Welcome back readers,

The One Read - Your daily source of curated news and market highlights!

Lets dive in 🌊 !

In the Markets:  👀

• PPI came in at 6%; exp: 5.4%

  • Core PPI 5.4%; exp 4.9%

  • You’ll find a helpful simplified thread link below explaining basics of what PPI is, how its measured and why its important :)

• Jobless claims: 194k; exp 200k

  • Labor market remains strong at the moment.

• Tesla ⚡ ($TSLA): Company will recall 362,758 cars which are equipped with FSD ( full self driving beta).

• Youtube 📺 ($GOOGL): Susan Wojcicki set to step down as Youtube CEO after spending almost a decade in the role. Neal Mohan, Chief Product officer will be the successor.

• Docusign ✍️ ($DOCU): Announced a 10% layoff affecting about 700 people with the firm.

• Bank of America 🏦 ($BAC): Announced job cuts in their investment banking unit. Cuts could affect about 200 employees.

• Abu Dhabi’s Mubadala Investment co. and Qatar Investment Authority, two of the world’s richest sovereign wealth funds have expressed interest in taking a minority stake in NBA teams. 🏀

  • Full story —> https://www.bloomberg.com/news/articles/2023-02-16/nba-teams-become-target-for-mubadala-and-qatar-investment-authority

• Goldman Sachs 🏦 ($GS): Goldman, has ended advanced discussions with T-mobile regarding a co-branded credit card. This would have been T-Mobile’s first company credit-card program. A point noted on $GS last earnings call, the firm intends to spend less capital investing in the consumer business and also scale back spending on their Marcus platform.

Indices and Earnings:  💸

• Indices:

  

• Datadog earnings ($DDOG):

  • EPS: beat $0.26; exp $0.19

  • Revenue: beat $469M; exp $450.31M

• Draftkings earnings ($DKNG):

  • EPS: (-53c)

  • Revenue: beat $855M; exp $798.6M

• Doordash earnings ($DASH):

  • Revenue: beat $1.82B; exp $1.77B

  • President and COO Christopher Payne to retire

• Applied Materials earnings ($AMAT):

  • EPS: beat $2.03; exp $1.94

  • Revenue: beat $6.74B; exp $6.69B

• Redfin earnings ($RDFN):

  • EPS: beat (-$0.57); exp (-1.05)

  • Revenue: beat $479.7M; exp $448.14M

Quick recap and look ahead:  🧠

• I shared this this tweet yesterday found this chart to be very interesting, the market needs to find its direction. Two weeks ago vs now the bond markets are starting to reduce rate cuts they originally anticipated into the back half of this year. Does the Fed stay higher for longer as they have been saying? Remains to be seen, but looks like bond market is finally starting to believe them.

• Borrowing costs for junk retailer debt spiking back up

• My friend @AviNMash used ChatGPT 🤖 to create this thread explaining everything you need to know about PPI and why it matters —> https://twitter.com/avinmash/status/1615101527105970188?s=46&t=tggJiImbKLD1jgjE0n0oNQ

• Tomorrow: OPEX monthly contract expirations, 3rd Friday of each month, so markets could be volatile.

That’s all for today folks! As promised yesterday, will share the anecdote from Exchange ETF a fund conference held recently in Miami. My friend Benjamin Lavine CIO from 3D/L Capital and I had the chance to have a breakfast meeting with Jeffrey Sherman - Deputy CIO at DoubleLine Capital while we were in Miami.

We spoke about the markets for 45 mins (inflation, TIPS, jobs, etc). But as you can imagine this financial jargon can be heavy at 9 a.m. and I was really curious what he was hearing from others around the world. Coming into this year, many thought we could face a nasty recession, while still possible it seems the odds have certainly reduced. He mentioned, on a similar note while a lot is left to navigate through still, he was confident we would “muddle” in his words through this year and come out of these unprecedented times just fine.

Of course, thats to be taken with a grain of salt, but it was encouraging to hear after he was traveling and speaking to many in the industry this is how he felt. I am not sure how the markets perform for the rest of the year, but it is nice to see some more positivity than there was a year ago! Have a great weekend, we will be back on Tuesday — markets are closed Monday!

_{Disclaimer: Nothing in this should be construed as financial advice or recommendations. This newsletter is meant to be strictly educational and not to suggest any type of buy/sell/hold advice or financial decision making. Always do you’re own research.}