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Hope you're ready for another short squeeze. Bed Bath & Beyond stock is up 20% pre-market after the company said it was heading for bankruptcy last week.
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Prices as of 4 pm EST. 1/6/23; % YTD
MARKET UPDATE Today:
- Positive headlines out of China
- Offset by
- 2023 earnings estimates at risk as Q4 results begin this week
This week:
- Thursday CPI
- Friday U.S. bank earnings
Q4 earnings kick off on Friday
- JP Morgan (NYSE: JPM), Citi (NYSE: C), Bank of America (NYSE: NYSE:BAC), Wells Fargo (NYSE: NYSE:WFC)
Today: RBC Canadian Bank CEO Conference
Today: Management group seeking to take Canaccord Genuity private
Today: Goldman Sachs (NYSE: NYSE:GS) to eliminate 3,200 jobs (largest cut ever)
Issues going into the bank Q4 quarter:
- Higher credit provisions
- Higher expenses/comp inflation
- Higher deposit funding
- Mild recession (see chart below)
- Focus: management forward guidance during Q4 results
2-10 curve is extremely inverted
- Getting to 1980 levels
- Most investors calling for a mild recession later this year
What’s the U.S. dollar doing?
Crude 76 +3%
-
Oil up on news:
- China re-opened air, land and sea borders on Sunday
- China increased crude oil import quotas for China’s refiners
Apple (NASDAQ: NASDAQ:AAPL)
- Expects to be exporting more than $2.5 billion iPhones from India from April to December
- Nearly twice the previous year
- Trend: accelerating shift from China with geopolitical tensions on the rise
Earnings None
CRYPTO UPDATE
Digital asset fund flows- Outflows continue, $9.7 million
- 3rd consecutive week
-
Bitcoin (CRYPTO: BTC): -$6.5 million
-
Volumes remain low, ~$5 billion per day
- 2022 average = $9 billion
-
Volumes remain low, ~$5 billion per day
- Short-Bitcoin: +$1.2 million
- Ethereum (CRYPTO: ETH) : -$3.1 million
-
XRP: +$3 million
- Suggests legal case with SEC could be heading towards positive outcome
SBF thinks he should retain the $450 million of (NASDAQ: HOOD (NASDAQ:HOOD)) he purchased with customer funds
- Says his ability to pay for lawyers is more important than debtors’ ability to recover losses
MEME OF THE DAY
Eggs are the new bitcoin. pic.twitter.com/rXyTgPxaDD© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.— Genevieve Roch-Decter, CFA (@GRDecter) January 8, 2023
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