Nvidia delivered after the close yesterday, with exceptional results and a promise to boost chip supply with urgency to satisfy AI demand. 55 buy ratings. $25bn buyback. 'Nuff said. But if you want to read more: Reuters
NetApp beat on the top line given rising demand for its cloud services, per Reuters.
Boeing is down pre-market after noting that its largest supplier drilled holes improperly in a component of the 737 Max. While supposedly it’s not a safety issue, it could delay deliveries.
Fixed income has a 180bps yield premium over dividends from stocks, which according to NoSo is the widest level in 15 years. JPM is advising investors to get on the band wagon for bonds.
That’s what you should expect, from the rollout of new pumpkin drinks by Starbucks to lure you into their stores, to earlier merchandise broadly-speaking. Reuters warns that a dampened outlook by US retailers is decreasing expectations for holiday spend.
We’ve got Powell on deck to share his tea leaves tomorrow. Bullard is out with hawkish rhetoric, citing a pickup in summer economic activity as a reason to delay a pause in rates by the Fed. We’ll be listening to the Jackson Hole tales and give you the summary.
A plane crash involving (supposedly) Wagner’s founder Prigozhin? Either Putin finally did the deed, or the guy is getting a face transplant as part of a deal to disappear. Either way, a fiery plane crash is one way to get the job done, the job being removing him from potential future coups.
P/E firm Roark beat out other suitors to buy Subway for over $9bn. Has Roark been to a Subway before? Just sayin’….my kids make better sandwiches for less.
BBG is out with a story on KKR’s latest bankruptcy and zeroes in on low recoveries for leveraged loan providers this cycle. The end of an easy-money era, tighter credit, over leverage, a softer economy…the list goes on to explain the challenging environment. Also, Lundie from Federated Hermes rightly points out that even if default levels are not high, if recoveries are poor, then you’re pretty much in the same negative place as last cycles. More flexibility in loan documents have masked some of the trends.
Looks like driverless car tech has a way to go…
