Good morning. Happy Friday.
The Asian/Pacific markets were very weak. Japan, China, Hong Kong, South Korea, Taiwan, Australia and the Philippines posted sizeable losses. Europe, Africa and the Middle East are currently doing great. The UK, France, Turkey, Germany, Spain, the Netherlands, Italy, Portugal and Sweden are leading. Futures in the States point toward a positive open.
————— VIDEO: How to Manage Trades When the Market Tops —————
The dollar is down slightly. Oil and copper are up. Gold is down; silver is up. Bonds are down.
Stories/News from Seeking Alpha…
Structural shifts
Investors today are looking to Wyoming, and it’s not to book a national park getaway before the summer comes to an end. The annual Jackson Hole Symposium hosted by the Kansas City Fed is underway, with Chairman Jerome Powell set to take the stage at 10:05 AM ET. The theme of the 2023 conference is titled “Structural Shifts in the Global Economy,” which will likely explore whether the U.S. will return to a pre-pandemic low-interest rate environment, or if the higher-for-longer attitude will prevail. Bulls vs. Bears: SA analysts weigh in on a hawkish or dovish Powell
Bigger picture: Nervousness going into the summit appears to be drowning out any market optimism seen following Nvidia’s (NVDA) blowout results. Some traders still have flashbacks of last year’s Jackson Hole hangover, when all three major averages slumped between 3%-4% after Chair Jerome Powell shot down any hopes that the Fed would telegraph a “pivot” on its aggressive policy tightening. “Restoring price stability will take some time and is likely to require a sustained period of below-trend growth and softer labor market conditions,” he said at the time, adding that the road ahead would “bring some pain to households and businesses.”
The interesting thing is that economic growth has shockingly expanded at an impressive clip since that speech, while the unemployment rate has stuck to record lows. Only a month after Powell spoke in 2022, the S&P 500 (SP500) reached its bear market low, and while stocks hit the August blues in recent weeks, the benchmark index has pretty much been on the rise since then – climbing a total of 22%. “Recession” warnings have also been supplanted by “soft landing” talk, though there is still plenty to be cautious about with Treasury yields hitting fresh highs and regional banks suggesting risks to the downside. S&P 500 flashing a correction signal not seen since early 2000s
What to watch: Back at Jackson Hole in 2020, Powell unveiled a policy of “Flexible Average Inflation Targeting,” which basically stated that the central bank would accept higher inflation to allow for a quick labor market recovery from the pandemic. As price pressures spiraled out of control in 2021, the Fed Chair doubled down on his infamous “transitory” call, before making a serious U-turn that led to an aggressive tightening cycle. A technical recession ensued in the first half of 2022, but the U.S. economy has been resilient since then, with quarterly GDP recently growing nearly a full percentage point stronger than expected, and the Atlanta Fed’s GDPNow model forecasting a whopping 5.9% expansion for Q3. Things could have also turned out differently for the economy with a different set of policies, but are more “structural shifts” in the making? (6 comments)
New lows
Investors are betting against Disney (DIS) amid concerns over CEO Bob Iger’s turnaround plan, with the stock ending 3.9% lower on Thursday to mark its lowest close since October 2014. KeyBanc’s Brandon Nispel even believes the stock is still expensive relative to peers, given challenges across “just about every one of its businesses.” Disney, which has fallen over 17% since Iger’s return last year, is in the midst of a revamp that includes streaming price hikes, more ads and cost cuts. Investing Group Leader Tech Stock Pros warned that Disney’s comeback story will take longer, although JR Research believes the market has been overly pessimistic, given Disney’s high-quality asset base. (24 comments)
Invites sent
The BRICS nations have invited six countries to join the group next year as the bloc seeks to unseat the West’s dominance on the global stage. The latest news also caught the attention of investors with three of the invites sent to the top oil-producing countries. The expansion would mark a major victory for Russia and China, which are advocating for a new world order that would level the global playing field and reduce dependence on the greenback (DXY). “News of this faster expansion – especially among the oil exporters – clearly adds some momentum to the de-dollarization debate,” noted ING Economic and Financial Analysis. (6 comments)
Maui sues
Lawsuits are piling up against Hawaiian Electric (HE). Maui County has alleged that the utility’s power lines caused the recent wildfire devastation on the island, while investors have claimed that its stock price dropped due to compromised safety protocols. Shares ended at $11.86/share on Thursday, marking their lowest close since 1985. Hawaiian Electric, which has also been accused of compromising evidence in the wildfire probe, decided to suspend its quarterly dividend as it needs to allocate cash for restoring power on fire-ravaged Maui. Seeking Alpha analyst Vlae Kershner expects a PG&E-type outcome, with claimants getting much-diluted equity along with cash. (31 comments)
Today’s Economic Calendar
10:00 Consumer Sentiment
10:05 Powell speaks on Economic Outlook before Jackson Hole Economic Symposium
1:00 PM Baker Hughes Rig Count
2:00 PM Fed’s Lagarde: “Structural Shifts in the Global Economy”
What else is happening…
Two major U.S. power grids at risk for blackouts in latest heat wave.
Dollar Tree (DLTR) falls after earnings highlight margin pressures.
T-Mobile (TMUS) to cut workforce by nearly 7%, guidance reiterated.
Tesla approaches Cybertruck rollout cautiously due to unique design.
Coming up: Ukrainian pilots to start F-16 fighter jet training in the U.S.
Affirm (AFRM) maintains profit outlook, revenue beats consensus.
Heineken (OTCQX:HEINY) completes deal for full exit from Russia.
BlackRock, hedge funds hold talks on WeWork (WE) restructuring.
JetBlue (JBLU) plans to hike Spirit Airlines (SAVE) fares up to 40%.
Sandwich chain giant Subway confirms sale to Roark Capital.
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Good morning. Happy Thursday.
The Asian/Pacific markets did well. Japan, China, Hong Kong, South Korea, Australia, Thailand and the Philippines posted solid gains; New Zealand lagged. Europe, Africa and the Middle East are currently quiet. Turkey, South Africa and Portugal are up; Russia is down. Futures in the States point toward a moderate gap up open.
————— VIDEO: How to Manage Trades When the Market Tops —————
The dollar is up. Oil and copper are down. Gold and silver are down. Bonds are down.
Stories/News from Seeking Alpha…
Stricter rules
More regulation is coming to one of the foggier areas of finance after the SEC voted 3-2 to strengthen requirements on how private equity, hedge funds and venture capital interact with investors. It’s a big deal for an industry that has doubled over the past decade, and currently manages more than $25T in assets. “Economically, our investors, large or small, benefit from greater transparency and integrity,” SEC Chair Gary Gensler declared. “These are significant enhancements in the capital markets.”
Snapshot: The new regulations will require private funds to provide investors with quarterly statements detailing standardized metrics like fund fees, expenses, and performance. Firms will also be banned from giving preferential treatment to certain investors for cashing out if that practice leads to a negative effect on other investors (unless terms like favorable redemption rights are included). Funds will additionally be required to perform annual audits, while disclosures or explicit investor consent will be mandated when funds want to pass on compliance costs.
Proponents say the new rules target unfair behavior, while combating opaque fees and leveling the playing field for investors. Others accuse the SEC of overstepping its authority by dictating sales practices, and reducing investment opportunities for pensions, foundations, and endowments. Critics also feel the regulations could increase costs and undermine competition, though it still remains to be seen if the Managed Funds Association will initiate litigation over the plan.
Fine print: Despite the new rules, there were some big wins for the private fund industry. Aggressive lobbying efforts resulted in several parts of the final rules being eased, like indemnification clauses that would’ve allowed investors to sue for gross negligence instead of ordinary negligence. Also included is a grandfathering provision, meaning existing arrangements can remain in effect. (4 comments)
Up, up and away
Nvidia (NVDA) soared 6.6% in after-hours trading on Wednesday, and is extending gains before the bell today to rise 8%, after the semiconductor giant reported Q2 results. Data center sales surged to a record $10.32B, topping the $7.98B consensus estimate, while Q3 sales were forecast at around $16B, well above the $12.5B that analysts were expecting. Wedbush Securities analyst Dan Ives said Nvidia’s guidance will be the fuel igniting a tech rally that will continue into the rest of the year, with Nasdaq futures climbing more than 1% overnight. “The Godfather of AI” also approved a $25B share buyback and said it would continue to repurchase stock this fiscal year. (468 comments)
Meet Cordavis
CVS Health (CVS) has launched a new subsidiary dedicated to marketing biosimilars in the U.S. Sandoz’s version of AbbVie’s (ABBV) blockbuster anti-inflammatory drug Humira will be its first product, but CVS intends to build an entire portfolio of biosimilars, a market that is projected to grow to $100B by 2029. Prior to the pandemic, Humira had been the best-selling branded prescription drug in the world, but it will lose its market exclusivity this year as its patent is set to expire. The announcement of Cordavis comes just weeks after CVS revealed plans to slash around 5,000 jobs as it pivots towards health services. (24 comments)
Lowest in a month
U.S. crude oil futures have hit four-week lows as troubles in China’s property sector add to concerns about lackluster economic data from the world’s second-largest oil consumer. A bigger-than-expected weekly drop in U.S. crude supplies still helped to ease the price decline, though implied gasoline demand in the U.S. revealed a weak showing for the summer driving season. “The rally in oil appears to have run out of steam for now,” ING analysts said. “China’s macro issues, along with a growing expectation that maybe the U.S. Fed is not done with its tightening cycle have weighed on oil more recently.” Will commodities surge back? Take this week’s WSB survey here. (28 comments)
Today’s Economic Calendar
8:30 Durable Goods
8:30 Initial Jobless Claims
8:30 Chicago Fed National Activity Index
10:30 EIA Natural Gas Inventory
11:00 Kansas City Fed Mfg Survey
4:30 PM Fed Balance Sheet
What else is happening…
Senators argue marijuana legalization undermines drug cartels.
Peloton (PTON) stock tumbles as turnaround proves elusive.
Boeing (BA) identifies new production issue on 737 MAX.
Is Apple (AAPL) the most ‘under-owned’ large-cap tech stock?
Password crackdown: More Netflix (NFLX) subscriber momentum.
General Motors (GM) to shut Arizona IT center, cuts 940 jobs.
Mercenary leader Prigozhin presumed dead in plane crash.
Foot Locker (FL) sinks on guidance cut, dividend suspension.
Snowflake (SNOW) shares rise as Q2 results beat estimates.
Shopify (SHOP) will now accept USDC (USDC-USD) payments.
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Good morning. Happy Wednesday.
The Asian/Pacific markets were split. Japan, Taiwan, New Zealand and Singapore did well while China, Malaysia and the Philippines were weak. Europe, Africa and the Middle East are currently mixed. The UK, Denmark, South Africa, Swizterland and Portugal are up; Poland, Russia, Hungary and Austria are down. Futures in the States point toward a positive open.
————— VIDEO: How to Manage Trades When the Market Tops —————
The dollar is up. Oil is down; copper is up. Gold and silver are up. Bonds are up.
Stories/News from Seeking Alpha…
Is it for real?
A lot is riding on Nvidia’s (NVDA) earnings this afternoon, which will come after the U.S. stock rally hit some turbulence in recent weeks. Shares of the chip heavyweight have tripled in 2023 on the potential of artificial intelligence, helping inject optimism into megacap tech stocks and the overall market. Nvidia’s results will give investors another peek into evaluating that storyline, and whether it will bring the much-touted productivity gains and strong growth to the broader economy.
AI bellwether: Nvidia stunned Wall Street back in May, when its shocking guidance sent the stock up 24% in one day. The company forecast revenue of about $11B for the fiscal second quarter, which was billions of dollars higher than estimates, and above its previous quarterly revenue record of $8.3B. It’s now showtime to see if Nvidia can make good on those projections, or even blow it out of the park again, giving investors renewed faith in its position as a beneficiary of ChatGPT, as well as the general AI story.
Whatever the results may be, traders are bracing for big swings and volatility, according to the options market. Over the past eight quarters, Nvidia’s stock has swung an average of 8.6% post-earnings, while shares hit a new all-time high yesterday (before paring the gains) to take their year-to-date gain to around 220%. Nvidia is also the fifth-biggest weight in the S&P 500 (SP500) and Nasdaq 100 (NDX), so big swings by the stock could influence movement and sentiment surrounding the major indices.
Commentary: Seeking Alpha analysts are speaking out before the prime-time earnings, with the bulls and the bears taking firm positions. Also check out the Wall Street Lunch podcast, which discussed “The Godfather of AI” – as the stock was named by analyst Dan Ives – and whether the party will keep going. Morgan Stanley notes that the ability to identify stocks that could command an artificial intelligence edge is becoming increasingly important for investors in all sectors, listing five metrics for AI trendspotting. (26 comments)
No place like home
Property sales have fallen for the fourth time in five months, weighed by high mortgage rates and limited inventory that’s driving prices higher. Existing home sales in July were down 2.2% M/M to 4.07M, less than the 4.150M expected, while on a Y/Y basis, existing home sales dropped another 16.6%, compared to an 18.9% drop in June. “Existing home sales were a little slower than expected in July, but the median sale price rose from a year earlier for the first time since January,” said Bill Adams, chief economist, Comerica Bank. “House price declines are probably over in most U.S. markets, and prices are likely to rise modestly in the next few years.” (14 comments)
Inventory shrink
A string of top executives at major retailers have recently pointed to a rise in crime as a factor in reduced earnings. High-ranking officials at Dick’s Sporting Goods (DKS), Lowe’s (LOW), Target (TGT) and Macy’s (M) have all cited higher rates of theft – called shrink or shrinkage in the industry – for eroding results. In 2022, retail shrink was called a “rapidly ballooning issue,” and a nearly $100B problem for the sector, according to a National Retail Federation survey. Retailers are now taking measures to curb shrinkage by theft, including radio frequency identification, while others are calling for more legal support. (160 comments)
More transparency
As China continues to grapple with an economic meltdown that could spell trouble for global growth, U.S. national security adviser Jake Sullivan has called on the nation to be more transparent about its economy. He said Beijing’s decision to stop releasing youth unemployment figures as well as its crackdown on corporate due diligence are not “responsible steps.” “For global confidence, predictability and the capacity of the rest of the world to make sound economic decisions, it’s important for China to maintain a level of transparency in the publication of its data,” he declared. Sullivan’s statements come a week before U.S. Commerce Secretary Gina Raimondo’s visit to the country as Washington seeks to thaw ties with Beijing. (6 comments)
Today’s Economic Calendar
7:00 MBA Mortgage Applications
9:45 PMI Composite Flash
10:00 New Home Sales
10:30 EIA Petroleum Inventories
11:30 Results of $24B, 2-Year FRN Note Auction
1:00 PM Results of $16B, 20-Year Bond Auction
What else is happening…
UPS (UPS) workers approve new five-year labor deal in historic vote.
Microsoft’s (MSFT) Activision (ATVI) acquisition may close in early October.
Sports shocker: Guidance cut at Dick’s (DKS) rattles sporting goods sector.
Meta (META) unveils all-in-one AI model for speech and text translations.
Cleveland-Cliffs (CLF) demands U.S. Steel (X) reveal all third-party offers.
Macy’s (M) tumbles after taking cautious approach to the U.S. consumer.
Charles Schwab (SCHW) files preliminary prospectus for debt offering.
Lowe’s (LOW) shoots higher on surprising strength with Pro sales.
Deep FTC probe of Qualcomm (QCOM) auto-chip deal on deck.
Manchester United (MANU) sale likely to be announced next month.
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Good morning. Happy Tuesday.
The Asian/Pacific markets did well. Japan, China, Hong Kong, Indonesia and Taiwan did great; the Philippines was weak. Europe, Africa and the Middle East are currently posting solid gains. The UK, Denmark, France, Germany, Greece, South Africa, Finland, Switzerland, Hungary, Spain, the Netherlands, Italy, Austria and Sweden are leading. Turkey is down. Futures in the States point toward a moderate gap up open.
————— VIDEO: How to Manage Trades When the Market Tops —————
The dollar is unchanged. Oil is down; copper is up. Gold and silver are up. Bonds are up.
Stories/News from Seeking Alpha…
Shot in the arm
The biggest IPO of 2023 is taking shape. In fact, it’ll be the biggest IPO of the last two years. SoftBank-owned chip designer Arm has filed a preliminary prospectus for a Nasdaq listing that’ll take place in early September, which could provide a windfall for SoftBank (OTCPK:SFTBY) founder Masayoshi Son, whose Vision Fund lost tens of billions of dollars last year. It’ll also mark the second time Arm has gone public, with the company’s first listing taking place in 1998, before SoftBank bought the firm for $32B in 2016 (it could now be worth double that amount).
Snapshot: Arm’s circuit designs and chip architecture are present in almost every smartphone, as well as many personal computers, cars, servers, and networking equipment. Demand for its products surged during the pandemic, but profits have cooled in recent quarters as demand for electronics and the chip sector as a whole dropped off. However, the long-term picture for the industry forecasts an exponential increase in computer power for things like big data and artificial intelligence. Arm currently “estimates that approximately 70% of the world’s population uses Arm-based products” and expects its market to grow by nearly 7% a year to reach around $247B by the end of 2025.
It will still have to navigate some tricky waters to achieve its goals, with risk factors including exposure to China and open-source architecture groups. One of the world’s most important semiconductor businesses has also sought to boost its profile by speaking to a number of major tech companies about being anchor investors, including Amazon (AMZN), Apple (AAPL) and Intel (INTC). It has also reached out to Nvidia (NVDA), which has ridden the AI chip frenzy wave, and had previously tried to buy Arm for $66B before getting the thumbs-down from regulators.
Outlook: The success, or failure, of Arm’s offering will be closely watched by investors, issuers and bankers as a gauge of whether the recent revival in the IPO market is sustainable. Some optimism has been seen around smaller IPOs, like restaurant chain Cava (CAVA) in June and AI beauty outfit Oddity Tech (ODD) in July, but bigger players may want to see if things are fully defrosted before jumping in. Grocery-delivery company Instacart (ICART) and footwear maker Birkenstock have both shown interest in going public within the next month as detailed in Seeking Alpha’s latest IPO Roundup. (32 comments)
BRICS in the wall
Leaders of the BRICS nations, who are looking to transform their group into a geopolitical force that could threaten the West’s dominance on the global stage, have converged for a three-day summit in South Africa. While China and Russia are pushing to expand the bloc, other members (Brazil and India) are hesitant. Even so, BRICS is moving ahead with efforts to reduce reliance on the dominant U.S. dollar (DXY). “Any expansion of the BRICS grouping could determine the speed with which the bloc adopts commercial and financial systems outside of the dollar sphere,” noted ING Economic and Financial Analysis.
Bank watch
Following close on the heels of Moody’s rating cuts, S&P has downgraded five regional U.S. banks due to tough operating conditions, including Comerica (CMA) and KeyCorp (KEY). The agency echoed concerns over higher for longer interest rates and asset quality risks, especially for lenders with material exposures to office loans. However, their outlooks were revised to stable, reflecting improved stability and relatively good funding metrics. A Fitch analyst recently warned that U.S. banks could see more downgrades if the operating environment weakens further, while SA analyst Macrotips Trading recommends steering clear of U.S. banks for now, given potentially large unrealized losses on assets. (3 comments)
Masks are back
Lions Gate Entertainment (LGF.A, LGF.B) has reinstated mask mandates for roughly half of its staff at its flagship office in Santa Monica, California. The media giant also brought back rules related to self-testing and international travel, as many employees recently tested positive for the virus. The U.S. has been seeing a resurgence in COVID cases, with the new variant EG.5 (or Eris) being the dominant strain, though there is no evidence of it being more severe than prior variants. Shares of COVID vaccine makers, which are gearing up to launch updated shots this fall, lit up on Monday amid an increase in COVID hospitalizations. (10 comments)
Today’s Economic Calendar
7:30 Fed’s Barkin: 2023 Economic Forecast Update
10:00 Existing Home Sales
10:00 Richmond Fed Mfg. Index
1:00 PM Money Supply
2:30 PM Fed’s Goolsbee: A Discussion on Youth Employment
What else is happening…
WSB survey results: Stocks and mutual funds best long-term investment.
Treasury yields climb, with 10Y topping 52-week high and 2Y retaking 5%.
Nvidia (NVDA) pops as Wall Street hikes price targets for ‘Godfather of AI’.
Permian Resources (PR) to buy Earthstone Energy (ESTE) for $4.5B.
Kenvue (KVUE) to replace Advance Auto Parts (AAP) in S&P 500 index.
Google (GOOG, GOOGL) mulls offloading another campus in California.
Lockheed (LMT), Northrop (NOC) awarded $1.5B for satellite contracts.
Zoom (ZM) raises FY guidance as it expands products, stock rises 5%.
Microsoft (MSFT)-Activision (ATVI): UK regulator opens new probe.
Sandwich chain Subway nears $9.6B sale to PE firm Roark Capital.
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Good morning. Happy Monday. Hope you had a good weekend.
The Asian/Pacific markets were mixed. Japan, South Korea, India and Thailand did well; China, Hong Kong, Australia, New Zealand and Singapore. Europe, Africa and the Middle East are currently up big. Denmark, France, Turkey, Germany, Russia, Greece, South Africa, Norway, Hungary and Italy are posting solid gains. Futures in the States point toward a moderate gap up open.
————— VIDEO: How to Manage Trades When the Market Tops —————
The dollar is down. Oil and copper are up. Gold and silver are up. Bonds are down.
Stories/News from Seeking Alpha…
Contagion risk
Is there another alternative?
Investing since the global financial crisis and coronavirus pandemic has been heavily rooted in TINA, an acronym that stands for “there is no alternative.” While the Fed’s aggressive hiking cycle weighed on the performance of the stock market last year, stocks have been in rebound mode for most of 2023. The S&P 500 Index (SP500) is still up 14% YTD, but it has pulled back nearly 5% over the first three weeks of August, as the yield on the 10-year Treasury (US10Y) broke out of the 3.25%–4% band it had been trading in for much of the year.
Snapshot: Market pullbacks are common, especially when equities have been advancing at a rapid pace for months, but many are now assessing some new dynamics that could influence their investing strategies. There’s a fresh realization that rates could stay higher for longer despite some initial forecasts and hopes of cuts starting in 2024. The Bank of Japan recently lifted the bands on its long-term yields, giving the country – which is the largest foreign holder of U.S. Treasurys pegged at $1.1T – less of a reason to buy U.S. debt. Bill Ackman’s Pershing Square, as well as other hedge funds, have also been shorting Treasuries en masse after the Treasury increased the size of longer-term debt sales to address mounting borrowing needs.
Another factor prompting the “higher for longer” outlook is that economic growth still seems to be running well above Fed estimates even under the current market forces. Fears of higher government deficits, which resulted in a downgrade by Fitch, as well as sticky inflation, could also extend the cautious tone of the U.S. central bank. Investors will get the latest dose of Fed commentary later this week as Chair Jerome Powell takes the stage at the Jackson Hole Economic Symposium in Wyoming.
Outlook: “Doom and gloom” and “stocks only go up” predictions are a dime a dozen in the market, and while it is important to be aware of volatility, it is more important to revisit portfolios at regular intervals. That could include diversification, or staying in long-term positions and not getting too emotional. Investors that do want to try out new areas or sectors of the market are advised to conduct research analysis before making any decision, or use comparison tools, screeners, analyst rankings or even joining an investing group to discover real-time investing or trading ideas. Take the WSB survey.
Advanced weapons
The Netherlands and Denmark have confirmed that they will deliver dozens of F-16 fighter jets to Ukraine, days after the U.S. approved the transfer of the aircraft to Kyiv. It remains unclear when the first Lockheed-built (LMT) F-16s will fly, but officials said Ukrainian pilots would need at least six months of training on the aircraft. U.S. Air Force General James Hecker also noted that this may not be an immediate game-changer for Ukraine as getting F-16 squadrons ready for battle could take 4-5 years. The U.S. has previously made other U-turns on supplying more advanced weapons to Kyiv, including heavy artillery, M1 Abrams tanks and the Patriot missile defense system. (8 comments)
Speed bump
General Motors’ (GM) Cruise may need to tap the brakes in California as the state’s DMV directed the automaker to cut its robotaxi fleet by 50% following a crash involving a fire truck. The state agency is also investigating other recent incidents involving Cruise vehicles in San Francisco. Cruise explained the crash, saying “The AV identified the emergency vehicle almost immediately… the confines of this intersection make visual identification more challenging as it is significantly occluded by buildings.” Cruise’s robotaxis were cleared for operation in San Francisco earlier this month, which SA analyst Michael McGrath said proved the technology’s viability and market acceptance, while presenting a unique investment opportunity. (43 comments)
Shipping wars
Amazon (AMZN) is restarting a shipping service it had paused in the early days of the pandemic, a development that could add competitive pressure for FedEx (FDX) and UPS (UPS). Amazon Shipping allows sellers to ship Amazon orders or products sold on other sites, while businesses must sell on Amazon (AMZN) to be eligible for the service, a spokesperson confirmed to Seeking Alpha. Amazon has already been making gains with delivery speeds, with more than half of Prime orders across the top 60 U.S. metro areas arriving the same day or the next during Q2. Meanwhile, a surge in transportation and labor costs prompted the three shipping giants to encourage customers to use access points to pick up packages, instead of having them delivered to a home address. (76 comments)
Today’s Economic Calendar
No events scheduled
What else is happening…
China stimulus: Central bank modestly cuts one-year loan prime rate.
Bill Ackman, Boaz Weinstein make rival bid for Sculptor Capital (SCU).
Goldman Sachs (GS) board to discuss dissent over CEO next month.
DuPont (DD) to sell 80.1% stake in Delrin business, valuing unit at $1.8B.
Union at General Dynamics’ (GD) Bath Iron Works OKs new labor deal.
Palo Alto Networks (PANW) pops as Q4 results overpower guidance.
Meta Platforms (META) could launch Threads web version this week.
Here’s what Maui wildfires mean for Allstate (ALL), other P&C insurers.
RSV jab sales for elderly expected to top $10B by 2030 in G7 nations.
EU hits gas storage target early, but prices surge on Australia strike fears.
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