Rippers Weekly Recap 9/24: Jerome Powell and the FED Raise Rates

Hey everyone, it’s @StockMKTNewz Evan!

I started writing this newsletter to make sure you never miss anything important from the week in the market. I want you all to 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

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

• EPS of $4.20, beating expectations of $4.16

• Rev of $72.09B, beating expectations of $72.06B

Costco reported same-store sales growth of 15.8% YoY last quarter in the US.

FedEx reported earnings on Thursday during market hours, posting numbers of:

• EPS of $3.44, beating expectations of $3.35

• Rev of $23.2B, missing expectations of $24.01B

​​FedEx expects its revenue next quarter to come in between $23.5-$24B, below estimates of $24.05B.

Major Headlines From This Week

Monday:

• Apple announced price hikes for in-app purchases on the App Store in multiple countries across Asia and Europe, starting October 5. - Tech Crunch

• Sea Limited is preparing to fire 3% of Shopee employees in Indonesia. - Bloomberg

• Amazon’s first Thursday Night Football game had 13 million viewers. The company said it was the most watched nightly show ever in Amazon’s history, and it led to more Prime sign-ups than Cyber Monday. - CNBC

• Tesla confirmed that its German Gigafactory still plans to open a battery plant. - Teslarati

• Ford said it expects to have between 40-45K vehicles in inventor waiting for certain parts at the end of the quarter, lifting supply costs by ~$1 billion. - Reuters

• The founders of Pillpack have left Amazon. - CNBC

• Take-Two owned Rockstar Games confirmed they suffered a "network intrusion" and that early development footage for Grand Theft Auto 6 was leaked. - Tweet

• The US Energy Department said it will sell up to 10 million barrels of oil from the Strategic Petroleum Reserve for delivery in November. - DOE 

• Meta Platforms plans to cut a number of contract roles in Ireland in the coming weeks. - SeekingAlpha

• Tesla is planning to double vehicle sales in Germany in 2022. - Reuters

• Amazon has halted construction of logistic centers in Spain. - Reuters

• Meta Platforms is launching a new Facebook Reels API for developers to integrate into their apps. - Tech Crunch

• Tesla is increasing its Supercharger prices significantly across Europe amid the energy crisis on the continent. - Electrek

• Take-Two owned Rockstar Games confirmed they suffered a "network intrusion" and that early development footage for Grand Theft Auto 6 was leaked. - Tweet

Tuesday:

• Chamath Palihapitiya will shut down and return cash from two of his SPACs, $IPOD and $IPOF, after failing to find companies to take public. - Investing

• YouTube is working on a new program to let creators monetize their long-form videos that use licensed music. - The Verge

• Beyond Meat’s COO was arrested and suspended from his role effective immediately, accused of biting a man’s nose near Razorback Stadium last weekend. - CNBC

• Microsoft increased its quarterly dividend to $0.68 per share up from its previous dividend of $0.62 per share. - Microsoft

• Amazon will host its annual product launch marathon on September 28, starting at 12PM ET. - The Verge

• Nvidia had its annual GTC event, which included a keynote from CEO Jensen Huang (watch the full keynote here). Some headlines from the event include:

  • Nvidia revealed its third generation RTX Ada Lovelace

  • Nvidia unveiled its new top of the line GeForce RTX 4090

Wednesday:

• Jerome Powell and the FOMC raised rates by 75 Basis Points (0.75%) to between 3%-3.25%. - FED

• Along with the release, the FED also put out forward projections, including where they think Real GDP, Unemployment, Inflation and Interest Rates will go. - FOMC Projections

• Jerome Powell spoke following the release, with some key quotes including:

Side note: I started dollar cost averaging very slowly into the market late on Wednesday. I'm not here to be an investing expert, I'm here for the news. But if you want to see what names I'm dollar cost averaging into, you can see that for free here.

• The median price total spending across video games, consoles, and accessories reached $4.10 billion in the US during August 2022, down 5% YoY. - NPD Group

• Peloton’s Compliance Chief Bertrand Lanciault is leaving the company for a job at Snapchat. - Bloomberg

• Meta was ordered to pay $175 million to Voxer for patent infringement regarding Facebook/Instagram tech. - Yahoo

• JPMorgan CEO Jamie Dimon told congress members he believes cryptocurrencies are "Ponzi Schemes." - Video

• Meta is reportedly looking to trim costs by at least 10% within the next couple of months, with "much of it is expected to come from reduced employment." - WSJ

• The S&P 500 is back to being down more than 20% from its All Time Highs, the technical definition for a bear market. - CNBC

• Amazon unveiled its new Fire HD 8 tablets which will start at $99.99. - Tech Crunch

• Walmart announced plans to hire around 40,000 workers for this upcoming holiday season - CNBC

• The EU approved up to $5.2 billion in public funding for hydrogen projects. - CNBC

Thursday:

• Boeing will pay $200 million to settle SEC charges that it misled investors about the 737 MAX. - SEC

• Raytheon won a $985 million contract with the US Air Force to develop prototypes for a Hypersonic Attack Cruise Missile. - Defense

• Qualcomm hosted an Automotive Investor Day, which included partnerships with Amazon, Mercedes Benz and more. - Qualcomm

• Target announced it's looking to hire 100,000 employees for this holiday season. - Yahoo

• The SEC will not be banning Payment For Order Flow when it proposes new stock trading rules in the coming months. - Bloomberg

• Microsoft reportedly plans to add 1,000 new jobs in China. - SCMP

Friday:

• Robinhood will give Gold customers 3% interest on uninvested cash. - Robinhood

• PG&E and EQT will be added to the S&P 500 replacing Citrix and Duke Realty in the index before the markets open on October 3. - S&P Global

• Raytheon was awarded a $769.9 million contract modification with the US Navy in support of the F-135. - Defense

• Apple Music is replacing Pepsi as the official sponsor of the NFL’s Super Bowl Halftime show. - NFL

• The Dow Jones closed at a new 52 week low. - CNBC

• The S&P 500 briefly fell below its June 16 closing low price of 3,666.77 before finishing the day above the level. - Bloomberg

• Netflix’s Chief Accounting Officer Ken Barker is resigning from his role at the company. - Hollywood Reporter

• Ford confirmed it has begun construction of “BlueOval City,” a $5.6 billion assembly plant focused on EV production. - Ford

• Tesla has started sending out invites for its AI Day 2022, scheduled September 30. - Electrek

• California will begin sending out its inflation stimulus checks starting October 7. - KTLA

Get Prepared For Next Week

Economic Calendar

Earnings Calendar

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