🍗 Morning Tendies Weekly Stock Market Summary 03/10/2023

Morning Tendies
March 10, 2023

First off and really important

I have bad news… Really bad news.

No Morning Tendies next week ☹️

I have some personal stuff to deal with and won’t be able to publish a newsletter for next week on 3/17….

No need to fear, we’ll be back 3/24 😁

Hopefully, everyone had a great week! Welcome to Morning Tendies. The stock market newsletter that’s cooler than the other side of your pillow.

For now… Let’s get into this weeks edition of Morning Tendies 🍗

This Week was WILD

We Witnessed the Largest U.S. Bank Failure since the Global Financial Crisis

Just 24 hours ago, Silicon Valley Bank (SIVB) was trading at $200/share. Now it’s pretty much worthless.

Let’s cover a quick timeline of what happened:

Firesale of $21 billion bond portfolio is announced
Over $1.8 billion is lost during the firesale
SVB announces $2.3 billion share sale to cover losses
SVB fails to raise the capital
SVB announces intention to sell the company
Regulators and FDIC take over its assets and liabilities

And just like that we see the second largest bank collapse in U.S. history.

Silicon Valley Bank was a major bank for venture-backed companies, which were already under pressure due to higher interest rates.

Want to read more? Check out our Twitter thread we did on the Silicon Valley Bank situation:

Silicon Valley Bank, SVB or $SIVB, Shares Dropped Over 60% Before Trading was Halted
The Effect was Felt Throughout the Financial Sector
In the Past 5 Days:
- $PACW is down 51%
- $SCHW is down 23.75%
- $BAC is down 11.9%
- $GS is down 8.08%
- $JPM is down 7.88%
What Happened?
— Morning Tendies (@MorningTendies)
Mar 10, 2023

Let’s dive into what happened this week.

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:

Major Earnings from this Past Week

Diver Deeper:

Dicks Sporting Goods (DKS):

Raises quarterly dividend to $1.00 from 48.75 Cents
Sees Fy 23 EPS of $12.9-$13.8 vs $11.96 estimate

Crowdstrike (CRWD):

Sees FY23 EPS $2.23-$2.39 vs $1.50 estimate

United Natural Foods (UNFI):

Sees FY23 EPS of $3.05-$3.90 vs $4.85-$5.15 estimate

Ulta Beauty (ULTA):

Sees FY23 Sales $10.95B-$11.05B vs $10B estimate
Sees FY23 EPS $24.7-$25.4 vs $22.93 estimate

Oracle (ORCL):

Raises quarterly dividend by 25% to 40 cents/share
Sees Q4 EPS $1.59-$1.63 vs $1.46 estimate

Major Headlines from this Past Week

Monday, March 6th 2023:

Tesla (TSLA) cuts U.S. Model S and Model X prices between 4% and 9% - Reuters
Starbucks (SBUX) plans to add 100 UK stores in drive-through push - Bloomberg
Realty Income (O) inks $1.5 billion sale leaseback deal for Cumberland Farms and other stores - MarketWatch
Vistra (VST) buying Energy Harbor Corp for $3 billion - MarketWatch
BridgeBio (BBIO) rallies 50% on new data from dwarfism therapy - MarketWatch
E.F. Hutton taking Rover and Jaguar EV conversion company E.C.D public through SPAC merger - MarketWatch
SiriusXM (SIRI) laying off 475 employees, cutting 8% of workforce - Variety
Microsoft (MSFT) brings an AI-powered Copilot to its business app suite - TechCrunch
LIBOR cracks 5% for first time since 2007, spurred by Fed Outlook - Bloomberg
Altria (MO) to buy vaping company NJOY for $2.75 Billion - Barrons
Qualtrics (XM) gets $12.4 billion buyout offer from Silver Lake - Reuters
Former top Credit Suisse (CS) shareholder, Harris Associates, sells out of bank - Financial Times
JetBlue (JBLU) - Spirit (SAVE) deal faces DOJ Antitrust suit as soon as Tuesday - Bloomberg
Merck’s (MRK) drug boosts exercise capacity in pulmonary hypertension patients - Reuters
Verisk Analytics (VRSK) rallies toward 6-month high after $2.5 billion accelerated stock buyback program announced - MarketWatch
Snapchat (SNAP) surges as push to ban TikTok gains steam in U.S. Congress - Bloomberg

Tuesday, March 7th 2023:

Salesforce (CRM) follows Microsoft in launching A.I. tools for salespeople with help from OpenAI - CNBC
Visteon (VC) board OKs $300 million share buyback program - MarketWatch
Best Buy (BBY) will set up in-home hospital care through a new deal with Atrium Health - CNBC
Meta (META) climbs after reports of more layoffs - Forbes
Rivian (RIVN) plans to sell $1.3 billion in bonds to shore up capital - Reuters
U.S. sues to stop JetBlue’s (JBLUE) deal for Spirit (SAVE), cites consumer harm - Reuters

Today we also saw Fed Chair Jerome Powell deliver his semi-annual monetary policy report to U.S. lawmakers. Stocks soldoff today, as Fed Chair hints at more rate hikes with comments like:

Fed Chair Powell says interest rates are ‘likely to be higher’ than previously expected - Fox Business
Powell says Fed prepared to increase rate hike pace if needed - Bloomberg

Probabilities for the future of Fed rate hikes BEFORE Jerome Powell’s speech:

Probabilities for the future of Fed rate hikes AFTER Jerome Powell’s speech:

50BPs in March is now the expectation

Wednesday, March 8th 2023:

American Airlines (AAL) to increase pilot pay to match Delta (DAL) - CBS
Boeing (BA) is said to be nearing 737 Max deal with Japan Airlines - Bloomberg
WHP Global valued at $1.6 billion after investment from Ares PE unit - Nasdaq
Solenis to take disinfectant maker Diversey (DSEY) private in $4.6 billion deal - Reuters
Private sector job growth grows by 242,000 in February, better tham expected: ADP - Fox Business
U.S. trade deficit grows to $68.3 Billion, widest in three months - Bloomberg
Qualcomm (QCOM) raises quarterly dividend by 6.7% - MarketWatch
Tesla’s (TSLA) Model Y investigated by U.S. regulators after two incidents where steering wheel detached - MarketWatch
Jerome Powell says no decision has been made on potential size of interest rate hike in March - MarketWatch
Adidas wants to move on but still has $1.3 Billion in Yeezy Sneakers - NYTimes
WeWork (WE) in talks with investors to help restructure debt - NYTimes
General Dynamics (GD) hikes dividends by nearly 5% - MarketWatch
Uber (UBER) stock rises after Freight spinoff report - MarketWatch
American Express (AXP) raises dividend by 15% - MarketWatch
Silvergate (SI) shutting down operations and liquidating bank - CNBC

Thursday, March 9th 2023:

Credit Suisse (CS) delays annual report after SEC call, shares drop - Reuters
SVB Financial (SIVB) plummets toward biggest one-day selloff in 23 years after stock offering - MarketWatch
U.S. Weekly Jobless Claims post largest rise in 5 months - Reuters
U.S. Mortgage Rates hit highest since November at 6.73% - Bloomberg
Atlas Energy (AESI) valued at $1.75 billion after shares fall in U.S. debut - Reuters
Baidu (BIDU) shares fall as its AI ‘Ernier Bot’ faces issues ahead of its debut - Seeking Alpha
GM (GM) offers buyouts to ‘majority’ of U.S. salaried workers - CNBC

Friday, March 10th 2023:

Pfizer (PFE) migraine nasal spray receives FDA approval - Business Wire
U.S. added 311,000 jobs in February; Unemployment Rate at 3.6% - NYTimes
Loyalty Ventures (LYLT) files for Chapter 11 bankruptcy protection - Reuters
Moderna (MRNA) plans to hire 2,000 workers, open new offices in West Coast - MarketWatch
Silicon Valley Bank (SIVB) closed by California regulator and FDIC named receiver - MarketWatch
Toll Brothers (TOL) boosts dividend to 21 cents/share - MarketWatch
FAA approves restarting Boeing (BA) 787 Dreamliner deliveries next week - Reuters
Vice Media gets $400 million offer from Group Black - MarketWatch

Get Prepared for the Week Ahead

Next Week’s Economic Calendar:

Next Week’s Earnings Calendar:

What we’re watching:

Monday: BuzzFeed
Tuesday: Lennar
Wednesday: Adobe, Five Below
Thursday: Academy, Dollar General, Jabil, FedEx
Friday: XPeng

Wait… Before we wrap up.

If you made it this far, it means you genuinely enjoy Morning Tendies, which makes our team super happy.

Right now, we do this for completely free.

So I have to ask you for 1 favor:

Please please please share us with just 1 friend. If everyone reading this does that, we will double our readers.

So reach out to that one friend who thinks he’s the next great day-trader and let him know about how amazing Morning Tendies is.

Meme Refresh

Remember… NO MORNING TENDIES NEXT WEEK

That’s it for this week – Thanks for reading! Want more Morning Tendies?

Follow us on Twitter below to get Real Time Stock Market Updates:

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