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Thu. 4 Aug 2022, 11:56am ET Benzinga Cryptocurrency, Earnings, News, Markets

MARKET UPDATE

After a 3-week S&P 500 rally, U.S. markets catching Canadian market

  • Year-to-date in Canadian dollars

    • S&P 500 -11%

    • TSX             -8%

    • Nasdaq          -17%

Large-Cap Technology stocks up 19% off the June lows

10yr    2.7

  • Bank of England raises rates by 0.5%, most since 1995

  • U.S. job numbers/ initial unemployment claims up 6,000 to 260,000

Crude   $91     flat

  • Oil prices back to pre-Ukraine/Russia war

Corn prices back to pre-Ukraine/Russia war

Meta (NASDAQ:META)  +5% yesterday on Share Buyback rumours

  • A no-debt company making its bond market debut

  • Investment Grade debt seeking up to $10 billion @ 1.75%-1.8%

  • Follows Apple debt offerings

  • Proceeds to be used for general corporate purposes including Capex, share buybacks and M&A

  • Will hold investor meetings

  • With net cash balance sheet (no debt) and Fiscal 2022 EBITDA of $50 billion, a substantial share buyback possible

Netflix (NASDAQ:NFLX)

  • Wall Street Journal: Reed Hastings, founder and CEO

  • Thinks Cost-per-thousand-impressions (CPM) could hit $80

  • $80 would allow Netflix to charge nothing for their Ad-supported service at 2 minute/hour Ad-load

  • They probably will not do that, but the Ad-supported service will be cheap, offset by Ad revenue

  • Netflix shifting from grow-at-all-costs to focus on cash flows

Earnings

eBay (NASDAQ:EBAY) Q2 beat top and bottom lines

Wayfair (NYSE:W) free cash flow burn $244 million

Paramount (NASDAQ:PARA) Paramount+ streaming subs missed small due to Russia

Costco (NASDAQ:COST) Solid comp but decelerated, 2 year stack 20.4% to 17.8%

ConocoPhillips (NYSE:COP) repurchased $2.3B stock, paid $1B in dividends, ended Q2 with $8.5B cash

Booking (NASDAQ:BKNG

MetLife (NYSE:MET

Fortinet (NASDAQ:FTNT)

McKesson (NYSE:MCK

Eli Lilly (NYSE:LLY)

Alibaba (NYSE:BABA

Toyota (NYSE:TM)

Cigna (NYSE:CI

Duke $DUKE

Zoetis (NYSE:ZTS

Becton, Dickinson (NYSE:BDX

CRYPTO UPDATE

1-month performance

  • Bitcoin (CRYPTO: BTC)

  • Ethereum (CRYPTO: ETH)

  • Solana (CRYPTO: SOL)

  • Cardano (CRYPTO: ADA)

  • BNB (CRYPTO: BNB)

  • Ripple (CRYPTO: XRP)

Coinbase is partnering with the world’s largest money manager (NASDAQ:COIN

  • BlackRock (NYSE:BLK) teaming up with the crypto exchange to make it “easier for institutional investors to manage and trade Bitcoin”

  • Wall Street extends push into crypto…

Starbucks has entered the chat (NASDAQ:SBUX) 

  • CEO Howard Schultz teased Web3 updates for its popular rewards program

  • “Digital third place community”

  • Will be unveiled on Investor Day (September 13)

Bitcoin options volume put/call ratio

  • On-chain data indicates more calls are being purchased than puts