Good Morning Everyone!
Crypto winter has been rough for everyone. Especially Coinbase:
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Q4 2021: $840m net profit
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Q4 2022: $557m net loss
Prices as of 4 pm EST, 2/21/23; % YTD
MARKET UPDATE
2 pm: FOMC minutes
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Market embracing higher-for-longer
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Federal funds rate expectations ~5.3% in June
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4.9% three weeks ago
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US02Y at November highs
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US01Y above 5% for first time since 2006
Yesterday was the first day of the year where New Lows > New Highs
S&P Global flash PMIs
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Composite output (chart) rose sharply driven by services (both at 8-month highs)
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Uptick in manufacturing (4-month high)
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New orders down but pace of contraction decelerating
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Cost pressures soften but output charges rise
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Optimism highest since May 2022
Existing home sales
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Dropped by 0.7%, 12th straight monthly decline
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Slowest pace since Oct 2010
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-37% YoY, worst on record
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Median home price +1.3% YoY
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Prices fell MoM for 7th straight month
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Palo Alto Networks PANW
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Beat on top & bottom lines
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3 consecutive Qs of profitability after decade in the red
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Raised outlook, earnings guidance for 2023
Microsoft MSFT
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Making moves to ease regulator fears over Activision ATVI takeover
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Signs 10-year contract with Nintendo for Call of Duty
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CoD will be released same day, same features for Nintendo as Xbox
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Agrees to bring games to Nvidia's NVDA GeForce Now Service
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Nvidia now supports regulatory approval of MSFT/ATVI acquisition
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EU reviewing deal
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US FTC has sued to block
Earnings
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TJX TJX
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Nvidia NVDA
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Baidu BIDU
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eBay EBAY
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Etsy ETSY
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Overstock.com OSTK
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Garmin GRMN
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iQIYI IQ
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Charles River Labs CRL
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Brink's BCO
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NiSource NI
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Bausch + Lomb BLCO
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Vertiv VRT
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Driven Brands DRVN
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Travel + Leisure TNL
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Sinclair SBGI
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Installed Building Products IBP
CRYPTO UPDATE
Coinbase COIN
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Beat earnings & revenue estimates
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Userbase is shrinking
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8.3 million monthly transacting users in Q4
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Down from 8.5 million
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Polygon Labs layoffs
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Cutting 20% of workforce (~100 jobs)
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Consolidating multiple business units
Paxos breaks up with Binance
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Paxos CEO says ending relationship with Binance
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Paxos served Wells notice by SEC over BUSD issuance/listing
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Will Binance also move away from BUSD?
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Binance has been increasing its USDC holdings
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Bitcoin vs. S&P 500
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40-day correlation at lowest since 2021
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Down to <0.3 from record 0.8 in May 2022
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