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Good Morning Everyone!
Wells Fargo (NYSE:WFC) just laid off hundreds of mortgage bankers, including some top producers who brought the bank more than $100 million in loans last year.
Is Wells Fargo making a huge mistake?
Prices as of 4 pm EST, 2/22/23; % YTD
Stock correlations
Fading
Becoming slightly less macro-driven
Good news for stock pickers
FOMC minutes
"Almost all" officials favor 25bps next meeting (Mar 22)
"A few" want 50bps
Forget about pivot - not willing to give up progress on inflation
Market expect peak funds rate ~5.36%
Number of mentions of "inflation":
This morning’s data:
Labor market
Still tight
192k initial jobless claims vs. 200k expected (prev. 195k)
Continuing claims also lower than expected
Q4 GDP
Revised lower
Second estimate 2.7% vs. 2.9% expected
Core PCE
+4.3% vs. 3.9% expected (prev. 4.7%)
US housing
Weak mortgage demand data follows weak sales
Purchase index -18% last week (biggest drop since 2015)
At lowest level since 1995
2022: US housing market lost $2.3 trillion in value
4.9% drop - biggest since 2008
Home prices in Dec 22 still 6.5% higher than Dec 21
O&G prices
US nat gas has dropped 80% since August
Prices at pandemic-era lows
EU gas prices now lower than before Russia invasion
Same with Brent crude:
Nvidia (NASDAQ:NVDA)
Beat top and bottom lines
Both declined YoY
Q1 sales forecast topped estimates ($6.5B vs. $6.3B)
Continues to benefit heavily from AI rush
Alibaba (NYSE:BABA)
Topped EPS and smashed sales estimates
Gross merchandise volume (GMV) decline mid-single-digit YoY
Cost controls have paid off: net income +69% YoY
Expects strong demand on China reopening
Earnings
Alibaba
CBRE Group (NYSE:CBRE)
Moderna (NASDAQ:MRNA)
Cheniere (AMEX:LNG)
Lloyds (NYSE:LYG)
Vipshop (NYSE:VIPS)
PG&E (NYSE:PCG)
Genuine Parts (NYSE:GPC)
DISH (NASDAQ:DISH)
American Electric Power (NASDAQ:AEP)
Quanta Services (NYSE:PWR)
NetEase (NASDAQ:NTES)
Newmont (NYSE:NEM)
Wayfair (NYSE:W)
Bath & Body Works (NYSE:BBWI)
Domino's (NYSE:DPZ)
Papa John's (NASDAQ:PZZA)
Rent-a-Center (NASDAQ:RCII)
Atlas Air (NASDAQ:AAWW)
Steve Madden (NASDAQ:SHOO)
Yeti (NYSE:YETI)
Silvergate Bank (NYSE:YETI)
Wall Street's most shorted stock
73.5% of available shares being sold short
Trails Carvana (NYSE:CVNA), Applied UV (NASDAQ:AUVI), Bed Bath & Beyond (NASDAQ:BBBY)
Down +90% from 2021 peak
Bitcoin (CRYPTO: BTC) whales decline
Number of whales (wallets holding >1k BTC) at lowest since August 2019
2,027 whales
Each whale holds ~$25 million
Wallets holding +1 BTC still rising (close to 1 million)
Number of mega whales (+10k BTC) steady
Posted In: $BTC AAWW AEP AUVI BABA BBBY BBWI CBRE CVNA DISH DPZ GPC LYG MRNA NEM NTES NVDA PCG PWR PZZA