCG)
- Genuine Parts (NYSE: GPC)
- DISH (NASDAQ: DISH)
- American Electric Power (NASDAQ: AEP)
- Quanta Services (NYSE: PWR)
- NetEase (NASDAQ: NTES)
- Newmont (NYSE: NEM)
- Wayfair (NYSE: W)
- Bath & Body Works (NYSE: BBWI)
- Domino's (NYSE: DPZ)
- Papa John's (NASDAQ: PZZA)
- Rent-a-Center (NASDAQ: RCII)
- Atlas Air (NASDAQ: AAWW)
- Steve Madden (NASDAQ: SHOO)
- Yeti (NYSE: YETI)
CRYPTO UPDATE Silvergate Bank (NYSE: YETI)
- Wall Street's most shorted stock
- 73.5% of available shares being sold short
- Trails Carvana (NYSE: CVNA), Applied UV (NASDAQ: AUVI), Bed Bath & Beyond (NASDAQ: BBBY)
- Down +90% from 2021 peak
Bitcoin (CRYPTO: BTC) whales decline
-
Number of whales (wallets holding >1k BTC) at lowest since August 2019
- 2,027 whales
- Each whale holds ~$25 million
- Wallets holding +1 BTC still rising (close to 1 million)
- Number of mega whales (+10k BTC) steady
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