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
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Up 13,000 to 196,000 in week of Feb 4, street 190,000
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Relatively low jobless claims continue to point to tight labor market conditions within the US economy.
Crude 78 -1%
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Azeri exports via Turkey may not start up again until late next week.
Disney DIS +5%
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Plans $5.5 billion in cost savings, 7,000 job cuts
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Cut costs and your stock goes up
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2023 is the year of efficiencies
Google GOOGL
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-7% yesterday, has given back the gains from the expense cuts
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Google Search market share 93%
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Bing market share 3%
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Yesterday, MSTF CEO: “From now on, the gross margin of Search is going to drop forever”
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AI concern for search is evolutionary not revolutionary but the impact is potentially on Google’s margins
Earnings
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AbbVie ABBV +1% rev below, EPS above
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Pepsi PEP +2% Q4 beat, guides inline
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AstraZeneca AZN +3% Q2 guide lower
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Philip Morris PM +3% revenue beat
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S&P Global SPGI +2% Q4 beat, guidance better than feared
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Duke Energy DUK +1% inline, reaffirmed 2023 guide
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Affirm AFRM -15% missed, 19% job cuts
CRYPTO UPDATE
SEC rumors
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Coinbase COIN CEO says heard rumors SEC will ban retail investors from crypto staking
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Marks reversal from SEC
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Gensler previously stated cryptos allowing staking could be classified as securities
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Value of staked assets roughly $42 billion (Q4)
Fear & Greed
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