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Andrew, Ben, and Tom discuss the change in China's interest rates, as they are cutting rates amidst their economic struggles. Energy prices and issues in Europe continue to be a source of difficulty. Putin issues a statement to North Korea further strengthening the alliance between the two in some capacity. For information on how to join the Zoom c…
 
Ben and Tom discuss the release of PPI numbers, as they came in lower than expected, a welcomed positive sign potentially. Inflation numbers appear to be moving in the right direction, and the guys discuss how a continued agressive approach could lead to more positive signs of deflation. They finish the episode discussing Disney's highly optimistic…
 
Tom, Andrew, and Ben discuss the CPI numbers as they were released for Q2 of 2022. For the first time in two years, inflation did not increase at the CPI print for Q2 was 0.0. The UK preps for a potential four day power outage in January due to possible energy shortages. Microsoft is the latest big tech firm to start cutting costs, including layoff…
 
Tom and Ben discuss guidance cuts from Nvidia and Micron as chip manufacturers have experienced some turbulance. China's military demonstrations with Taiwan continue to be a source of interest as any military conflict could have large consequences for the global economy. CPI numbers are released tomorrow which will also indicate whether inflation w…
 
Andrew, Ben, and Tom discuss a significant number of mergers - CVS acquires Signify, UPS acquires Bomi, Atlas aquires Apollo, Pfizer acquires Global Blood Therapeutics, and Whirlpool acquires InSinkErator. China continues to military demonstration around Taiwan, and the Senate have approved the Inflation Reduction Act which now moves to the House. …
 
Ben, Andrew, and Tom discuss China’s response to Speaker Pelosi’s trip to Taiwan, some new details of the Inflation Reduction Act, the readthrough from a huge beat in the Nonfarm Payrolls data and what influence that could have on the Fed moving forward, as well as a hugely important CPI print coming up next week. For information on how to join the…
 
Ben, Andrew, and Tom discuss the ISM Services data that was better than expected, impending recessions and high inflation commentary out of the Bank of England following their 50bp hike, weak earnings out of BKNG, QRVO, CLX, as well as some fear of margin compression after a sales data report out of COST. For information on how to join the Zoom cal…
 
Ben, Andrew, and Tom discuss speaker Pelosi’s controversial trip to Taiwan, OPEC+ pledging to increase oil production by 100k barrels/day (the smallest increase in OPEC+ history), a relatively uneventful JOLTS job report, Jim Bullard’s (St. Louis fed president) comments on CNBC, Robinhood laying off 23% of its work force, and earnings results out o…
 
Ben, Andrew, and Tom discuss Nancy Pelosi’s trip to Taiwan, a few positive reads from the ISM manufacturing report, the outlook for the JOLTS job openings report, earnings out of CAT and Uber, and Andrew’s shift back to the old-fashioned taxicab. For information on how to join the Zoom calls live each morning at 8:30 EST, visit https://www.narwhalc…
 
Ben and Tom discuss the market’s reaction to commentary out of the Fed, whether or not that reaction is warranted, responses from Fed officials to the situation, and another busy week that includes manufacturing and service report data, job openings prints, and an OPEC+ meeting. For information on how to join the Zoom calls live each morning at 8:3…
 
Ben and Tom provide a deep dive into the robust earnings out of Apple and Amazon, dissapointing results from Roku and Intel, and the four most important takeaways from yesterday's GDP report. For information on how to join the Zoom calls live each morning at 8:30 EST, visit https://www.narwhalcapital.com/blog/daily-market-briefings Please see discl…
 
Ben, Tom, and Andrew discuss more earnings reports as well as the big announcement on GDP. GDP reporting was -0.9%, which would technically indicate a recession, something that the guys have been discussing for quite some time now. There are continued efforts to reduce inflation as the larger market sentiment is catching up to understanding things …
 
Ben, Tom, and Andrew discuss big earnings reports from Google, Microsoft, and Visa. Elliot Management is building a stake in Paypal, which is a stark contrast from Meta's announcement of brutal, harsh cost cuts. Biden to have a call with China's president Xi for the first time since March. For information on how to join the Zoom calls live each mor…
 
Ben, Tom, and Andrew discuss Janet Yellen's comments that she "sees no recession." Earnings reports are still coming in, and the impact of those reports will likely shift markets for the coming months. FED meeting is coming up Wednesday, and we're expecting a 75bp rate hike. For information on how to join the Zoom calls live each morning at 8:30 ES…
 
Ben and Tom discuss Europe's economic data trending towards recession. Bonds are in, and people are loving them. Earnings reports are hitting some companies heavily, AT&T down almost 8%, FedEx is suspending Sunday deliveries, and consumer facing tech appears to be in a difficult season. Advertising heavy companies are also seeing big dips as META a…
 
Tom and Ben discuss Russia's restarting of the Nord 1 pipeline, which restored a large percentage of gas flow, as they also set annexation talks with Russian-seized lands in Ukraine. ECB and BOJ initial jobless claims have been reported for the quarter. Earnings' season continues. For information on how to join the Zoom calls live each morning at 8…
 
Andrew and Ben discuss the current economic situation in Europe as things continue to be difficult. Russia states they will honor their gas commitments, which could be a lifeline for already soaring prices. Earnings season is upon us, as the guys discuss release of several big company's earnings. For information on how to join the Zoom calls live e…
 
Ben and Tom discuss European countires easing sanctions on Russian banks in order to allow food trade to continue into African countries. The French government moves to nationalize energy as they are purchasing the outstanding 16% of the EDF. Bank of America releases feedback from Fund Managers Survey that reports most consumers in America are feel…
 
Ben and Tom discuss the Jobs Reporting, posing the idea that numbers may be overstated as a result of double reporting in some instances. Alphabet (Google) is conducting a stock split of 20:1, which could entice smaller investors at a much more attractive price for smaller portfolios. The call finishes discussing a potential hopefulness regarding t…
 
Tom and Ben continue the discussion on how the FED should respond to the inflation issue. Markets were hit heavily by the CPI numbers from yesterday, and that fallout continues as JP Morgan earnings reports were lower than expected. The episode is concentrated around what creative solutions may exist as the inflation issue continues to rage on. For…
 
Andrew and Tom discuss the latest CPI numbers, as inflation continues to rise, and they consider what options the FED and Biden Administration have to combat the continued rise. Google annouces plans for layoffs, alongside several other large companies. Biden begins a tour of the Middle East, beginning with a visit to Israel. For information on how…
 
Ben, Tom, and Andrew discuss the breakdown of Elon Musk's deal with Twitter as it appears Musk is terminating from his end. In other news, frieght prices are falling alongside cruise prices, while car reposessions are starting to move higher. No call tomorrow as we're prepping for our Q2 Macro Presentation. For information on how to join the Zoom c…
 
The boys are back to discuss the resignation of Boris Johnson, China’s consideration of a $220b stimulus package, Merck’s talks to buy Seagen for $40b, strong revenue from Samsung, and the full slate of economic data that was printed yesterday. For information on how to join the Zoom calls live each morning at 8:30 EST, visit https://www.narwhalcap…
 
Ben discusses the pressure that continues to mount against Boris Johnson, the massive moves in the Euro and British Pound, a commodity crash in the US, job growth numbers, another yield curve inversion, and more economic data set to come out later today. For information on how to join the Zoom calls live each morning at 8:30 EST, visit https://www.…
 
Ben discusses concerning economic data, the shift from stagflation to full blown recession, troubling signs in Europe, Biden’s potential plan to ease Chinese tariffs, and Jay Powell’s comments showing the Fed’s desire to squash inflation at all costs. For information on how to join the Zoom calls live each morning at 8:30 EST, visit https://www.nar…
 
Ben discusses equity and fixed income performance through the first 2 quarters, Eurozone CPI reports, gas rationing in Germany, Kohl’s failed attempt to sell the company, earnings out of Constellation Brands, harrowing words on the economic outlook from Meta CEO Mark Zuckerberg, and a weaker consumer leading to semiconductor inventory build ups. Fo…
 
Ben, Andrew, and Tom discuss jobs data in the US and Europe, the OPEC+ meeting, another guidance cut from Restoration Hardware, and a slight beat out of Constellation Brands. For information on how to join the Zoom calls live each morning at 8:30 EST, visit https://www.narwhalcapital.com/blog/daily-market-briefings Please see disclosures…
 
Ben and Tom discuss the ramifications of the disastrous earnings out of Bed Bath and Beyond, the reversal of some of last week’s positive trends, high costs hitting McCormick’s and General Mills’ earnings, and the NATO build up. For information on how to join the Zoom calls live each morning at 8:30 EST, visit https://www.narwhalcapital.com/blog/da…
 
Andrew, Ben, and Tom discuss weak earnings out of Nike, a bad 5-year bond auction, mutual funds and ETFs beginning to focus more on municipal bonds, and the expectations for the upcoming earnings season. For information on how to join the Zoom calls live each morning at 8:30 EST, visit https://www.narwhalcapital.com/blog/daily-market-briefings Plea…
 
Ben and Tom discuss the highpoints from the G-7 meeting, the state of inflation, whether or not we have seen the bottom in the market, and some last meaningful earnings as we move into quarter end. Also, a shout out to our producer, Logan Johnson, for getting married this weekend. For information on how to join the Zoom calls live each morning at 8…
 
Andrew and Ben discuss the factors that led to the first up week in equity markets in nearly a month, why these factors don’t necessarily spell good news for the underlying economy, earnings out of FedEx, and the markets response to these earnings which could reveal a shift in market sentiment. For information on how to join the Zoom calls live eac…
 
Ben and Andrew discuss the estimated jobless claims as the economy continues to trend towards recession. The also discuss Powell's comments at length regarding his sentiment and understanding of what needs to happen to right the ship of the economy. The episode also discusses Zuckerberg's interview last night on Mad Money and natural gas shortages …
 
Ben and Andrew discuss the Biden Adminstration's plan to create a "gas tax" holiday. The affects of the potential gas tax include issues with already existing oil industry relations as well as an uphill battle within Congress to get passed. They also discuss the upcoming Powell testimony, municipal funds trading at discounts, continued layoffs in S…
 
Andrew and Ben discuss the current market sentiment on inflation and the "probability" of recession. Goldman speculates that chances of recession are increasing, and Bullard comments on inflation and the Fed's credibility moving forward with handling it. The episode also discusses Biden's comments on student debt forgiveness and a gas tax holiday. …
 
Ben and Andrew discuss the continued downturn in the market, including jobless claims and the FED's 75 point rate hike. The market continues to slide in Europe as the Swiss National Bank increase rates for the first time in 15 years although their interest rates are still negative. Nothing new in terms of sentiment to what's going on across the glo…
 
Ben and Andrew discuss the most recent economic data and its impact, the growing momentum in layoff announcements, Biden’s letter to petroleum refining companies, the news out of central banks around the world and the potential cracks in the Bank of Japan, and the upcoming Fed announcement. For information on how to join the Zoom calls live each mo…
 
Andrew and Logan discuss the current state of the market - why is it down so much, how did it get here, what are we doing about it from an investment standpoint, and when will it end? The goal of this episode is to help clients and non-clients alike to understand how the market has gotten to the place that it is and how we are planning to interact …
 
Tom, Ben, and Andrew discuss the current market collapse. The US Market is seeing steep drawbacks as inflation continues to be an issue, and the effects ripple throughout the secondary and tertiary markets as well. Internationally, the German DAX is down over 2%, the UK FTSE 100 down close to 2%, and and the Hong Kong Hang Seng is down over 3%. Cry…
 
Ben, Andrew, and Tom discuss more Janet Yellen comments as she talks through the current state of the economy. Her comments inspire little to no faith in the decisions and policies being enacted to combat inflation. Following that discussion, CPI reports showed a continued increase in inflation, also indicating that measures currently taken to corr…
 
Tom, Ben, and Andrew discuss the current status of the ECB. The ECB is ending purchases under their pandemic emergency program, and they're planning to increase interest rates as they are currently negative. The podcast finishes up with the CPI forecasts as we await the reporting coming soon. For information on how to join the Zoom calls live each …
 
Ben and Tom discuss Janet Yellen's comments on inflation, focusing on the state of inflation in the US economy as well as possible ways to ease inflation moving forward. They also discuss the 10-year note auction, the FTC's probing of pharmacy benefit managers, and TSMC guidance changes. For information on how to join the Zoom calls live each morni…
 
Ben, Andrew, and Tom discuss another downward revision by Target, the readthrough on the health of the American consumer, Boris Johnson surviving the confidence vote, Jeff Currie of Goldman calling for $135/barrel of oil for the next 6 months, Janet Yellen speaking before the Senate Finance Committee this afternoon, and the new Apple IOS 16 update.…
 
Andrew, Ben, and Tom discuss the inventory issue facing several retail companies, two big ones being Amazon and Walmart. Also, in news for Amazon is their 20:1 stock split, as well as their head of Worldwide Consumer Business is leaving. Elon Musk reported at the end of last week that 10% of salaried employees would be laid off, a sentiment that wi…
 
Ben and Tom discuss the labor report from the month of May. There are currently a lot of hiring freezes and layoffs beginning, highlighted by Elon Musk's announcement to pull back 10% of their current employees. They also discuss Musk's "return to the office" at Tesla and how that trend may continue through other industries and companies. For infor…
 
Andy Su is the co-founder of Pry Financials, a financials platform for start-ups as they develop business plans and strategy for their ideas. Pry recently sold to Brex, a company that also helps businesses with software integration as they are developing business strategy for their start-up companies. Andy shares the origin story of Pry as well as …
 
Tom and Ben discuss the current state of the job market, including job hiring slowdowns and layoffs beginning to take place. They also discuss the situation in the oil market as gas prices continue to rise in the US. Other topics include Sheryl Sandberg (14 year COO) Facebook/Meta, Ford's plans for a big announcement, and both James Bullard's and J…
 
Andrew, Ben, and Tom discuss the reports for SalesForce as they were up in the market after results that were in-line with expectations. They also talk through the "work arounds" that European countries have for Russian oil bans. Lastly, they discuss former FED chair Janet Yellen's questionable remarks, or lack thereof, regarding the state of the e…
 
Ben and Tom primarily discuss the state of European inflation and the Biden administration's plans for the "new normal" of the American economy. Europe is currently facing a similar inflationary issue as the US, yet their economy is growing at a much slower rate, which could create future issues for them. The Biden administration is hoping to provi…
 
Andrew, Tom, and Ben discuss the recent market rally, wage and pricing pressures on companies, an increase in equity fund flows, brutal earnings out of GAP and Big Lots, and a quality quarter from Costco. For information on how to join the Zoom calls live each morning at 8:30 EST, visit https://www.narwhalcapital.com/blog/daily-market-briefings Ple…
 
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