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Good Morning Everyone!
Except Sam Bankman-Fried and the authorities who haven’t charged him yet.
Crude 84.80 -2.2%
Weaker on China reporting about 20,000 cases, up from about 8,000 cases a week ago
Crude not up despite larger API crude draw
Polish President says explosion not intentional, accident
Cut operating margin outlook to 3.5% vs. pre-covid 6%
Inventories are up 14%, down from +36% last quarter
Company commentary on weakness to the start of November (weak holiday)
Seeking $3 billion in cost cuts
To acquire Tom Ford for $2.6 billion
Since 2005, Estee has licensed the beauty segment of Tom Ford
Now, Estee will completely own the beauty business
Apparel business will be licensed to Zegna
Eyewear business will be licensed to Marcoli
Activist investor TCI calls for Google to aggressively cut costs
London-based TCI has a $6 billion stake in Google
FBI Director Christopher Wray says:
TikTok can be used as an aggressive weapon by China against the U.S.
Wray is extremely concerned about TikTok operating in the U.S.
Plans to start sourcing 5nm chips from a Taiwan Semi plant under construction in Arizona in 2024
Taiwan Semi eying a 2nd U.S. plant
Taiwan Semi 2024 capex is $37 billion
Taiwan currently produces 90% of the high-end chips we need to power our devices
Intel can only build 7 nm chips. Taiwan Semi is building 2 nm chips.
L.A. Auto Show
Lucid debuts 425 mile (683 km) Air Touring vehicle
Base model U.S. $89,000
Premium model U.S. $250,000
Lowe’s +1%, solid Q3, home improvement demand lives
TJX Q3 SSS for Marmaxx (TJ Maxx, Marshalls, Sierra) +3% vs. street at -1.3%
FTX Digital Markets (Bahamas unit) files for Chapter 15 bankruptcy protection
FTX Group filed for Chapter 11 last week
FTX hacker now 34th largest ETH holder
Hacker swapped 34,000 BNB for 4,500 ether and 3 million BUSD
BlockFi prepares for the worst (bankruptcy)
Company previously denied having assets custodied with FTX
That was a lie – has “significant exposure”
Paused withdrawals last week
Solana beat up
Down +55% MTD
Worst performing cryptocurrency over past week
Total weekly users across different NFT platforms on Solana dropped 33% WoW
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