Rippers Weekly Recap 1/14: Earnings Season Is Back!

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EARNINGS SEASON IS BACK!!! Major Earnings

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

• EPS of $1.82, beating expectations of $1.77

• Revenue of $19.93B, missing expectations of $20.90B

JPMorgan reported earnings Friday before the market opened, posting numbers of:

• EPS of $3.65, beating expectations of $3.10

• Revenue of $34.5B, beating expectations of $34.23B

JPMorgan said it could do $12B of buybacks in 2023.

BlackRock reported earnings Friday before the market opened, posting numbers of:

• EPS of $8.93, beating expectations of $8.07

• Revenue of $4.34B, beating expectations of $3.64B

Bank of America reported earnings Friday before the market opened, posting numbers of:

• EPS of $0.85, beating expectations of $0.77

• Revenue of $24.53B, beating expectations of $24.17B

Citi reported earnings Friday before the market opened, posting numbers of:

• EPS of $1.10, missing expectations of $1.20

• Revenue of $18B, beating expectations of $17.7B

Delta reported earnings Friday before the market opened, posting numbers of:

• EPS of $1.48, beating expectations of $1.33

• Revenue of $13.44B, beating expectations of $12.72B

Delta said next quarter it expects EPS to be in the range of $0.15 to $0.40 vs. consensus of $0.60

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Major Headlines From This Week

Monday:

• Apple is developing its own in-house chips to replace Wi-Fi/Bluetooth chips from Broadcom and Modem chips from Qualcomm by 2025 - Engadget

• Microsoft is reportedly in talks to invest $10B into OpenAI - Semafor

• Disney CEO Bob Iger told hybrid employees they must return to corporate offices four days a week starting March 1 - CNBC

• YouTube will start sharing ad revenue with Shorts creators starting February 1 - The Verge

• Coca-Cola and PepsiCo are under preliminary investigation at the FTC over potential price discrimination in the soft drink market - Politico

• Moderna brought in ~$18.4B in sales from its COVID-19 vaccine in 2022​​ - Moderna

• Tilray said it may use excess cannabis growing capacity for fruits and veggies - Bloomberg

• Salesforce said for the 2022 holiday season, consumers spent a total of $1.14T online globally and $270B in the US - Salesforce

• Microsoft has agreed to acquire Fungible - Tech Crunch

• Apple's iPhone exports from India doubled to exceed $2.5B from April to December - Bloomberg

• Moderna is considering pricing its Covid-19 vaccine between $110-$130 per dose in the US when it shifts from government contracting to commercial distribution - Axios

Tuesday:

• Coinbase plans to fire 950 employees or about 20% of its workforce - The Verge

• Apple is preparing to make custom screens for its devices for the first time - 9To5Mac

• Wells Fargo is stepping back from the home lending business - CNBC

• Tesla filed to expand its Texas Gigafactory by 1.4M square feet, by investing over $716M - Teslarati

• Amazon announced "Buy with Prime" its offering that lets outside merchants use Amazon features on their websites will be widely available in the US starting January 31 - Amazon

• Tom Brady owns more than 1.1M common shares of FTX, which was worth $45M - NYP

• Bed Bath & Beyond has started another round of layoffs - CNBC

• Palantir and Cloudflare announced a new cloud-focused partnership - Newswire

• Roblox could be added to Meta's Quest VR headset later this year - Tech Crunch

• Apple has now paid out $320B to app developers since 2008 - Tech Crunch

• Disney is rolling out its first theme park changes since Bob Iger returned with Disneyland California, giving customers free photos taken on rides starting February 4 - Bloomberg

• Realty Income declared its 631st consecutive monthly dividend - Newswire

• Boeing delivered a total of 480 commercial planes in 2022 - CNBC

• Intel unveiled three new chips aimed at regaining server market share - Intel 

• Several top executives at Rivian have left the EV startup in recent months - InsideEVs

• FedEx said it will further cut Sunday package deliveries in March - Bloomberg

• Apple supplier BOE plans to open new factories in Vietnam - Apple Insider

Wednesday:

• Microsoft is giving all salaried US employees unlimited time off - The Verge

• Apple is actively working on its first touch screen Macs which could be released in 2025 with the Macbook Pro - CNBC

• Tesla is reportedly close to a preliminary deal to set up a factory in Indonesia with a target output of 1M cars a year - Bloomberg

• AMD CFO Devinder Kumar announced his retirement and will be replaced by Marvell’s CFO Jean Hu - Newswire

• BlackRock plans to fire about 500 employees worldwide - Fortune

• Two Google subsidiaries announced job cuts, its robotics subsidiary Intrinsic cut 20% of its staff and its health-focused company Verily cut 15% of its workforce - The Verge

• Meta has rescinded full-time job offers that were extended to some candidates - Tech Crunch

• Microsoft introduced Microsoft 365 Basic a new consumer tier to its Microsoft 365 subscription offerings priced at $1.99 per month - The Verge

• Universal plans to build two new theme parks in Las Vegas and Texas - Bloomberg

• Pepsi discontinued Sierra Mist today and will start rolling out a new lemon-lime soda called "Starry" which will be available nationwide this week - Bloomberg

• T-Mobile is considering an acquisition of Ryan Reynolds backed Mint Mobile - Bloomberg

• Subway is exploring the possibility of selling itself in a deal that would value the company at more than $10B - WSJ

• Apple unveiled Apple Business Connect to let businesses decide what information appears when people search for their business - Apple

• The FAA ordered airlines to pause departures for several hours after a system outage - CNBC

• Miami-Dade County and the Miami Heat received approval from a federal bankruptcy judge to terminate their naming rights contract with FTX - CoinTelegraph

• Amazon’s head gaming executive John Smedley is stepping down from his role - GIB

• Logitech pre announced its earnings, reducing its FY 2023 outlook … "We are disappointed in these preliminary third-quarter results" - Newswire

• Stripe cut its internal valuation by 11% to $63B, 33% lower than the value when it last raised money - Tech Crunch

Thursday:

• CPI for December just came in at 6.5% YoY, in line with expectations

• I made a full cheat sheet for CPI which you can view here

• Google and Nvidia both expressed concerns to the FTC about Microsoft’s deal to acquire Activision - Bloomberg

• Nvidia’s streaming software now has the option to use AI to make it appear like you’re making eye contact with the camera, even when you’re looking away - The Verge

• Google and Porsche are in talks about Porsche possibly fully integrating Google's software into its car cockpit - Reuters

• Apple released how much its executives made in 2022. CEO Tim Cook received a total of $99.4M in 2022 compared to $98.7M in 2021 and $14.8M in 2020. Cook will get a 50% pay cut in 2023 and will “only” make $48M - Bloomberg

• Amazon's Thursday Night Football averaged around 9.6 million viewers, up to 25% lower than estimated - FOS

• Congress denied the Army’s request to buy up to 6,900 headsets based on Microsoft’s HoloLens technology for $400M - The Verge

• HBO Max is raising the price of its ad-free tier in the US to $15.99 per month, up from $14.99 - Variety

• Robinhood rolled out retirement accounts to all eligible customers - Robinhood

• Walmart and Salesforce announced a partnership to provide retailers with access to “technologies that power local pickup and delivery for shoppers” - Newswire 

• JPMorgan shut down its website for “Frank,” a platform it bought for $175M after alleging the company’s founder created nearly 4M fake customer accounts - CNBC

• The price of eggs was up 60% YoY in December - Yahoo

Friday:

• AriZona Iced Tea raised the price of its 20-ounce bottles to $1.25 from $1 in the Northeast so it could keep its iconic cans priced at $0.99 - Yahoo Finance

• Nancy Pelosi filed for trades made just before the New Year selling Tesla shares for a $511.1K loss and Disney for a $114.1K loss, Tax loss harvesting? - CongressTrading

• Salesforce insiders expect the sales teams to be hit with layoffs in February - Insider

• Carvana is quietly firing employees, cutting hours and letting open positions go unfilled - WSJ

• YouTube is in talks with media companies to feature their TV shows and films in a hub of ad-supported channels - Engadget

• Janet Yellen says the US will hit its debt limit on Thursday - Politico

• Wendy's doubled its quarterly dividend to $0.25 per share and announced a new $500M share buyback program - SeekingAlpha

• Bed Bath & Beyond is reportedly in talks with Sycamore Partners to sell assets, including its Buy Buy Baby stores, as part of a possible bankruptcy process - WSJ

• Bank of New York Mellon plans to fire about 3% of its workforce this year representing 1,500 jobs - Reuters

• Rolls-Royce has begun looking at potential sites for mini nuclear reactors in the UK - Reuters

• Google Cloud unveiled 4 new and updated AI technologies to help retailers - Newswire

• The Biden administration is preparing to seek congressional approval for a $20B sale of new Lockheed Martin F-16 jet fighters to Turkey along with a separate sale of next-generation F-35 warplanes to Greece - WSJ

Get Prepared For Next Week

Economic Calendar

Earnings Calendar

Reminder: The US stock market is closed on Monday for MLK day

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