Rippers Weekly Recap 1/28: Tesla and Microsoft earnings!

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Some of the Biggest Earnings from this week

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

• EPS of $2.32, beating expectations of $2.30

• Revenue of $52.75B, missing expectations of $52.93B

Microsoft said next quarter it expects Azure growth to decelerate by 4-5% from the mid-30s.

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

• EPS of $1.19, beating expectations of $1.12

• Revenue of $24.3B, missing expectations of $24.1B

Elon Musk said: "In January we have seen the strongest orders year to date ever in our history, we are currently seeing orders at almost twice the rate of production."

Tesla expects to produce ~1.8M vehicles in 2023, below Wall ST estimates of 1.9M. Elon did say their internal production potential is closer to 2M vehicles but they guided lower to give some breathing room

Tesla said it expects automotive gross margin to stay at least over 20% and average selling prices to stay at least over $47K.

Lockheed Martin reported earnings Tuesday before the market opened, posting numbers of:

• EPS of $7.79, beating expectations of $7.39

• Revenue of $19B, beating expectations of $18.27B

Verizon reported earnings Tuesday before the market opened, posting numbers of:

• EPS of $1.19, in line with expectations

• Revenue of $35.3B, beating expectations of $35.14B

Verizon’s CEO said the company is seeing "only minimal impact" from the macro-economy.

Johnson & Johnson reported earnings Tuesday before the market opened, posting numbers of:

• EPS of $2.35, beating expectations of $2.24

• Revenue of $23.7B, missing expectations of $23.9B

Boeing reported earnings Wednesday before the market opened, posting numbers of:

• EPS of -$1.75, missing expectations of $0.20

• Revenue of $19.98B, missing expectations of $20.1B

Boeing said it plans to hire 10,000 new employees in 2023.

ASML reported earnings Wednesday before the market opened, posting numbers of:

• EPS of €4.60, beating expectations of €4.33

• Revenue of €6.4B, beating expectations of €6.35B

American Airlines reported earnings Thursday before the market opened, posting numbers of:

• EPS of $1.17, beating expectations of $1.14

• Revenue of $13.2, beating expectations of $12.70B

Visa reported earnings Thursday after the market closed, posting numbers of:

• EPS of $2.18, beating expectations of $2

• Revenue of $7.9B, beating expectations of $7.69B

Chevron reported earnings Friday before the market opened, posting numbers of:

• EPS of $4.09, missing expectations of $4.27

• Revenue of $56.47B, beating expectations of $54B

Chevron unveiled a new $75B share buyback program, along with an increase of its quarterly dividend to $1.51 per share, up from $1.42.

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Major Headlines From This Week

Monday:

• OpenAI confirmed it received a multi year multi-billion dollar investment from Microsoft - OpenAI

• Banks gear up for the biggest round of job cuts since the global financial crisis - FT

• Elon Musk said Google had a “standing interest” in acquiring Tesla in 2018 - Insider

• Apple’s new AR/VR headset will reportedly take a new approach to eye and hand tracking. Apple is also in talks with Disney and others on VR content - Bloomberg

• Activist investor Elliott Management has made a multibillion-dollar investment into Salesforce - Tech Crunch

• Ford plans to cut 3,200 jobs across Europe - The Guardian

• Spotify plans to reduce its workforce by 6% (about 600 employees) - Tech Crunch

• Google said top executives would take pay cuts following the largest round of layoffs in the company’s history - WSJ

• Big banks - including BofA, JPMorgan and Wells Fargo - are teaming up to launch a digital wallet to compete with PayPal and Apple Pay - WSJ

• Oculus has extended its partnership with the NBA and will show 52 live NBA games on its VR platform - Oculus

• There were 0 Fed presidents speaking this week as they’re currently in a blackout period ahead of the FOMC meeting next week … Here’s the full list of blackout periods

• Brazil and Argentina are discussing the creation of a common currency - CNBC

• Venezuela’s inflation hit 234% in 2022 down fro 686% in 2021 - Reuters

• Ken Griffin’s Citadel had profits of $16B last year the most profitable year for a hedge fund manager in history - Bloomberg

Tuesday:

• Tesla confirmed it plans to invest $3.6B to build its first high-volume Tesla Semi factory and a new cell factory in Nevada - Tesla

• Walmart is raising its minimum wage to $14 an hour for store employees and its average wage in the US is expected to be more than $17.50 - CNBC

• Bank of America instructed its managers to stop hiring except for the most crucial roles - Bloomberg

• Many NYSE-listed stocks were briefly halted at the open for a technical issue - CNBC

• Uber Freight just cut 150 jobs, about 3% of the unit's headcount - CNBC

• Amazon introduced RxPass - Amazon

• Lockheed Martin announced its first successful flight of the F-16 Block 70 - Newswire

• Hindenburg Research put out a report saying the 3rd richest man in the world Gautam Adani is running the largest corporate fraud in history - Hindenburg

• The DOJ and eight states have filed a antitrust case against Google for its digital ad business - DOJ

• Apple has started hiring employees for a retail push into Malaysia - Bloomberg

• Google is closing a Deepmind artificial intelligence lab in Edmonton - GlobalNews

• Ford is in talks to sell car manufacturing plant in germany to china's BYD - WSJ

• 3M said during its earnings plans to cut about 2,500 global manufacturing roles - CNBC

Wednesday:

• IBM said during its earnings it plans to fire around 3,900 employees while still hiring in higher-growth areas - Bloomberg

• Google eliminated over 1,800 jobs in California including 27 massage therapists as a part of its recent round of layoffs - CNBC

• Shopify is raising the monthly price of its Basic, Shopify, and Advanced plans by 33% starting April 23rd - Blog

• Tesla entered into a $5B unsecured revolving credit facility with Citibank - StreeInsider

• Disney plans to roll out some of Hulu’s ad targeting capabilities to Disney+ - Tech Crunch

• Palantir and Microsoft have partnered together to make Palantir Foundry available on Microsoft Azure - Palantir

• Facebook and Instagram say they are ending their suspension of Trump - Meta

Thursday:

• The Q4 US GDP Advanced reading came in at +2.9% above estimates of +2.6% - BEA

• New York City will require Uber and Lyft to go 100% electric by 2030 - The Verge

• US mortgage rates fell for the third week in a row to 6.13% - Bloomberg

• Bed Bath & Beyond’s defaulted on its credit line with JPMorgan - CNBC 

• Chipotle is starting a new hiring campaign in an effort to attract 15,000 employees in North America for "Burrito season" typically its busiest time of year (from March to May) - Yahoo

• Nancy Pelosi had 100 Roblox calls expire worthless for a total loss of $303K - SMN

• Hasbro plans to cut ~1,000 global full-time jobs (15% of its workforce) - Hasbro

• Vanguard’s total assets managed declined by $1.2T last year to $7.2T at the end of December - FT

• Netflix's Stranger Things was the most streamed program in 2022 with 52B minutes watched - Hollywood Reporter

• Dow Chemical announced it plans to cut ~2,000 jobs - Reuters

• Amazon is selling a vacant Bay Area office complex it purchased in October 2021 for $123M - Bloomberg

• Walmart plans to open 30+ Sam's Club locations in the next several years - Yahoo

• SAP announced it plans to cut ~3K jobs worldwide or about 2.5% of its workforce - AP

• Toyota CEO & President Akio Toyoda will step down from his role on April 1 - CNBC

• BuzzFeed said it would rely on OpenAI to enhance its quizzes and personalize some content for its audiences - WSJ

• Season 4 of “Succession” will premiere on March 26th on HBO Max - Tech Crunch

Friday:

• Cathie Wood's Ark Innovation ETF is now on pace for its best month ever - Reuters

• Tesla increased by 33% this week, marking its best weekly performance since May 2013 - CNBC 

• The FED's preferred inflation index PCE came in at 5% YoY for December in line with expectations (+0.1% MoM above expectations of 0%) - BEA

• Apple is developing software to make it easy for users to create VR/AR apps even for people that do not know how to code - The Information

• Bed Bath & Beyond is closing an additional 87 of its flagship stores and its entire Harmon chain of drugstores - WSJ

• The DOJ’s antitrust division is investigating Visa’s debit card practices - Reuters

• Amazon is changing its fee structure for its grocery delivery service - CNBC

• Massachusetts adult-use weed sales have officially exceeded $4 billion since the state’s market launched in late 2018 - Marijuana Moment

• Meta Platforms said its adaptation efforts to get around Apple's privacy changes including its use of AI mean there will no longer be a drag on earnings going forward - WSJ

• Goldman Sachs cut CEO David Solomon's pay by about 30% to $25M in 2022 - CNBC

• The House Foreign Affairs Committee plans to hold a vote next month on a bill aimed at banning TikTok in the US - Reuters

• Lucid ran higher on a unconfirmed rumor the Saudi Public Investment Fund is considering buying the remainder of the company - SeekingAlpha

• Weekly inflows into stocks in the week to Wednesday were the largest in six weeks - Reuters

Get Prepared For A Very Busy Week Ahead!

Economic Calendar

Earnings Calendar

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