Rippers Weekly Recap 11/12: RIP FTX

Hey everyone, it’s @StockMKTNewz Evan! You can always see the moves I make and what individual stocks I own on my Savvy Trader Portfolio.

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

Warren Buffett’s Berkshire Hathaway reported earnings on Saturday, posting numbers of:

• EPS of $3.53, beating expectations of $2.93

• Revenue of $76.93B, beating expectations of $76.64B

The fair value of Buffett’s equity securities is now $306.2 billion, down from $350.7 billion at the start of the year.

Palantir reported earnings Monday before the market opened, posting numbers of:

• EPS of $0.01, missing expectations of $0.02

• Revenue of $477.9M, beating expectations of $474.5M

Disney reported earnings Tuesday after the market closed, posting numbers of:

• EPS of $0.30, missing expectations of $0.51

• Revenue of $20.15B, missing expectations of $21.26B

Disney ended the quarter with 164.2 million Disney+ subscribers, beating expectations of 162.5 million.

Occidental reported earnings Tuesday after the market closed, posting numbers of:

• EPS of $2.44, missing expectations of $2.49

• Revenue of $9.5B, beating expectations of $9.41B

Occidental raised its full-year guidance for all three of its business segments.

AMC reported earnings Tuesday after the market closed, posting numbers of:

• EPS of -$0.20, beating expectations of -$0.25

• Revenue of $968.4M, beating expectations of $960.97M

AMC said it expects its branded popcorn to be sold in grocery stores in the first half of next year, and its branded credit card to launch in Q1 of next year.

Roblox reported earnings Wednesday before the market opened, posting numbers of:

• EPS of -$0.50, missing expectations of -$0.33

• Revenue of $517.7M, missing expectations of $686.27M

Roblox reported daily active users of 58.8 million, beating expectations of 58.7 million leading to total hours engaged of 13.4 billion hours.

Trade Desk reported earnings Wednesday before the market opened, posting numbers of:

• EPS of $0.26, beating expectations of $0.22

• Revenue of $394.8M, beating expectations of $386.1M

Major Headlines From This Week

Monday:

• Twitter is now reaching out to dozens of employees who lost their jobs and asking them to return. - Tech Crunch

• Airbnb introduced Total Price Display, which will clearly show the price, including all fees before taxes. - The Verge

• Tyson Foods CFO John Tyson was found asleep in a woman’s bed at her home in Fayetteville on Sunday. This was after authorities said he fell asleep in the wrong house. He was arrested for criminal trespass and public intoxication. - CNBC

• Apple expects to ship less of its premium iPhone 14 models than previously anticipated - Apple

• AMC and Zoom announced a new partnership that will "turn some AMC locations throughout the United States into Zoom Rooms.” - AMC

• Nvidia has begun offering new chips for China that meet new US controls. - Reuters

• Amazon said its new electric vans from Rivian will make deliveries in "over 100 US cities this holiday season." - Amazon

• China is considering ending its zero COVID policy, but are "proceeding slowly and have set no timeline." - WSJ

• More than 33% of small businesses in the US couldn’t pay all their rent in October. - SeekingAlpha

• Apple's largest supplier, Foxconn, just agreed to become Lordstown Motor's largest shareholder by acquiring almost 20% of the company for $170 million. - Lordstown 

• Peloton is testing a post-class pop-up ad that allows members to buy the clothes the instructor is wearing. - Pelobuddy

• Tesla is set to submit documents for the expansion of Gigafactory Berlin by the end of the year. - Teslarati

• Lamborghini has been developing a strategy on how to present itself to stock market investors for a reported potential IPO. - Bloomberg

• Spain's fifth largest hydro-power plant is set to shut down as reservoir levels fall below the minimum needed to keep it running. - Bloomberg

• Twitter fired more than 90% of its India staff, leaving just a dozen. - Bloomberg

Tuesday:

• Elon Musk filed three form 4s for his sale of $3.95 billion worth of Tesla stock. - Tweet

• Binance signed a non-binding letter of intent to fully acquire FTX. - Twitter

• China lifted its lockdown in the area around Foxconn's Apple iPhone plant as planned - Bloomberg

• Salesforce cut hundreds of workers from its sales teams. - CNBC

• Tesla manufactured 71,704 China-made EVs last month. 54,504 of these were exported up 34% YoY, while local sales grew to 17,200 up 25% YoY. - CNEVPost

• Palantir and WesTrac announced a new partnership to deploy Palantir Foundry across WesTrac's servicing and rebuild operations centers in Western Australia. - Newswire

• A California resident won the $2 billion Powerball jackpot, bringing home approximately $628.5 million. - CNBC

• Netflix recently bid for the streaming rights for the ATP Tennis Tour for some European countries. - WSJ

• Citi fired dozens of workers across its investment banking division this week. - Bloomberg

• Goldman Sachs has expressed interest in buying a payments technology firm to further build out its credit card capabilities. - WSJ

• Porsche produced its 100,000th Taycan electric car. - InsideEVs

• Kohl’s CEO Michelle Gass is stepping down from her role at the company to join as Levi Strauss CEO. - WSJ

Wednesday:

• Mark Zuckerberg announced Facebook (Meta) would be laying off about 13% of its workforce. - Video Zuckerberg Sent to Employees

• Binance officially said it will not be acquiring FTX. - Twitter

• Tesla and Zoom are teaming up to bring video conferencing inside Tesla vehicles. - Electrek

• Redfin fired 13% of its staff, while also shutting down its home-flipping business. - Insider

• Coinbase formed a strategic Web3 partnership with Google Cloud. - Coinbase

• Sequoia Capital just marked the value of its FTX investment down to $0. - Twitter

• Taiwan Semiconductor is constructing a building that could serve as its second chip factory in Arizona. - 9To5Mac

• Recreational adult use cannabis was legalized in Maryland and Missouri this week. - MJBizDaily

• Twitter filed paperwork to enter the payments business. - Tech Crunch

• YouTube now has more than 80 million music and premium subscribers globally, up 30 million YoY. - Youtube Blog

• TikTok lowered its ad revenue target for 2022 to $10 billion from $12 billion. - Bloomberg

• Netflix mobile games were downloaded 1.8 million times in September. - Variety

Thursday:

• CPI for October came in at 7.7% (YoY), below expectations of 7.9%.

I made a full cheat sheet for what you need to know about this CPI report, which you can check out here.

• Amazon launched a new cost cutting review focused on unprofitable business units. - WSJ

• Apple increased in market cap by $190.9 billion, the largest ever single-day increase. Apple beat the previous record set by Amazon in February when it increased by $190.8 billion. - Bloomberg

• Tesla has canceled solar projects in mass across the US, saying it's shutting down its solar operations in some markets. - Electrek

• A federal judge ruled that President Biden's plan to cancel hundreds of billions in student loan debt was unlawful and must be vacated. - Axios

• Elon Musk just told Twitter employees he’s not sure how much run rate the company has and “bankruptcy isn’t out of the question.” - Zoe Schiffer

• Tesla is starting to hire workers specifically for cybertruck production at its gigafactory in Texas - Electrek

• Coinbase laid off about 60 workers in its second round of cuts this year. - Decrypt

• Warren Buffett’s Berkshire Hathaway said it now owns 53 million shares of US Bancorp, down from 144.7 million shares at the start of the year. - Kiplinger

• BlackRock CEO Larry Fink filed for his sale of 14.6k shares of $BLK at an average price of $685.58 per share, bringing him in approximately $10 million. - SEC

• The average mortgage rate on the 30-year fixed dropped to 6.62% from 7.22% - Mortgage News Daily

• El Salvador is now down 60% on its Bitcoin holdings, with the $105 million spent buying Bitcoin currently worth $41.5 million. - Bloomberg

• Twitter’s Chief Privacy Officer, CISO and Chief Compliance Officer all reportedly resigned Wednesday night. - Casey Newton

• US President Biden and China's XI will meet on November 14th in Bali. - WSJ

• FTX CEO Sam Bankman-Fried told an investor this week that Alameda owes FTX about $10 billion. - The Verge

• Taiwan Semiconductor reported October sales of $6.60 billion, up 56% YoY. - Bloomberg

• Elon Musk has ended Twitter’s work-from-home policy, making all able employees come into the office. - The Verge

Friday:

• Disney plans targeted hiring freeze and job cuts. - CNBC

• Facebook is exiting its Portal smart display business and will wind down work on smartwatch projects. - The Verge

• FTX, FTX US and Alameda all filed for chapter 11 bankruptcy in the US, while Sam Bankman-Fried has resigned from his role as CEO. - Tweet

• Congressman Brad Sherman sold more than $1.5 million of US treasury inflation protected notes (TIPS). - CongressTrading

• Alibaba said it 2022 Singles Day results came "In line with last year's gross merchandise value performance." - Reuters

• Tesla plans to double its investment and future development plans in the Chinese market. - Tesmanian

• Coinbase will write off the investment that its ventures arm made in FTX. - Reuters

• Elizabeth Holmes urged a US judge not to send her to prison, as the Theranos founder prepares to be sentenced next week. - Bloomberg

• Disney's Black Panther 2 brought in $28 million in the US during Thursday night screenings. - Variety

• Chris Rock is set to be the first to perform live on Netflix. - Tech Crunch

• Warren Buffett's Berkshire Hathaway filed for its sale of more BYD shares, reducing its stake in the company to 16.6% down from 17.2%. - Reuters 

• The Nasdaq 100 climbed by 9.4%, its biggest two-day gain since December 2008. - Twitter

• Foxconn plans to 4x its workforce at its India plant. - Reuters

• Sam Bankman-Fried's net worth is now $0. - Bloomberg

Get Prepared For Next Week

Economic Calendar

Earnings Calendar

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