Bob Iger Returns To Disney

Good Morning Everyone!

Except those mistaking leverage for genius.

Prices as of 4 pm ET, 11/18/22; % YTD

MARKET UPDATE

Fed talk

Bostic favors slower pace of hikes
- Sees another 75 to 100 bps
- Favors ending 4.75-5%
Bullard more hawkish
- Last week called for 5 to 5.25% (at least)

Leading Economic Indicator

Conference Board’s Leading Economic Indicators have fallen for 8 consecutive months
Consumer worsening outlook on high inflation, rising interest rates
Declining prospects for housing construction and manufacturing

Dollar short positions increasing

Fund managers most bearish USD since July 2021
Hedge funds 5th consecutive week of selling

China re-opening uncertainty

3 Covid deaths over weekend
Rumored test-case city has suspended schools, locked down universities, asked residents stay home 5 days
Increasing possibility re-tightening, further lockdowns

Crude $79.5

Goldman lowers Q4 forecast for prices, $110 -> $100
China lockdowns weighing on demand

Disney DIS

Bob Iger back in as CEO
Bob Chapek OUT
Iger previously spent 15 years as DIS chief (2005-2020)
Left ~1 year ago
2-yr contract: 2 goals
- Set strategic direction for renewed growth
- Develop successor to lead company

Domino's Pizza DPZ + General Motors GM

Domino's to buy 800 branded EVs (Chevy Bolt)
"…we will have the biggest fleet of electric vehicles in the pizza industry, period" - DPZ CEO
Others pushing for EV fleets: AMZN FDX PEP UBER

Earnings

Niu Technologies NIU
Futu Holdings FUTU
JM Smucker SJM
Jacobs J
Zoom ZM
Dell DELL
Urban Outfitters URBN
Agilent A
ZTO Express ZTO
StoneX SNEX
Symbotic SYM

CRYPTO UPDATE

SBF/FTX corner

Top 50 FTX creditors owed ~$3.1 billion
- 2 creditors owed +$200 million each
Optimism for creditors
- From new CEO John J. Ray:

“We are pleased to learn that many regulated or licensed subsidiaries of FTX, within and outside of the United States, have solvent balance sheets, responsible management and valuable franchises”