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Good Morning Everyone!
Remember, Warren Buffett didn’t become the world’s wealthiest investor by panic selling through the last 14 recessions.
MARKET UPDATE
After a 3-week S&P 500 rally, U.S. markets catching Canadian market
Year-to-date in Canadian dollars
S&P 500 -11%
TSX -8%
Nasdaq -17%
Large-Cap Technology stocks up 19% off the June lows
10yr 2.7
Bank of England raises rates by 0.5%, most since 1995
U.S. job numbers/ initial unemployment claims up 6,000 to 260,000
Crude $91 flat
Oil prices back to pre-Ukraine/Russia war
Corn prices back to pre-Ukraine/Russia war
Meta +5% yesterday on Share Buyback rumours
A no-debt company making its bond market debut
Investment Grade debt seeking up to $10 billion @ 1.75%-1.8%
Follows Apple debt offerings
Proceeds to be used for general corporate purposes including Capex, share buybacks and M&A
Will hold investor meetings
With net cash balance sheet (no debt) and Fiscal 2022 EBITDA of $50 billion, a substantial share buyback possible
Netflix
Wall Street Journal: Reed Hastings, founder and CEO
Thinks Cost-per-thousand-impressions (CPM) could hit $80
$80 would allow Netflix to charge nothing for their Ad-supported service at 2 minute/hour Ad-load
They probably will not do that, but the Ad-supported service will be cheap, offset by Ad revenue
Netflix shifting from grow-at-all-costs to focus on cash flows
Earnings
eBay Q2 beat top and bottom lines
Wayfair free cash flow burn $244 million
Paramount Paramount+ streaming subs missed small due to Russia
Costco Solid comp but decelerated, 2 year stack 20.4% to 17.8%
ConocoPhillips repurchased $2.3B stock, paid $1B in dividends, ended Q2 with $8.5B cash
Booking
MetLife
Fortinet
McKesson
Eli Lilly
Alibaba
Toyota
Cigna
$DUKE Duke
Zoetis
Becton, Dickinson
Under the Radar
New 43-101 Shows Nickel’s Best Kept Secret is 3-15x Cheaper Than Peers. Power Nickel’s recent 43-101 shows a resource with 4 million Tonnes of over 1.2% NiEQ. It has lots of infill opportunities and its best strike (Over 2% NiEQ) is about to be drilled. Check out the new presentation here*.
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CRYPTO UPDATE
1-month performance
Bitcoin +19%
Ethereum +51%
Solana +15%
Cardano +10%
BNB +37%
Ripple +15%
Coinbase is partnering with the world’s largest money manager
BlackRock teaming up with the crypto exchange to make it “easier for institutional investors to manage and trade Bitcoin”
Wall Street extends push into crypto…
Starbucks has entered the chat
CEO Howard Schultz teased Web3 updates for its popular rewards program
“Digital third place community”
Will be unveiled on Investor Day (September 13)
Bitcoin options volume put/call ratio
On-chain data indicates more calls are being purchased than puts
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