Mostly Quiet, Except For Tesla…
Good Morning Everyone!
It was a tough year for car makers. The best performing auto stock was Ferrari (NYSE:RACE), which declined by "only" 18%.
Prices as of 4 pm EST, 12/27/22; % YTD
MARKET UPDATE
Rough year
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141 down days vs 107 up days
US home prices continue decline
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-0.8% in October
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Fourth straight monthly decline for 20-city composite
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Prices +8.6% YoY (+8.2% expected)
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Smallest annual gain since October 2020
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Sixth straight decline on YoY basis
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Sellers are swapping sale listings for rentals
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Due to rising mortgage rates, unaffordability
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Pending Home Sales at 10 am – expected to decline
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Have fallen for 5 straight months
Manufacturing contraction continues
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Dallas regional index – 8th consecutive monthly contraction
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Dropped to -18.8 from -14.4
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Company and uncertainty outlooks remain negative
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CapEx, finished goods inventories, new orders, general business expectations
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All negative
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Tesla (NASDAQ:TSLA)
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7 straight days of losses
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Down over 40% MTD
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Heavy selloff:
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Reduced production at Shanghai factory
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Last week – offered discounts on 2 highest volume models
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Poor Elon has lost a lot of money this year:
Apple (NASDAQ:AAPL)
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Weakness on production halts at major iPhone plant (China)
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Concerns over iPhone supply
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Shares lowest since June 2021
International Business Machines (NYSE:IBM)
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Surprise tech stock of the year?
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+6% YTD
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Has outperformed every large-cap tech stock
Earnings
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None
CRYPTO UPDATE
Argo Blockchain (NASDAQ:ARBK)
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Suspended trading of shares yesterday in anticipation of announcement
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Restructuring operations, trying to avoid going Core Scientific route (bankruptcy)
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Announcement: to sell Helios mining facility to Galaxy Digital for $65 million
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Galaxy will also provide $35 million loan
Bitcoin (CRYPTO: BTC) – daily spot trading volume falls below $10 billion
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First time since December 2020