Rippers Weekly Recap 10/01: Tesla AI Day, Nike Earnings, Warren Buffett buying more Occidental and so much more

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. I make 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! If you want to see the stocks im dollar cost averaging you can do that here

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

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

• EPS of $0.93, beating expectations of $0.92

• Rev of $12.69B, beating expectations of $12.31B

Nike said inventories in North America were up 65% during the quarter and that they will move to liquidate excess inventory more aggressively in Q2 … More sales are coming to the Nike stores

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

• EPS of $1.45, beating expectations of $1.37

• Rev of $6.64B, missing expectations of $6.78B

Micron said it sees revenue next quarter of $4.25B +/- $250M below expectations $5.62B

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

• EPS of -$0.65, missing expectations of -$0.13

• Rev of $4.30, missing expectations of $5.13B

Anybody that bought Carnival stock during the last 29 years and still holds is down on their position

Major Headlines From This Week

Monday:

• The SEC charged 3 men for market manipulation regarding a New Jersey deli that became worth $100 million - SEC

• Apple confirmed some iPhones will be manufactured in India - 9To5Mac

• NASA launched and successfully made impact with an asteroid to see if it could save Earth if it was ever in danger - NASA

• The US Transportation Department is proposing requiring airlines and travel search websites to disclose all fees the first time an airfare is displayed - Reuters

• AMC filed for the potential sale of up to 415M of its APE equity units via Citi. - WSJ

• Meta is testing easier ways to switch between Instagram and Facebook - Meta

• Some Tesla semi-trucks have reportedly been spotted being shipped around the country - Electrek

• Palantir said the Department of Homeland Security renewed its contract with the company for $95.9 million over a five-year period. - BusinessWire

• Netflix announced the creation of its first-ever internal game studio - Tech Crunch

• The S&P 500 closed at its lowest level since December 2020 - CNBC

• Walmart announced the launch of two new experiences in Roblox's metaverse. - Walmart

• Macy’s plans to hire 41K full and part-time employees for the holiday season - Reuters

• Amazon scheduled another big sales event on October 11-12, called Prime Early Access. - Amazon

• A lot of defense contracts were given out this week to companies like Lockheed Martin, Raytheon and more - DoD

Tuesday:

• Apple is backing off plans to increase production of its new iPhones - Bloomberg

• Lumber prices have fallen to their lowest level in more than two years - WSJ

• General Motors is backpedaling on aspects of its return-to-office plans amid criticism from employees - WSJ

• White House officials are quietly preparing for the potential departure of Treasury Secretary Janet Yellen after the midterms - Axios

• The SEC charged 16 Wall ST firms more than $1.1 billion for “widespread and longstanding failures” - SEC

• Tesla is making large fleet deliveries at the end of the quarter as it pushes for a new all-time delivery record - Electrek

• CNN let go of a number of employees in its podcasting unit - Bloomberg

• Lyft is freezing all hiring in the US through the end of 2022 - Tech Crunch

• The US Transportation Department approved electric vehicle charging station plans for all 50 states granting access to a $1.5 billion in government funds - CNBC

• JPMorgan is launching a credit card with DoorDash that will operate on Mastercard's network - BusinessWire 

• The Nord Stream pipeline was hit by suspicious leaks in possible sabotage - CNBC

• Harley-Davidson spun off its electric motorcycle division LiveWire $LVWR in a SPAC deal - Axios

• Cathie Wood is launching the ARK Venture Fund which will invest in venture funds pre-IPO. The fund will have a minimum investment of $500 and a 2.75% flat management fee - CNBC

Wednesday:

• Amazon had a new product event, unveiling a partnership with BMW, its Astro robot linking with Ring to serve as a Virtual Security Guard, and more. - The Verge

• Berkshire Hathaway filed for its purchase of 5.99 million more shares of Occidental at a price between $57.91-$61.38 per share - SMN

• The Bank of England will suspend the planned start of its gilt selling next week and begin temporarily buying long-dated bonds in order to calm the market chaos - CNBC

• House Democrats officially released the “Combatting Financial Conflicts of Interest in Government Act,” which would restrict stock ownership and trading of Government officials - Bloomberg

• Google unveiled a bunch of new features for Google, Maps including "Immersive view," "Neighborhood vibe" and more - Tech Crunch

• Amazon is raising its starting pay for warehouse and delivery workers to average more than $19 per hour - CNBC

• Chevron sold its current HQ in California and plans to move into a nearby leased space about one-third the size, as it continues to relocate employees to Texas - WSJ

• Tesla announced Airbnb Co-Founder Joe Gebbia as a new independent director on its board of directors - Tesla

• Starbucks just increased its quarterly dividend to $0.53 per share up from $0.49 per share - BusinessWire

• Amazon is closing all but one of its US call centers as a part of its shift to remote work - Bloomberg

• Tesla raised the price of using Superchargers in California - Electrek

• Square now supports Apple’s Tap to pay for iPhones - Tech Crunch

• DocuSign said it will cut its current workforce by 9% - CNBC

• JPMorgan is planning to double the size its UK retail bank workforce in the next 2 years - Reuters

Thursday:

• Google is shutting down its cloud gaming service Stadia - The Verge

• Meta is going on a hiring freeze and warned them that more downsizing is likely coming - The Verge

• US Mortgage rates jumped to 6.7%, up from 6.29%, last week its highest level since 2007 - Bloomberg

• Exxon closed above Meta in market value for the first time in 5 years - SMN

• The final revision for Q2 US GDP came in at -0.6% in line with the original release confirming the 2nd quarter in a row of negative GDP growth - BEA

• Apple’s VP of Procurement Tony Blevins is set to leave the company after 22 years due to comments made in a TikTok video - MacRumors 

• RBC is letting go 1% of its US investment banking team - Bloomberg 

• BlackRock is accused of failing to protect pension fund clients by threatening to halt trading in certain funds at the height of this week’s UK bond market turmoil - Financial Times

• The US Army research lab extended its contract with Palantir in a deal worth up to $229M - Palantir

• India plans to boost the financial incentives it offers for manufacturers that make tablets and laptops in the country - Bloomberg

Friday:

• Elon Musk and Tesla held its second AI Day, showing off its Tesla Bot which they believe could cost under $20K - Electrek

• Intel's MobileEye filed to go public through an IPO on the NASDAQ exchange under the ticker $MBLY - CNBC

• Tesla reportedly plans to build 1.6M Model Ys and 3s globally in the first 3 quarters of 2023. Tesla also plans to produce 495K Model Ys and 3s globally in Q4 - Reuters

• Lockheed Martin increased its quarterly dividend by $0.20 per share, up to $3 per share - Newswire

• Apple's Korea offices were raided by Korea's FTC over allegations that the App Store has been collecting 33% in-app payment fees, rather than its stated 30% - Apple Insider

• JPMorgan is planning to hire 2,000 engineers globally through the end of the year - Reuters

• The Dow Jones closed below 29,000 for the first time since November 2020 - CNBC

• Robinhood said it plans to close five additional offices - Reuters

• The S&P 500 and NASDAQ 100 have now both had 3 quarters in a row of declines for the first time since 2008-09 - CNBC

• PCE for August came in at 6.2% YoY above expectations of 6% (0.3% MoM above expectations of 0.1%) - BEA

• Altria ended its noncompete agreement with Juul Labs opening the door for Altria to develop its own product - Bloomberg

• Euro Area CPI for September came in at +10% (YoY) above expectations of +9.7% - ECB

I want to take this moment to congratulate everybody! You just survived a week with 22 FED speakers!! Here's a couple headlines from the week that stood out to me:

• FED’s Kashkari said: “We will not repeat the past mistake of cutting rates once the economy weakens.”

• FED’s Mester said: “We’re not at a point where we should think about stopping rate hikes.”

Get Prepared For Next Week

Economic Calendar

Earnings Calendar

This upcoming week is the slowest earnings week of the cycle, not worth even worth including the calendar! You can still see the earnings for the week here

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