Morning Tendies Weekly Stock Market Recap 01/20/23: More Layoffs in Tech, Netflix's Earnings, and Much More
Morning Tendies
January 20, 2023
Hello everyone, it's @theJohnWetter here. Ready to present you the Stock Market recap for this past week.
Our team spends over 80 hours a week sifting through junk news, so we can present you the important stuff in a concise, informative manner.
If you're interested in entrepreneurship and want to see us grow the business of Morning Tendies behind the scenes - Check out our Youtube Channel:
If you haven't joined our free newsletter (what you're reading right now), then join here:
Okay. Enough shameless plugs, let's get into it.
Ladies and Gentlemen, this is what we got for you this week.
How the Stock Market Performed this Past Week
Major Earnings from this Past Week
Major Headlines from this Past Week
Key Takeaway from this Past Week
Get Prepared for the Week Ahead
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
Goldman Sachs ($GS) reported earnings Tuesday before the market opened, posting numbers of:
EPS of $3.32, missing expectations of $5.56
Revenue of $10.59B, missing expectations of $10.755B
Goldman Sachs finished the trading session down -6.4%
Goldman Sachs said quarterly profit was $1.33B, down 66% from a year ago
Morgan Stanley ($MS) reported earnings Tuesday before the market opened, posting numbers of:
EPS of $1.26, beating expectations of $1.25
Revenue of $12.7B, beating expectations of $12.5B
Morgan Stanley finished the trading session up 5.9%
Charles Schwab ($SCHW) reported earnings Wednesday before the market opened, posting numbers of:
EPS of $0.77, missing expectations of $0.84
Revenue of $4.67B, missing expectations of $4.83B
Charles Schwab finished the trading session down 2.62%
PNC Financial Services Group ($PNC) reported earnings Wednesday before the market opened, posting numbers of:
EPS of $3.49, missing expectations of $3.96
Revenue of $5.76B, beating expectations of $5.71B
PNC finished the trading session down 6.09%
Procter & Gamble ($PG) reported earnings Thursday before the market opened, posting numbers of:
EPS of $1.59, in line with expectations
Revenue of $20.77B, beating expectations of $20.73B
Procter & Gamble finished the trading session down -2.11%
Netflix ($NFLX) reported earnings Thursday after the market closed, posting numbers of:
EPS of $0.12, missing expectations of $0.42
Revenue of $7.85B, in line with expectations
Netflix finished the trading session up 8.59%
Netflix added 7.66M subscribers globally last quarter, above expectations of 4.5M
Netflix also said they plan to resume share buyback in 2023
Major Headlines from this Past Week
Monday, January 16th 2023:
Stock Markets closed for Martin Luther King Jr. Day - Fortune
Tuesday, January 17th 2023:
Bed Bath and Beyond ($BBBY) down 6% in premarket trade amid bankruptcy fears - MarketWatch
Dish ($DISH) launches $500 million bond offering to help fund buildout of wireless infrastructure - MarketWatch
Carvana ($CVNA) stock jumps after "poison pill" adopted, exercisable if an investor acquires at least 4.9% stake - MarketWatch
Mohawk ($MHK) stock leads S&P 500's premarket decliners after profit warning - MarketWatch
China's population shrinks for first time in decades - Fox Business
Shares of Roblox ($RBLX) pop after December update shows increase in bookings - CNBC
Fund Managers most underweight on US stocks since 2005: Bank of America Survey - Fox Business
Amazon ($AMZN) begins cutting 18,000 workers in its biggets layoff every - Fox Business
Travelers ($TRV) expects fourth-quarter earnings miss. Winter storms are to blame. - Barrons
Microsoft ($MSFT) to cut thousands of jobs across divisions - Reuters
Emerson Electric ($EMR) bids to buy National instruments ($NATI) for nearly $7 billion - Fox Business
Wednesday, January 18th 2023:
Redbird takes more than 5% stake in Blade Air Mobility ($BLDE) - Wall Street Journal
TXO Energy ($TXO) sets IPO price range - MarketWatch
Prologis ($PLD) stock rises after earnings beat expectations - MarketWatch
Microsoft ($MSFT) confirms intent to lay off about 10,000 workers as tech companies cut back - MarketWatch
Party City ($PRTY) files for bankruptcy as inflation dampens sales - Fox Business
Hertz ($HTZ) Chairman O'Hara steps down from the board, to be succeeded by CEO Scherr - MarketWatch
Wholesale inflation tumbled 0.5% in December, more than expected - Fox Business
J&J ($JNJ) HIV vaccine fails Phase 3 clinical trial - MarketWatch
Retail sales tumble 1.1% in December as high inflation squeezes Americans - Fox Business
British inflation falls in December as food costs soar - Fox Business
Moderna ($MRNA) says RSV vaccine is 84% effective at preventing disease in older adults - CNBC
Business Inventories rise 0.4% in November, as expected - Seeking Alpha
Thursday, January 19th 2023:
America set to hit its Debt Limit today, raising economic fears - NYTimes
Wallbox ($WBX) set to cut more than 110 jobs as EV charging systems company looks to reduce costs - MarketWatch
Norwegian Cruise ($NCLH) to offer $500 million of five-year bonds with proceeds earmarked for paying down debt - MarketWatch
Albertsons ($ACI) to finally pay out special dividend, which has been delayed by courts - MarketWatch
US Jobless claims drop to 190,000, lowest levels since September - Bloomberg
WeWork ($WE) to cut about 300 jobs globally - Yahoo Finance
U.S. Mortgage Rates drop to 6.15%, lowest level since September - Bloomberg
J.B. Hunt ($JBHT) stock rallies again after dividend increased by 5% - MarketWatch
Reed Hastings steps down as Netflix ($NFLX) CEO as company posts subscriber gains - Reuters
Nordstrom ($JWN) slashes annual profit outlook after weak holiday sales - Reuters
Costco ($COST) board reauthorizes $4 billion stock buyback - MarketWatch
Friday, January 20th 2023:
Ericsson ($ERIC) shares slide as earnings disappoint - Reuters
Google ($GOOGL) parent Alphabet to cut 12,000 jobs - BBC
Wayfair ($W) stock soars after announcing 1,750 jobs will be cut to save $750 million a year - MarketWatch
Eli Lilly ($LLY) Alzheimer's drug setback extends rival Biogen's lead - Reuters
Vox Media to cut 7% of Workers - NYTimes
Existing home sales fell for the 11th consecutive month in December, hitting the slowest pace since November 2010 - CNBC
Regal Cinemas closing 39 US movie theaters following parent company Cineworld's bankruptcy filing - Fox Business
Bed Bath & Beyond ($BBBY) gets Nasdaq delisting notice - Fox Business
Key Takeaway from this Past Week
We're seeing companies cut costs. Just this week we've had:
Amazon Begin Cutting 18,000 Workers
Microsoft Layoff 10,000 Workers
WeWork Cut 300 Jobs
Google Cut 12,000 Jobs
Wayfair Cut 1,750 Jobs
Vox Media Cut 7% of Workers
In many cases, the answer is as simple as these firms have over-hired from Covid and are just returning to normal. But something makes me feel like these companies are preparing in the case of worsened economic times ahead.
Get Prepared for the Week Ahead
Next Weeks Economic Calendar:
Next Weeks Earnings Calendar:
Absolutely PACKED upcoming week for earnings...
That's it for this week - Thanks for reading! Want more Morning Tendies?
Follow us on Twitter 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