Rippers Weekly Recap 8/27: Jackson Hole, Student Debt Relief, Nvidia Earnings And Much More
Hey everyone, it’s Evan! But I’m better known online as @StockMKTNewz. I started writing this newsletter to make sure you never miss anything important from the week in the stock market. I want you all to not just be able to understand the week's headlines in under five minutes, but also be able to spend hours digging through all the stories and pictures. To that end, I include a lot of links (Every picture has a link) -- so if you’re interested in a story or image, click in and explore!
How The Stock Market Performed This Past Week
Heat Map of the S&P 500
How The Largest Stocks Performed
Best Performing Large Cap Stocks
Worst Performing Large Cap Stocks
Zoom reported earnings Monday after the market closed, posting numbers of:
EPS of $1.05 beating expectations of $0.93
Rev of $1.1B missing expectations of $1.12
Zoom said it expects its online business to decline by 7%-8% for FY23.
Intuit reported earnings Tuesday after the market closed, posting numbers of:
EPS of $1.10 beating expectations of $0.98
Rev of $2.40 beating expectations of $2.34B
Nvidia reported earnings Wednesday after the market closed, posting numbers of:
EPS of $0.51 beating expectations of $0.5
Rev of $6.70B in line with expectations
Nvidia CEO Jensen Huang said he expects the auto industry will be Nvidia's next billion dollar business.
Nvidia said it sees revenue next quarter coming in at $5.9 billion +/- 2% compared to esimtates of $6.92 billion.
Salesforce reported earnings Wednesday after the market closed, posting numbers of:
EPS of $1.19 beating expectations of $1.02
Rev of $7.72B beating expectations of $7.7B
Salesforce announced a new $10 billion share buyback program.
Salesforce said it sees revenue next quarter coming in between $7.82-$7.83 billion compared to esimtates of $8.07 billion.
Snowflake reported earnings Tuesday after the market closed, posting numbers of:
EPS of -$0.70
Rev of $497.20M beating expectations of $467.15M
Major Headlines From This Week
Ex-Apple engineer admits stealing automotive trade secrets. - Tech Crunch
Sony-owned PlayStation posted a sneak peek of its upcoming VR headset with the caption “coming early 2023.” - Instagram
Apple announced Self Service Repair is now available for the MacBook Air and MacBook Pro notebooks with the M1 family of chips. - Apple
1 US Dollar was back to being worth more than 1 Euro. - Google
Ford said it plans to cut about 3,000 jobs primarily in the US and Canada. - CNBC
EBay has entered into an agreement to acquire TCGplayer. - PRNewswire
Amazon and UnitedHealth are reportedly among the bidders to acquire Signify Health, with UNH already rumored to have placed a bid worth over $30 per share. - Bloomberg
Japan's economy ministry said it aims to restart seven nuclear reactors in summer 2023 or later, which would bring the number of reactors brought back online after the 2011 Fukushima disaster to 17 out of a total 33. - Bloomberg
Intel has signed a pact with Brookfield to jointly invest up to $30 billion to finance semiconductor factories. - WSJ
Amazon has signed a deal with DirectTV to make their broadcast of Thursday Night Football available in bars nationwide. - Tech Crunch
Amazon-owned Twitch told partnered streamers they will now be able to stream on YouTube, Facebook Live, and other platforms. - The Verge
Twitter’s former head of security has turned into a whistleblower. - Twitter
Twitter did respond to his claims, saying "Zatko was fired from his senior executive role at Twitter in January 2022 for ineffective leadership and poor performance."
President Biden announced a plan to forgive a portion of the student debt of those who make under $125K, along with other student debt-related announcements.
Apple sent out invites for its upcoming Sept. 7 launch event titled “Far Out” - new iPhones are expected. - Apple Event
GameStop is boating compensation for some of its store employees, including up to $21K worth of $GME shares for US store leaders. - WSJ
Amazon plans to shut down its tele-health and primary care offerings. - The Verge
Peloton and Amazon have agreed to a deal for Peloton to sell its equipment and apparel on Amazon. - CNBC
Russia has reportedly approached several Asian countries to discuss possible long-term oil contracts at discounts of up to 30%. - Bloomberg
HBO said the House of the Dragon premiere was viewed by 10 million in the US on its opening night, making it the biggest premiere in HBO history. - Variety
Bed Bath & Beyond has found a financing source to loan it $375 million to shore up its liquidity. - WSJ
Amazon and Plug Power announced they’ve signed a hydrogen supply deal. As a part of the deal, Plug has granted Amazon the option to buy warrants in $PLUG worth up to 16 million shares. - Newswire
Tesla’s 3:1 stock split has officially happened. Tesla opened trading at $302.60. - Tweet
The first revision to Q2 GDP came in at -0.6% above the preliminary release of -0.9%. - BEA
T-Mobile and SpaceX announced a partnership to have Starlink V2 transmit directly to mobile phones, “eliminating dead zones worldwide.” - The Verge
Meta CEO Mark Zuckerberg confirmed that Meta’s next virtual reality headset will arrive in October. - Tech Crunch
Ron Baron said one of his biggest purchases over the last two months was Investing ~$100 million into SpaceX. - Teslarati
Ford is increasing Mustang Mach-e prices between $3,000-8,100, depending on trim. - Tech Crunch
The IRS is planning to spend the first big chunk of its $80 billion expanded budget to hire people who will answer taxpayers’ phone calls during the 2023 tax-filing season. - WSJ
Netflix is reportedly eyeing between $7-9 a month for its new ad-supported plan. - Variety
The head of Meta’s VR social platform Horizon announced he’s leaving the company. - The Verge
Porsche is reportedly looking to go public through an IPO at a valuation worth up to $85 billion. - Bloomberg
The DOJ is drafting a possible antitrust lawsuit against Apple. - Politico
HBO officially renewed the Game of Thrones prequel "House of the Dragon" for a second season. - The Hollywood Reporter
MORGAN STANLEY JUST RELEASED ITS BIGGEST PRICE TARGET CHANGE OF ALL TIME … Morgan Stanley lowered its price target on Tesla to $383 from $383.33 while maintaining its Overweight rating. - Tweet
Moderna is suing Pfizer and BioNTech alleging between 2010 and 2016 they infringed "patents central to Moderna's innovative mRNA technology platform." - NPR
Tesla is going into a “hiring spree” for motor and actuator designers and engineers for its humanoid robot program. They're reportedly hiring more people for the robot program than for its electric vehicles. - Electrek
The US and China announced a deal to allow audit inspections of NY listed Chinese companies. - SEC
California has banned the sale of new gas powered cars by 2035. - CNBC
FED Chair Jerome Powell spoke at the Jackson Hole Economic Symposium - Video
Get Prepared For Next Week
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