Good Morning Everyone!
Short selling is at an abnormally high level. Almost as bad as 2007. Are we near peak pessimism?
Prices as of 4 pm EST, 10/11/22; % YTD
MARKET UPDATE S&P 500 bouncing off key 3600 support as we get CPI tomorrow
- Tax-loss selling picking up as we get closer to the October fiscal year-end for many hedge funds
8:30am
- U.S. September PPI +8.5% year-over-year, estimate 8.5%
- U.S. September PPI ex-food and fuel, up 7.2%, estimate 7.3%
- MoM change:
Crude $88
- OPEC cuts estimate for global oil demand by almost 1 million barrels
- Polish authorities said that there is a leak on the Druzhba pipeline that takes crude oil into Germany.
Yesterday: Louis Vuitton reports Q3 strong revenue growth
- Luxury market is holding up well
- Revenues +19% organic, helped by Fashion & Leather +22%
Meta (NASDAQ: META)
- NBCUniversal and Meta partnering to bring VR experiences to Quest headsets in 2023
Disney (NYSE: DIS)
- Price hikes for its Genie+ service at Disney World and Disneyland
- Intel (NASDAQ: NASDAQ:INTC)
- Planning job cuts to reduce costs amid slowdown in PC market
Yesterday: Uber -10% (NYSE: NYSE:UBER), Lyft -12% (NASDAQ: NASDAQ:LYFT), DoorDash -6% (NYSE: DASH)
- Department of Labour proposed a new rule on the classification of gig workers
- Employees rather than contractors
Earnings
-
Pepsi organic sales grew 16% y/y in Q3 driven by a 17% increase in prices
- Can you say inflation.
- Q3 U.S. bank earnings start Friday
CRYPTO UPDATE (NASDAQ: GOOGL) chooses (NASDAQ: COIN)
- Google (NASDAQ:GOOGL) will allow select customers to pay for services with crypto
- Coinbase will move some applications from AWS to Google’s cloud
Polygon (CRYPTO: MATIC) launches zkEVM public testnet
- zkEVM = zero-knowledge Ethereum Virtual Machine
- Scaling tool for lower-cost transactions
- “The next step for Ethereum”
Bitcoin Fear & Greed Index
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