Rippers Weekly Recap 9/17: Inflation Came In Above Expectations, FedEx Warning, Adobe Acquisition and Much More

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Earnings Headlines

Oracle reported earnings Monday after the market closed, posting numbers of:

• EPS of $1.03, missing expectations of $1.07

• Rev of $11.45B, missing expectations of $11.46B

Adobe reported earnings on Thursday before the market opened, posting numbers of:

• EPS of $3.40, beating expectations of $3.33

• Rev of $4.43B, in line with expectations

Adobe announced it entered into a definitive merger agreement to acquire Figma for ~$20 billion in cash and stock.

Major Headlines From This Week

Monday:

• US gasoline prices have fallen for 13 weeks in a row, the longest consecutive weekly slide in more than three years. - WSJ

• President Biden signed an executive order to boost funding for the US biotechnology industry. - WH

• Peloton Co-Founders John Foley And Hisao Kushi will be stepping from their roles at the company. - Newswire

• Lucid is now reportedly manufacturing 40-50 cars per day. - WCCFTech

• Google canceled the next version of its Pixelbook laptop and dissolved the team responsible for building it. - The Verge

• Nvidia said its working with customers in China to provide them with alternative products to the A100, which is set to be banned. - SMN

• Google officially closed on its acquisition of Mandiant. - The Verge

• Fidelity Investments is weighing a plan to allow individual investors to trade Bitcoin on its brokerage platform. - WSJ

• General Electric confirmed its targeting the first week of January 2023 to spin off its GE Healthcare unit. - SMN 

• JPMorgan agreed to acquire California-based payments startup "Renovite." - BusinessWire

• Tesla CFO Zach Kirkhorn filed for his sale of 3,750 shares of Tesla stock on 9/12 at an average price of $300.59 per share. - SEC

Tuesday:

• US CPI for August came in at 8.3% (YoY) above expectations of 8.1% - BLS

• US Core CPI for August came in at 6.3% (YoY) below expectations of 6.1%

• Tuesday was the worst trading day for the S&P 500, NASDAQ 100, and Dow Jones since June 11, 2020. - Visualized

• Apple plans to add new spots for ads in the App Store by the end of the year. - CNBC

• Twitter shareholders approved Elon Musk’s deal to buy the company with about 98.6% of the votes cast in favor of the deal. - Bloomberg

• Amazon has selected DraftKings as its sponsor and exclusive odds provider for Thursday Night Football. - Action Network

• Paramount is considering discontinuing its Showtime streaming service and shifting its content into Paramount+. - Deadline

• YouTube said it paid the music industry over $6 billion from July 2021 to June 2022. - Youtube Blog

• Peloton announced the national expansion of its rental program. - CNBC

• Honda is planning to launch more than 10 new electric motorcycle models globally in the next 3 years. - Electrek

• Former Disney CEO Bob Iger will join venture capital firm Thrive Capital as a venture partner. - Variety

• Monday Night Football on ESPN had 19.85 million viewers tune into the game, making it the most watched Monday Night Football game since 2009. - ESPN

Wednesday:

• US PPI for August came in at 8.7% YoY below expectations of 8.8% - BLS

• US PPI for August came in at -0.1% MoM in line with expectations

• Apple surpassed Tesla as the stock with the highest total short interest. - MarketWatch

• Disney CEO Bob Chapek suggests Hulu may be integrated into Disney+ in the US at some point. - Deadline

• Comcast doubled its share buyback program to now be worth $20 billion. - Yahoo

• President Biden announced the approval of $900 million in funding to build electric vehicle charging stations in 35 states. - Tech Crunch

• Johnson & Johnson announced a new $5 billion share buyback program - Newsroom

• CPI for the UK in August was +9.9% (YoY), below expectations of +10.2%. - SMN

• Google canceled half the projects at its internal R&D group Area 120. - Tech Crunch

• Netflix Animation laid off about 30 employees. - Deadline

• Twilio laid off about 11% of its workforce. - CNBC 

• Instagram introduced a new Instagram payments in chat feature. - Instagram

• Comcast’s CEO said the big buyback approval probably signals no big M&A deal incoming. - Bloomberg

Thursday:

• FedEx reported below expectation preliminary earnings citing weakening demand in global shipment volumes. FedEx withdrew its 2023 guidance and announced some cost-cutting measures. - CNBC

• Texas Instruments announced a new $15 billion share buyback program and also increased its quarterly dividend to $1.24 per share, up from $1.10. - Newswire

• Amazon and Apple reportedly both passed on the media rights to LIV Golf. - WSJ

• Lockheed Martin delivered its highest powered laser to date to US Department Of Defense. - Lockheed

• Senator Tommy Tuberville filed for his purchase of at least $101K worth of Intel. - Tweet

• Roblox released its key metrics report for August, including 59.9 million daily active users and 4.7 billion total hours engaged. - BusinessWire

• Kanye West formally notified Gap that he is terminating his partnership with the company. - CNBC

Friday:

• Tesla has now built a total of 10,000 Model Ys at Giga Texas. - Tweet

• YouTube is gearing up to give Shorts creators a cut of ad revenue. - Tech Crunch

• President Biden announced a tentative deal to avoid a rail strike. - WH

• Google Cloud reportedly plans to unfreeze hiring by October. - Business Insider

• Meta shares fell another 2.2%, closing at its lowest levels since March 2020. - SMN

Get Prepared For Next Week

Economic Calendar

The CME's FedWatch tool currently shows an 82% chance the FOMC raises rates by 75Bp point and an 18% chance of a 100Bps hike

Earnings Calendar

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