Benzinga - Good Morning Everyone!
Except orange juice prices which hit a new record high.
Prices as of 4 pm EST, 2/8/23; % YTD
MARKET UPDATE Nasdaq off to its best start since 1991
8:30 a.m. jobless claims
- Up 13,000 to 196,000 in week of Feb 4, street 190,000
- Relatively low jobless claims continue to point to tight labor market conditions within the US economy.
Crude 78 -1%
- Azeri exports via Turkey may not start up again until late next week.
Disney (NYSE: DIS) +5%
- Plans $5.5 billion in cost savings, 7,000 job cuts
- Cut costs and your stock goes up
- 2023 is the year of efficiencies
Google (NASDAQ: GOOGL)
- -7% yesterday, has given back the gains from the expense cuts
- Google Search market share 93%
- Bing market share 3%
- Yesterday, (OTC: MSTF) CEO: “From now on, the gross margin of Search is going to drop forever”
- AI concern for search is evolutionary not revolutionary but the impact is potentially on Google’s margins
Earnings
- AbbVie (NYSE: ABBV) +1% rev below, EPS above
- Pepsi (NASDAQ: PEP) +2% Q4 beat, guides inline
- AstraZeneca (NASDAQ: AZN) +3% Q2 guide lower
- Philip Morris (NYSE: PM) +3% revenue beat
- S&P Global (NYSE: SPGI) +2% Q4 beat, guidance better than feared
- Duke Energy (NYSE: DUK) +1% inline, reaffirmed 2023 guide
- Affirm (NASDAQ: AFRM) -15% missed, 19% job cuts
CRYPTO UPDATE SEC rumors
- Coinbase (NASDAQ: COIN) CEO says heard rumors SEC will ban retail investors from crypto staking
- Marks reversal from SEC
- Gensler previously stated cryptos allowing staking could be classified as securities
- Value of staked assets roughly $42 billion (Q4)
1/ We're hearing rumors that the SEC would like to get rid of crypto staking in the U.S. for retail customers. I hope that's not the case as I believe it would be a terrible path for the U.S. if that was allowed to happen.Fear & Greed— Brian Armstrong (@brian_armstrong) February 8, 2023
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