🍗 Morning Tendies Weekly Stock Market Summary 03/03/2023
Morning Tendies
March 03, 2023
Hopefully everyone had a great week,
Welcome to Morning Tendies. We're the Kobe to your Shaq, throwing you lobs in the Stock Market.
Salesforce is the winner of the week, we’ll talk more about their earnings later. We also saw Costco, Dell, Broadcom, and many others report earnings. The 10-Year Treasury Yield topped 4% for the first time since November, Mortgage Rates climbed for a fourth straight week, and Ford applied for a patent that allows cars to self-repossess.
Let’s get into it.
How the Stock Market Performed this Past Week
Heat Map of S&P500:
How the largest stocks performed:
Best performing large cap stocks:
Worst performing large cap stocks:
Major Earnings from this Past Week
Dive Deeper:
Target (TGT):
Target sees Q1 EPS $1.50-$1.90 vs $2.14 estimate; Sees FY23 EPS $7.75-$8.75 vs $5.54 estimate
Ross Stores (ROST):
Ross Stores sees Q1 EPS $0.99-$1.05 vs $1.18 estimate; Sees FY23 EPS $4.65-$4.95 vs $5.08 estimate
Salesforce (CRM)
Sees Q1 EPS $1.60-$1.61 vs $1.32 estimate; Rev $8.16B-$8.18B vs $8.05B estimate
Sees FY24 EPS $7.12-$7.14 beating estimates $5.84; Revenue $34.5B-$34.7B beating estimates $34.03B
Fourth Quarter Operating Margin was 29.2%, the highest in the company’s history
Disbands M&A committee after being criticized for overpaying for M&A’s in the past
Announced a $20 billion share buyback
Best Buy (BBY)
Raises quarterly dividends to $0.92 from $0.88
Sees FY24 EPS $5.70-$6.50 vs $6.71 estimate
Sees FY23 Rev of $43.8B-$45.2B vs $45.73B estimate
Kroger (KR)
Sees FY23 EPS $4.45-$4.60 vs $4.22 estimate
Same store sales rose 6.2% vs 4.9% estimate
Paused share repurchase program to prioritize de-leveraging following proposed merger with Albertsons (ACI)
TD Bank (TD)
TD agrees to pay $1.2B to settle R. Allen Stanford Ponzi Litigation
Declared dividends of $0.96 per share
Dell Technologies (DELL)
Raises dividend from $0.33 to $0.37
Sees Q1 EPS of $0.65-$0.95 vs $1.25 estimate
Major Headlines from this Past Week
Monday, February 27th 2023:
Pfizer (PFE) in talks to acquire Seagen (SGEN) in deal likely valued at more than $30B - WSJ
LKQ (LKQ) to buy Canada-based Uni-Select (UNS) in a $2.1 billion cash deal - MarketWatch
Twitter lays off another 200 people, reducing headcount to less than 2,000 vs 7,500 when Elon Musk took it over in October - MarketWatch
Focus Financial (FOCS) agrees to $7 billion cash buyout deal with Clayton, Dubilier & Rice - MarketWatch
Union Pacific (UNP) shares rise after CEO Fritz to step down amid investor pressure - Reuters
Tesla’s (TSLA) German plant hits 4,000 cars per week ahead of schedule - Reuters
Thiel’s Palantir (PLTR) cuts almost 2% of staff to reduce costs - Bloomberg
Stellantis (STLA) to cut up to 2,000 workers in Italy this year - Bloomberg
Pending Home Sales rise 8.1% in January, largest increase since June 2020 - MarketWatch
U.S. Durable Goods Orders decline by 4.5% in January vs -4% expected - FXStreet
Snapchat (SNAP) launches an AI chatbot powered by OpenAI’s GPT technology - TechCrunch
Tuesday, February 28th 2023:
Chevron (CVX) boosts annual share buyback rate to $17.5 Billion - Bloomberg
Merck (MRK) scraps third prostate cancer study as Keytruda therapy disappoints - Reuters
AMC (AMC) keeps rallying after popcorn collaboration with Walmart (WMT) announced ahead of earnings - MarketWatch
Sainsbury’s to axe Argos depots with 1,400 jobs hit - BBC
Nissan recalls nearly 1 million SUVs after discovering vehicles could shut off while driving - Fox Business
6-month T-bill rate heads for highest level in 16 years - MarketWatch
Tesla (TSLA) to build next factory in Mexico - BBC
Apollo (APO) in talks to acquire Arconic (ARNC) - WSJ
Paramount (PARA) falls after WSJ reports it turned down more than $3 billion bid to buy Showtime - MarketWatch
UK grocery price inflation hits record 17.1% - MarketWatch
U.S. goods trade deficit widens in January; wholesale inventories decline - Reuters
Nvidia (NVDA) files mixed shelf offering up to $10 billion - Yahoo Finance
Wednesday, March 1st 2023:
General Motors (GM) cutting hundreds of jobs to reduce costs - Fox Business
3M (MMM) stock bounces after DoD records show nearly 90% of plaintiffs in Combat Arms litigation had no hearing impairment - MarketWatch
Eli Lilly (LLY) says it will cut the price of Insulin - NYTimes
Ford (F) wins US Postal Service contract to supply 9,250 E-Transits as electric mail trucks - Electrek
10-Year Treasury Yield tops 4% for first time since November - WSJ
First Horizon (FHN) drops 10% as its acquisition by TD hits a regulatory snag - MarketWatch
Pipeline operator Enbridge (ENB) to invest $2.4 billion in infrastructure, renewable energy - Reuters
Caterpillar (CAT) reaches tentative deal with union, averting possible strike - Investing
Instacart’s revenue and profit climb ahead of public listing - Fox Business
Thursday, March 2nd 2023:
Ford (F) applies for patent that allows cars to self-repossess - Fox Business
CRH (CRH) shares soar as share buybacks increased to $3 billion - Reuters
The new Inverse Jim Cramer ETF is set to go live today and will trade under ticker (SJIM) - Benzinga
U.S. labor market stays resilient; Q4 labor costs revised higher - Reuters
Blackstone (BX) defaults on $562m Nordic property-backed CMBS - Reuters
American Airlines (AAL) goes all-in on a $15 billion debt-cutting plan - Bloomberg
Lowe’s (LOW) invests $50M to address ‘critical’ tradespeople worker shortage - Fox Business
Mortgage rates climb for a straight fourth week on sustained economic growth and continued inflation - Fox Business
Ford (F) to resume electric F-150 production on March 13th - MarketWatch
New York increases the number of conditional adult-use retail dispensary liscenses to 300 from 150 - MarketWatch
Tesla (TSLA) to cut costs of next-generation vehicles in half with innovative manufacturing, smaller factories - Fox Business
Friday, March 3rd 2023:
Ericsson (ERIC) pleads guilty in U.S. to federal bribery violations, agrees to pay $206 million penalty - CNBC
Verizon (VZ) CFO Ellis to step down and be succeeded by current controller - MarketWatch
Homebuilder Vistry to cut hundreds of jobs amid housing drop - Bloomberg
Bank of Canada to hold rates steady at 4.50% through this year - Reuters
Microsoft-Activision deal expected to get EU blessing - MarketWatch
Coinbase (COIN) buys a crypto hedge fund, setting its sight on institutional clients - WSJ
Airbnb (ABNB) cuts recruiting staff by 30% even as it selectively hires - Bloomberg
Get Prepared for the Week Ahead
Next Week’s Economic Calendar:
Next Week’s Earnings Calendar:
What we’re watching this week:
Tuesday: Dicks, Crowdstrike
Wednesday: Campbells
Thursday: JD, Ulta, Gap, Oracle, Docusign
Meme Refresh
That’s it for this week – Thanks for reading! Want more Morning Tendies?
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DISCLAIMER: None of this is financial advice. This newsletter is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. Please be careful and do your own research