vestact posted: " Market Scorecard US markets eked out another up day, after wobbling between losses and gains for much of the session. The energy, semiconductor, and payments sectors rose by the most. According to Factset, about 95% of companies in the S&P 500" Vestact - Money with a dash of funny
US markets eked out another up day, after wobbling between losses and gains for much of the session. The energy, semiconductor, and payments sectors rose by the most. According to Factset, about 95% of companies in the S&P 500 have now reported second-quarter earnings, and 75% of them have beaten expectations. That's a very solid performance.
Home sales data out yesterday showed that the US housing market is cooling off, which is to be expected after a ridiculously long run-up. Higher mortgage rates are taking their toll and the National Association of Realtors reported that sales of existing homes fell for a sixth consecutive month in July.
In company news, Cisco shares jumped 5.8% after the maker of networking and security equipment posted flat revenues. Cosmetics giant Estee Lauder rose by 2% after reporting earnings that came in ahead of expectations. Elsewhere, Penn Entertainment said it would buy out the remaining shares of Barstool Sports.
At the end of the day, the JSE All-share was up 0.06%, the S&P 500 rose by 0.23%, and the Nasdaq was 0.21% higher.
Our 10c Worth
One Thing, From Paul
Advice time again, really? This week flew by, and Friday morning came around very quickly. I've run out of deep ideas.
Here's a very simple suggestion. Be curious, and ask other people lots of questions. It's much more interesting to listen than to speak. You never learn anything when you're talking.
Byron's Beats
Walmart is getting into the content streaming business. This seems unusual for a big-box retailer, but remember that Amazon does it too. Walmart has teamed up with Paramount to offer their Plus subscribers shows to watch at home.
Walmart Plus costs $12.95 per month and gives clients free delivery and other loyalty rewards. They are arch-rivals of Amazon Prime, so adding a free streaming service was the obvious next step.
Competition is good and Amazon should see this as a compliment. Walmart has done well with their online retail service and at the end of the day the customers get the benefit.
Michael's Musings
A week ago, home goods retailer Bed Bath & Beyond traded at $8 a share. It jumped up to $28 a share by Wednesday but fell to $18 a share yesterday. Based on after-hours trading, it looks like it will open today at $10 a share. That's more volatility in a week than most companies have in years!
Bed Bath & Beyond was founded in 1971 and has over 900 stores in North America. The company is in severe financial difficulty, at risk of going bust, and for some reason has become a "meme stonk."
All the volatility in the share price seems to be driven by retail investors all crowding into the stock in the hopes of making a quick buck, based on rumours of a new turnaround strategy. All this volatility allowed a rich kid, 17-year-old Jake Freeman, to make a $110 million profit on a $25 million Bed Bath & Beyond position.
That's him in the picture below, he's an applied mathematics and economics major at the University of Southern California. Not bad going for someone who isn't even old enough to drink alcohol in America.
Bright's Banter
Airbnb wants you to have a relaxing short stay in a house, not throw a wild party. They are testing new "anti-party technology" in the US and Canada. This comes after the company announced a permanent ban on all parties and events at host properties worldwide back in June. The same tech was trialled in Australia last year, and unauthorised bashes were reduced by 35%.
The system basically looks at factors like how long the Airbnb account has been active, how far away the listing is from where the user is based, and obviously, the history of positive reviews. The system will also bear in mind the length of the stay and whether the booking is for a weekday or just the weekend.
This all sounds good and well, but what if the host is happy to rent out the Airbnb for parties and is looking for that kind of business? Some properties have lavish reception areas and are well-located with tolerant neighbours. Just let the people party!
Linkfest, Lap It Up
Researchers have identified the genes which make people susceptible to certain types of cancer. Armed with this knowledge, new drugs are being rushed to market - Parp inhibitors prevent tumours from appearing.
Ghosting is when someone cuts off all communication without any explanation. In a professional context it includes promising to do things, but not following through - Stop ghosting and start saying no.
Signing Off
Asian markets have turned slightly lower in afternoon trade. It's almost the weekend out there in the East.
US equity futures are also down in early trade. The Rand has continued to soften and is now trading at R16.91 to the US Dollar.
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