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Good Morning Everyone!
Remember, it’s a great time to go shopping for great companies. Just ask Warren Buffett.


MARKET UPDATE
Hope for Shanghai reopen
Rising Costs for Big Box Stores:
Walmart -7%, Profit Miss
Top line > expected
Bottom line < expected (EPS $1.30 vs. street $1.48) because:
wage expense
gross margins (unfavourable mix of more food less merchandise, containers & storage > exp.)
fuel costs
Adjustments have now been made but speed of inflation was too quick to make adjustments in Q1
Walmart U.S. is gaining share in grocery (1-shop shopping more important with high gas prices)
Sam’s Club $45/year member-only fuel savings, free curbside pick-up
Sam Plus $100/year free shipping, 2% cash back, fuel savings
Sam Plus membership fees represent 8% of EBIT vs. 57% for Costco
Full Year Guidance: EPS growth of -1% vs. prior guide of mid-single digits
GRIT STOCK:
Home Depot +3%, beat and raise
U.S. same-store sales +1.7% vs. street -1.7%
Home improvement spending is strong
Gross Margins 33.8% vs. street 33.3%
EPS $4.09 vs. street $3.71
Fiscal Guidance
Sales growth of 3% vs. street 2.1%
EPS mid-single digit vs street 4.6%
Musk won’t proceed with $44 billion takeover
Unless TWTR can prove fake accounts < 5% of its users
Earnings
Take-Two Interactive
Tencent
CRYPTO
Bitcoin
Volatility picked up again after coming down from last week’s spike

An elevated skew suggests strong demands for puts > calls

Trading volumes are up to the highest levels since January

Adoption:
Grayscale launched a "Future of Finance" ETF in Europe that will track crypto firms
The Brazilian Stock Exchange announces plans to launch Bitcoin and Ethereum futures within 6 months
MEME OF THE DAY

Did someone know about India’s wheat ban? Take a look at the unusual options activity around wheat ETF, $WEAT, right before the announcement:

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