Rippers Weekly Recap 12/10: Rivian Joining the NASDAQ 100

Hey everyone, it’s @StockMKTNewz Evan! You can always see the moves I make and what individual stocks I own on my Savvy Trader Portfolio.

I spend 70 hours every week looking for news so you don't have to. I want you to see everything major from the week 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 one). So, if you’re interested in a story or image, click in and explore!

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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

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Major Earnings

GameStop reported earnings Wednesday after the market closed, posting numbers of:

• EPS of -$0.31, missing expectations of -$0.28

• Revenue of $1.19B, missing expectations of $1.35B

Costco reported earnings Thursday after the market closed, posting numbers of:

• EPS of $3.07, missing expectations of $3.14

• Revenue of $53.44B, missing expectations of $54.81B

Lululemon reported earnings Thursday after the market closed, posting numbers of:

• EPS of $2, beating expectations of $1.96

• Revenue of $1.90B, beating expectations of $1.81B

Lululemon ended Q3 with inventories of $1.7 billion, up 85% YoY.

DocuSign reported earnings Thursday after the market closed, posting numbers of:

• EPS of $0.57, beating expectations of $0.42

• Revenue of $645.5M, beating expectations of $627.1M

Major Headlines From This Week

Monday:

• Tesla delivered a record 100,291 China built EVs during November. - CNEVPost

• GameStop started a new round of layoffs - Axios

• Tesla reportedly plans to cut December production of the Model Y at its Shanghai plant by more than 20% from November. - Reuters 

  • Tesla China did respond to these media reports to call them untrue. - InsideEVs 

• Robinhood has agreed to pay $9.9M to settle a class action lawsuit over outages from March 2020. - CNet

• SpaceX started a new business called "Starshield," designed specifically for government use that will expand on its Starlink internet satellites. - CNBC

• Ford said 1,920 out of 3,000 US dealers opted-in to the company's EV certification program. - Auto News

• Meta said it will be “forced to consider” removing news content if Congress passes legislation requiring tech companies to pay news outlets for their material. - USNews

• Pepsi is laying off hundreds of workers at the headquarters of its North American snacks and beverages divisions. - WSJ

• Pinterest fired part of its recruiting team and will slow its hiring for the rest of the year. - The Information

• Microsoft is planning to increase the price of first-party games built for the Xbox Series X|S by 16.7% ($70) in 2023. - IGN

• Apple has explored moving some iPad manufacturing to India. - CNBC

• Apple supplier Foxconn’s November revenue came in at $14.7B, down 29% from October. - CNBC

• Adobe is planning to sell AI-made stock images. - Axios

Tuesday:

• Apple CEO Tim Cook said Apple will build chips in the US for the first time in nearly a decade, working with TSMC. - The Verge

• Tesla has begun revamping the Model 3 production line at its Fremont factory. - Teslarati

• Apple CEO Tim Cook, AMD CEO Lisa Su, Nvidia CEO Jensen Huang and President Biden where all present in Arizona as Taiwan Semiconductor announced an increase to its investment to produce chips in the US. - TSMC

• JPMorgan CEO Jamie Dimon likened crypto tokens to “pet rocks.” - CNBC

• Apple has scaled back its self-driving plans for its future EV and postponed the car’s target launch date to 2026. - Bloomberg

• Morgan Stanley fired about 2% of its staff. - CNBC

• Mastercard raised its quarterly dividend by 16% to $0.57 per share. They also announced a new $9B share buyback program. - SeekingAlpha

• Blackstone’s private credit fund hit its redemption limits for the first time in its two-year history. - Bloomberg

• BlackRock has frozen new hires and reduced spending. - Reuters

• Maryland’s governor banned the use of TikTok on state devices. - NPR

• Robinhood announced the launch of Robinhood Retirement, which will include a IRA with a 1% match. - Robinhood

• Adobe fired 100 sales workers. - Bloomberg

• Buzzfeed plans to fire about 12% of its workforce. - NYP

• Sony said they has the technology to make humanoid robots, but is still looking for the right use case for them. - Reuters

• Goldman Sachs plans to spend tens of millions to invest in crypto companies after the collapse of the FTX hit valuations and dampened investor interest. - Reuters

• Meta is expanding its use of AI face scanning to verify users’ age on Facebook Dating. - The Verge

• Microsoft considered building a “super app" combing shopping, messaging, web search, and other services in a one-stop app. - The Information

• Carvana’s largest creditors have signed a pact that binds them to act together in negotiations with the company. - Bloomberg

Wednesday:

• Google plans to merge Waze’s more than 500 employees with the company’s Geo organization, which oversees the Maps, Earth and Street View products. - Tech Crunch

• Google, Amazon Web Services, Microsoft and Oracle were awarded cloud contracts with the US Department of Defense - a combined ceiling value of $9B. - DoD

• Theranos executive Sunny Balwani has been sentenced to 13 years in prison for defrauding patients and investors. - Tech Crunch

• Tesla will sell the Model Y and Model 3 in Thailand for the first time. - Electrek

• Chevron will allocate an extra $2B to capital spending next year, largely focused on the Permian Basin. - Chevron

• IBM announced it has agreed to acquire Octo, "a U.S.-based IT modernization and digital transformation services provider.” - BusinessWire

• Deere declared a quarterly dividend of $1.20 per share, up from $1.13 per share. - SMN

• Palantir and the CDC have renewed their partnership, with a new 5 year $443M contract. - Newswire

• Coinbase CEO Brian Armstrong said the company’s revenue will drop by more than 50% this year. - Fidelity

• Microsoft and Nintendo agreed to a 10-year deal to bring Call of Duty to Nintendo platforms, pending Microsoft closing its acquisition of Activision. - Bloomberg

• Nvidia and Deutsche Bank announced a multi-year partnership to "accelerate the use of artificial intelligence and machine learning in the financial services sector." - Nvidia

• Southwest reinstated its dividend after almost 3 years, declaring a quarterly dividend of $0.18 per share. - CNBC

• Theft is becoming a big problem for retailers. Walmart CEO Doug McMillon said: " It's higher than what it has historically been." - SeekingAlpha

• Uber and Motional announced the launch of their first public robotaxi service in Las Vegas, Nevada. - Motional

• Elon Musk’s bankers are considering new margin loans backed by Elon’s Tesla holdings to replace some of the high-interest debt he layered on Twitter. - Bloomberg

• Freight rates from China to the West Coast are down 90% YoY. - CNBC

Thursday:

• The FTC confirmed they're suing to block Microsoft's proposed acquisition of Activision. They have set an August hearing date. - FTC

• Amazon is rolling out a TikTok-like feature in its app that will allow customers to buy products from a customized feed of photos and videos. - The Verge

• Tesla has reportedly tapped President of Tesla in China to take over leadership of Gigafactory Texas, as the factory is trying to ramp up production. - Tech Crunch

• Amazon's new feature lets users thank their delivery drivers through Alexa devices by saying "Alexa, thank my driver.” Drivers who receive the first 1M thanks will be awarded $5 per thank you. - Amazon

• Waste Management increased its quarterly dividend to $0.70 per share, up from $0.65. They also authorized a new $1.5B share buyback program. - WM

• Exxon Mobil expanded its share buyback program up to $50B through 2024. - Bloomberg

• Apple supplier Foxconn is investing another $500M in its India business. - Tech Crunch

• Lockheed Martin was awarded a $2.22B modification to provide logistics in support of "delivered F-35 Lightning II Joint Strike Fighter air systems." - DoD

• Walmart plans to offer Buy Now, Pay Later loans through its fintech venture. - The Information

• Disney officially launched its new ad-supported tier. - Variety

• Penn Entertainment authorized a new $750M share buyback program. - SMN

• Meta won't occupy part of its recently developed European HQ in Dublin. - The Times

• Goldman Sachs’ bonus pool for senior employees is expected to shrink by as much as half. - Reuters

• The average price for a gallon of gas in the US is now below its average price last year. - AAA

Friday:

• The NASDAQ 100 announced its annual rebalancing. Rivian, Warner Bros, Discovery, Baker Hughes, Diamondback, GlobalFoundries, and CoStar will join the index before the markets open on Monday, December 19. - Bloomberg

  • DocuSign, Baidu, Match, Skyworks, NetEase, and VeriSign will leave as a result.

• Taiwan Semiconductor reported November sales of $7.27B, up 50.2% YoY, bringing its year-to-date total to $68B, up 44.6% YoY. - TSMC

• US PPI for November came in at +7.4% YoY, above expectations of +7.2% YoY. - BLS

• NASA has finalized a contract with Boeing, worth ~$3.2B. - NASA

• Microsoft has agreed to acquire Lumenisity - Microsoft

• Recreational sales of cannabis for adults will begin in Connecticut January 10. - PR

• The US stock market dropped by $1.9T during Q3. Household debt in the US increased by 6.3% YoY in Q3. - CNN

• Ex-JPMorgan Gold trader Christopher Jordan was found guilty of fraud due to illegal spoofing trades. - Bloomberg

• Uber is suing NYC Taxi & Limousine Commission. - NYP

• Pfizer increased its quarterly dividend to $0.41 per share, up from $0.40 per share. - Pfizer 

Get Prepared For Next Week

Economic Calendar

CPI and FOMC are by far next week's biggest events, be on watch!

Earnings Calendar

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