Benzinga - Good Morning Everyone!
Breaking news Sam Bankman-Fried founder of FTX is back writing full sentences on Twitter.
Prices as of 4 pm ET, 11/14/22; % YTD
MARKET UPDATE Biden/Xi Jinping meeting
- Agree to cooperate on issues including climate change and food security
- Biden: “there need not be a new Cold War”
Fed Vice Chair Brainard
- Central bank should soon moderate the size of rate increases
- In other words, 50 point hike in December, not 75
- Brainard acknowledged that the central bank has “additional work to do”
- Next meeting: December 13, 14
- Market probabilities:
US$105.5
- 3-month low, 114 to 105.5 on lower central bank hiking intentions
8:30 a.m. October PPI
- Year-over-year +8.0% vs. 8.3% estimate
- Ex-food and energy +6.7% vs. 7.2% estimate
- Yields fell on the news
Crude $85 -1%
- Lower today on increasing Covid cases in China and weaker China economic data
- Chinese PPI in October +5% vs. 5.3% consensus
- China retail sales -0.5% vs. 0.7% consensus
- China fixed Asset Investment +5.8% vs. 5.9% expected
- Crude flows are changing ahead of Europe price cap
- In the 4 weeks to November 11 number of tankers heading from Russia to China, India and Turkey hit a record
- Shipments to Europe are already falling
Walmart (NYSE: NYSE:WMT) +7% 8 a.m. call
- Comps +8.2% vs. street 5-6%
- Solid progress on the inventory situation, +12.6% y-o-y vs. +25% last quarter
- Lower Covid costs helped margins
- WMT was able to cancel enough orders to not be caught with high inventories into holidays
- Announced a $20 billion share buyback
- Agreed to pay $3.1 billion to settle opioid lawsuits
- Grocery now 50% of business
- Focus on conference call: what will they say about October and November trends
Depot (NYSE: HD) flat
- Mostly in-line quarter
- Did not raise guide but management traditionally conservative
- 4.5% comp vs. 2-year average comp of +5% in-line with street
- EPS $4.24 beat driven by revenue beat of $38.9 billion vs. $37.9 billion
- Gross margins down 10 basis points but better than street
- Home Depot (NYSE:HD) Pro doing well
- 9 a.m. conference call
Berkshire Hathaway (NYSE:BRKa) 13F filing
- Buffet buys semiconductors in Q3
- Berkshire took a $5 billion stake in Taiwan Semiconductor (TSM)
- up +10% today on the news
- Taiwan Semi year-to-date down 40%
Amazon (NASDAQ: NASDAQ:AMZN)
- Plans to lay off approximately 10,000 people out of their 1.5 million employees
- Meta did 11,000 but employs a lot less people, so AMZN cut is much smaller
- It would be the largest job cuts in the company’s history
Apple (NASDAQ: NASDAQ:AAPL)
- Tim Cook said they have slowed hiring given the economic environment
Earnings
- Krispy Kreme (NASDAQ: DNUT)
CRYPTO UPDATE Digital asset flows
- Investment products saw largest inflows for 14 weeks ($42 million)
- Bitcoin (CRYPTO: BTC) inflows $19 million
- Short-Bitcoin inflows $12.6 million
- Ethereum (CRYPTO: ETH) minor inflows $2.5 million
-
Blockchain equities largest outflows since May ($32 million)
- Investors seeking safety in Bitcoin
FTX latest
- Creditors could top 1 million
- SBF posting cryptic tweets and deleting old ones
- Hacker who drained $600 million has begun moving funds
- Alameda has moved $89 million to new wallet
-
Michael Lewis has been embedded with SBF for 6 months
- Book can’t come out fast enough
WATCH: Can crypto recover from FTX?
MEME OF THE DAY
New FTX Monopoly board game just dropped pic.twitter.com/cqw5ejzWDU© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.— Dr. Parik Patel, BA, CFA, ACCA Esq. (@ParikPatelCFA) November 15, 2022
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