MARKET UPDATE
After a 3-week S&P 500 rally, U.S. markets catching Canadian market
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Year-to-date in Canadian dollars
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S&P 500 -11%
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TSX -8%
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Nasdaq -17%
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Large-Cap Technology stocks up 19% off the June lows
10yr 2.7
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Bank of England raises rates by 0.5%, most since 1995
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U.S. job numbers/ initial unemployment claims up 6,000 to 260,000
Crude $91 flat
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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
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A no-debt company making its bond market debut
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Investment Grade debt seeking up to $10 billion @ 1.75%-1.8%
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Follows Apple debt offerings
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Proceeds to be used for general corporate purposes including Capex, share buybacks and M&A
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Will hold investor meetings
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With net cash balance sheet (no debt) and Fiscal 2022 EBITDA of $50 billion, a substantial share buyback possible
Netflix (NASDAQ:NFLX)
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Wall Street Journal: Reed Hastings, founder and CEO
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Thinks Cost-per-thousand-impressions (CPM) could hit $80
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$80 would allow Netflix to charge nothing for their Ad-supported service at 2 minute/hour Ad-load
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They probably will not do that, but the Ad-supported service will be cheap, offset by Ad revenue
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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
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Bitcoin (CRYPTO: BTC)
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Ethereum (CRYPTO: ETH)
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Solana (CRYPTO: SOL)
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Cardano (CRYPTO: ADA)
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BNB (CRYPTO: BNB)
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Ripple (CRYPTO: XRP)
Coinbase is partnering with the world’s largest money manager (NASDAQ:COIN)
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BlackRock (NYSE:BLK) teaming up with the crypto exchange to make it “easier for institutional investors to manage and trade Bitcoin”
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Wall Street extends push into crypto…
Starbucks has entered the chat (NASDAQ:SBUX)
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CEO Howard Schultz teased Web3 updates for its popular rewards program
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“Digital third place community”
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Will be unveiled on Investor Day (September 13)
Bitcoin options volume put/call ratio
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On-chain data indicates more calls are being purchased than puts