Rippers Weekly Recap 8/20: Don't Touch Occidental ... It's Warren Buffett's Plus Much 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

Earnings Headlines

Walmart reported earnings Tuesday before the market opened posting numbers of:

• EPS of $1.77 beating expectations of $1.60

• Rev of $152.86B beating expectations of $150.51B

Walmart maintained its outlook for the second half of the year.

Home Depot reported earnings Tuesday before the market opened posting numbers of:

• EPS of $5.05 beating expectations of $4.95

• Rev of $43.79B beating expectations of $43.38B

This was Home Depot’s highest EPS and Revenue quarter ever. Home Depot reaffirmed its FY 2022 guidance

Sea Limited reported earnings Tuesday before the market opened posting numbers of:

• EPS of -$1.35 missing expectations of -$1.18

• Rev of $2.94B beating expectations of $2.70B

Lowes reported earnings Wednesday before the market opened posting numbers of:

• EPS of $4.67 beating expectations of $4.63

• Rev of $27.48B missing expectations of $28.26B

Lowe’s said it sees its FY22 coming in between $13.1-13.6 in line with consensus estimates of $13.39, while they expect revenue between $97-99 billion also in line with consensus estimates of $97.54 billion.

Target reported earnings Wednesday before the market opened posting numbers of:

• EPS of $0.39 missing expectations of $0.71

• Rev of $26.04B missing expectations of $26.08B

Target said its margins last quarter were hurt by actions to reduce excess inventory and higher transportation costs.

Target said it expects its margins next quarter to be lower than in previous years but expects it to get back in line in Q4

Applied Materials reported earnings Thursday after the market closed posting numbers of:

• EPS of $1.94 beating expectations of $1.78

• Rev of $6.52B beating expectations of $6.28B

Deere reported earnings Friday before the market opened posting numbers of:

• EPS of $6.16 missing expectations of $6.64

• Rev of $14.10B beating expectations of $12.93B

Deere said its tractors are sold out into the second quarter of next year.

Major Headlines From This Week

Monday:

• Stellantis-owned Dodge will discontinue its Challenger and Charger cars next year - CNBC 

• Warren Buffett's Berkshire Hathaway filed its quarterly 13F showing its holdings as of the end of Q2 - SeekingAlpha

• Walmart has agreed to a deal with Paramount to give Walmart+ members access to Paramount+ as a part of their subscription - Walmart

• Daniel Loeb’s Third Point disclosed a $1 billion stake in Disney representing about 0.4% of the company - CNBC

• Peloton will redesign its bikes for do-it-yourself assembly and will explore letting users play its content on rival workout machines - Bloomberg

• Apple reportedly plans to put ads in more apps on the iPhone including the Maps, Books, and Podcasts apps - 9to5Mac 

• Snapchat+ now has more than 1 million paying subscribers - Variety

• Panasonic reportedly plans to boost production of electric vehicle batteries it supplies to Tesla by approximately 10% by 2024 - InsideEVs

• Apple fired about 100 contract recruiters over the past week as a part of its hiring slowdown - Bloomberg

Tuesday:

• President Biden just signed the $430 billion Inflation Reduction Act into law - CNBC

• Amazon is raising seller fulfillment fees in the US and Canada during the holidays - CNBC

• The Department of Education announced today it will be canceling the student loans for 208,000 borrowers who attended ITT Technical Institute totaling around $3.9 billion - CBS

• Apple is reportedly in talks to make Apple Watches in Vietnam for the first time ever - Reuters

• American Airlines announced an agreement to purchase up to 20 Overture aircraft from Boom Supersonic - AA

• Canada CPI for July came in at +7.6% in line with expectations - Reuters

Wednesday:

• Penn Entertainment has exercised its call rights to bring its stake in Barstool Sports up to 100%. Penn will end up paying $550 million to acquire Barstool with the deal expected to close in February - FOS

• Apple is reportedly targeting September 7th for its iPhone 14 reveal event - The Verge

• Roundhill is looking to launch 2 single stock ETFs that aim to give US investors exposure to foreign stocks that aren’t easily accessible, the first 2 will look to track Saudi Aramco and Samsung - Filing

• Ken Griffin’s Citadel Securities brought in net trading revenue of $4.2 billion during the first half of 2022 up 23% YoY - Bloomberg

• Softbank has cut its stake in SoFi down to 4.9% after previous indicating its intentions to sell some or all of its position - Edgar

• Amazon is searching for a senior movie-studio executive to help lead its entertainment division - WSJ

• Manchester United’s owners the Glazer family have had internal discussions about selling a minority stake in the team with Apollo one of the companies already expressing interest - Bloomberg

• CPI for the UK in July came in at 10.1% (YoY) above expectations of 9.8% - CNBC

Thursday:

• Ryan Cohen's RC Ventures now owns 0 shares of Bed Bath & Beyond profiting about $53 million on the trade - SMN

• Home Depot announced a new $15 billion share buyback program along with declaring a Q2 dividend of $1.90 per share - Home Depot

• People in the US spent more time watching TV online than on cable last month for the first time ever - Nielsen

• Qualcomm is reportedly plotting a return to the server processor market with AWS agreeing to take a look at Qualcomm’s offerings - Bloomberg

• Snapchat has stopped the development of its “Pixy” drone as part of a “broader reprioritization of company resources" - The Verge

• Chicken wings are now cheaper than they were before the pandemic - NBC News

• The median price for a home was $403.8K in the US during July up 10.8% YoY but down from last month's number of $416K - NAR

• Mercadolibre has started rolling out its own cryptocurrency in Brazil as part of its loyalty program - Coindesk

• The Big Ten signed a new seven-year contract with FOX, Paramount (CBS) and Comcast (NBC) for up to $7.5 billion - ESPN

• Walmart may launch a platform that will use social media influencers to help it promote goods and services online - Reuters

Friday:

• Warren Buffett's Berkshire Hathaway has filed for and been approved to be able to buy up to 50% of Occidental in the open market (This doesn't mean he has to buy 50%, but now can buy 50%) - SMN

• Lockheed Martin, Boeing, Raytheon, General Electric, and Northrop Grumman all today were awarded separate $975M contracts with the US Air Force - DoD

• YouTube Shorts will now have a watermark on the videos so if it's shared elsewhere users will know the platform where it came from - Variety

• Rivian is reportedly discontinuing the lowest-priced option of its R1T pickup truck and R1 SUV - Tech Crunch

• Paramount agreed to pay $1.5 Billion over 6 years to keep the rights to the Champions League in the US - Bloomberg

• General Motors reinstated its quarterly dividend for the first time since April 2020, declaring a $0.09 per share dividend. GM also restarted its share buyback program increasing the size of the program to $5B up from $3.3B - CNBC

Get Prepared For Next Week

Economic Calendar

MAYBE THE BIGGEST EVENT OF THE WEEK! The annual Jackson Hole Central Banking conference will also take place this upcoming week. FED Chair Jerome Powell will be speaking at the conference on Friday, August 26th at 10 AM ET.

In other news ... I heard a very unconfirmed rumor that if you drink from my Jerome Powell mug in a week that he speaks, your portfolio will be up 5% 👀

You can check out my mug here, or click the photo below ⬇️

Earnings Calendar

That's it for today — thanks for reading Rippers! Stay bullish, and we'll see you all in the next one 🔥 In the meantime, check out our weekly Twitter Spaces and give us a follow on Twitter!