Rippers Weekly Recap 8/27: Jackson Hole, Student Debt Relief, Nvidia Earnings And Much More

Hey everyone, it’s Evan! But I’m better known online as @StockMKTNewz. I started writing this newsletter to make sure you never miss anything important from the week in the stock market. I want you all to not just be able to understand the week's headlines in under five minutes, but also be able to spend hours digging through all the stories and pictures. To that end, I include a lot of links (Every picture has a link) -- so if you’re interested in a story or image, click in and explore!

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

Earnings Headlines

Zoom reported earnings Monday after the market closed, posting numbers of:

• EPS of $1.05 beating expectations of $0.93

• Rev of $1.1B missing expectations of $1.12

Zoom said it expects its online business to decline by 7%-8% for FY23.

Intuit reported earnings Tuesday after the market closed, posting numbers of:

• EPS of $1.10 beating expectations of $0.98

• Rev of $2.40 beating expectations of $2.34B

Nvidia reported earnings Wednesday after the market closed, posting numbers of:

• EPS of $0.51 beating expectations of $0.5

• Rev of $6.70B in line with expectations

Nvidia CEO Jensen Huang said he expects the auto industry will be Nvidia's next billion dollar business.

Nvidia said it sees revenue next quarter coming in at $5.9 billion +/- 2% compared to esimtates of $6.92 billion.

Salesforce reported earnings Wednesday after the market closed, posting numbers of:

• EPS of $1.19 beating expectations of $1.02

• Rev of $7.72B beating expectations of $7.7B

Salesforce announced a new $10 billion share buyback program.

Salesforce said it sees revenue next quarter coming in between $7.82-$7.83 billion compared to esimtates of $8.07 billion.

Snowflake reported earnings Tuesday after the market closed, posting numbers of:

• EPS of -$0.70

• Rev of $497.20M beating expectations of $467.15M

Major Headlines From This Week

Monday:

• Ex-Apple engineer admits stealing automotive trade secrets. - Tech Crunch

• Sony-owned PlayStation posted a sneak peek of its upcoming VR headset with the caption “coming early 2023.” - Instagram

• Apple announced Self Service Repair is now available for the MacBook Air and MacBook Pro notebooks with the M1 family of chips. - Apple

• 1 US Dollar was back to being worth more than 1 Euro. - Google

• Ford said it plans to cut about 3,000 jobs primarily in the US and Canada. - CNBC

• EBay has entered into an agreement to acquire TCGplayer. - PRNewswire

• Amazon and UnitedHealth are reportedly among the bidders to acquire Signify Health, with UNH already rumored to have placed a bid worth over $30 per share. - Bloomberg

Tuesday:

• Japan's economy ministry said it aims to restart seven nuclear reactors in summer 2023 or later, which would bring the number of reactors brought back online after the 2011 Fukushima disaster to 17 out of a total 33. - Bloomberg

• Intel has signed a pact with Brookfield to jointly invest up to $30 billion to finance semiconductor factories. - WSJ

• Amazon has signed a deal with DirectTV to make their broadcast of Thursday Night Football available in bars nationwide. - Tech Crunch

• Amazon-owned Twitch told partnered streamers they will now be able to stream on YouTube, Facebook Live, and other platforms. - The Verge

• Twitter’s former head of security has turned into a whistleblower. - Twitter

  • Twitter did respond to his claims, saying "Zatko was fired from his senior executive role at Twitter in January 2022 for ineffective leadership and poor performance."

Wednesday:

• President Biden announced a plan to forgive a portion of the student debt of those who make under $125K, along with other student debt-related announcements.

• Apple sent out invites for its upcoming Sept. 7 launch event titled “Far Out” - new iPhones are expected. - Apple Event

• GameStop is boating compensation for some of its store employees, including up to $21K worth of $GME shares for US store leaders. - WSJ

• Amazon plans to shut down its tele-health and primary care offerings. - The Verge

• Peloton and Amazon have agreed to a deal for Peloton to sell its equipment and apparel on Amazon. - CNBC

• Russia has reportedly approached several Asian countries to discuss possible long-term oil contracts at discounts of up to 30%. - Bloomberg

• HBO said the House of the Dragon premiere was viewed by 10 million in the US on its opening night, making it the biggest premiere in HBO history. - Variety

• Bed Bath & Beyond has found a financing source to loan it $375 million to shore up its liquidity. - WSJ

Thursday:

• Amazon and Plug Power announced they’ve signed a hydrogen supply deal. As a part of the deal, Plug has granted Amazon the option to buy warrants in $PLUG worth up to 16 million shares. - Newswire

• Tesla’s 3:1 stock split has officially happened. Tesla opened trading at $302.60. - Tweet

• The first revision to Q2 GDP came in at -0.6% above the preliminary release of -0.9%. - BEA

• T-Mobile and SpaceX announced a partnership to have Starlink V2 transmit directly to mobile phones, “eliminating dead zones worldwide.” - The Verge

• Meta CEO Mark Zuckerberg confirmed that Meta’s next virtual reality headset will arrive in October. - Tech Crunch

• Ron Baron said one of his biggest purchases over the last two months was Investing ~$100 million into SpaceX. - Teslarati

• Ford is increasing Mustang Mach-e prices between $3,000-8,100, depending on trim. - Tech Crunch

• The IRS is planning to spend the first big chunk of its $80 billion expanded budget to hire people who will answer taxpayers’ phone calls during the 2023 tax-filing season. - WSJ

Friday:

• Netflix is reportedly eyeing between $7-9 a month for its new ad-supported plan. - Variety

• The head of Meta’s VR social platform Horizon announced he’s leaving the company. - The Verge

• Porsche is reportedly looking to go public through an IPO at a valuation worth up to $85 billion. - Bloomberg

• The DOJ is drafting a possible antitrust lawsuit against Apple. - Politico

• HBO officially renewed the Game of Thrones prequel "House of the Dragon" for a second season. - The Hollywood Reporter

• MORGAN STANLEY JUST RELEASED ITS BIGGEST PRICE TARGET CHANGE OF ALL TIME … Morgan Stanley lowered its price target on Tesla to $383 from $383.33 while maintaining its Overweight rating. - Tweet

• Moderna is suing Pfizer and BioNTech alleging between 2010 and 2016 they infringed "patents central to Moderna's innovative mRNA technology platform." - NPR

• Tesla is going into a “hiring spree” for motor and actuator designers and engineers for its humanoid robot program. They're reportedly hiring more people for the robot program than for its electric vehicles. - Electrek

• The US and China announced a deal to allow audit inspections of NY listed Chinese companies. - SEC

• California has banned the sale of new gas powered cars by 2035. - CNBC

• FED Chair Jerome Powell spoke at the Jackson Hole Economic Symposium - Video

Get Prepared For Next Week

Economic Calendar

Earnings Calendar

That's it for today — thanks for reading Rippers! Stay bullish, and we'll see you all in the next one 🔥 In the meantime, check out our weekly Twitter Spaces and give us a follow on Twitter!