Bob Iger returns to Disney
MONDAY MARKET UPDATE
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Good Morning Everyone!
Except those mistaking leverage for genius.
Bostic favors slower pace of hikes
Sees another 75 to 100 bps
Favors ending 4.75-5%
Bullard more hawkish
Last week called for 5 to 5.25% (at least)
Leading Economic Indicator
Conference Board’s Leading Economic Indicators have fallen for 8 consecutive months
Consumer worsening outlook on high inflation, rising interest rates
Declining prospects for housing construction and manufacturing
Dollar short positions increasing
Fund managers most bearish USD since July 2021
Hedge funds 5th consecutive week of selling
China re-opening uncertainty
3 Covid deaths over weekend
Rumored test-case city has suspended schools, locked down universities, asked residents stay home 5 days
Increasing possibility re-tightening, further lockdowns
Goldman lowers Q4 forecast for prices, $110 -> $100
China lockdowns weighing on demand
DIS 0.00 Disney
Bob Iger back in as CEO
Bob Chapek OUT
Iger previously spent 15 years as DIS chief (2005-2020)
Left ~1 year ago
2-yr contract: 2 goals
Set strategic direction for renewed growth
Develop successor to lead company
Domino's to buy 800 branded EVs (Chevy Bolt)
"…we will have the biggest fleet of electric vehicles in the pizza industry, period" - DPZ CEO
NIU 0.00 Niu Technologies
FUTU 0.00 Futu Holdings
SJM 0.00 JM Smucker
J 0.00 Jacobs
ZM 0.00 Zoom
DELL 0.00 Dell
URBN 0.00 Urban Outfitters
A 0.00 Agilent
ZTO 0.00 ZTO Express
SNEX 0.00 StoneX
SYM 0.00 Symbotic
Top 50 FTX creditors owed ~$3.1 billion
2 creditors owed +$200 million each
Optimism for creditors
From new CEO John J. Ray:
“We are pleased to learn that many regulated or licensed subsidiaries of FTX, within and outside of the United States, have solvent balance sheets, responsible management and valuable franchises”
SBF’s law firm terminates representation
Related to SBF’s “incessant and disruptive tweeting”
The tangled FTX web:
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