Edition #4
Thursday October 27th 2022
Summary 📝
Poor earnings from Meta Platforms last night are sending the stock into freefall in the premarket, surprisingly not impacting the wider market, which may have anticipated poor performance following Alphabet and Snapchat disappointing with their respective reports.
We have ANOTHER huge day ahead, with Apple and Amazon reporting after hours, and GDP information to give further insights into how interest rates are impacting the economy.
Market Recap 📈
Yesterday’s Post 💌
What’s Moving Markets?
Incoming Earnings Reports this week- provided by Earnings Whispers.
Events today- provided by Unusual Whales.
CNBC- Credit Suisse shares plunge 14% as bank announces huge third-quarter loss and strategic overhaul
Credit Suisse has been plagued by sluggish investment banking revenues, losses relating to its business in Russia and litigation costs following a host of legacy compliance and risk management failures, most notably the Archegos hedge fund scandal.
The embattled lender posted a third-quarter net loss of 4.034 billion Swiss francs ($4.09 billion), compared with analyst expectations for a loss of 567.93 million Swiss francs. The figure is also well below the 434 million Swiss franc profit posted for the same quarter last year.
The ECB is widely seen raising rates by 75 basis points later this week.
This would be the second consecutive jumbo hike and the third increase this year.
S&P 500 futures rise slightly as investors look past disappointing tech earnings, Meta shares crater
Chart of the Day 📈
One of the benefits we see with extreme drawdowns such as 2022 has been the rise of stock buybacks. This is always a good thing to see for companies in our portfolio, since it demonstrates confidence and strong cash reserves.
Investor’s Toolkit
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Disclosure
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This newsletter provides general information only. Before making any financial or investment decisions, please consult a financial planner to take into account your personal investment objectives, financial situation and individual needs.