Used car prices are crashing: Used car and truck prices are now down 17.5% since the 2021 peak, the largest decline in 15 years.
Over the last 35 years, there were only two times when prices of used vehicles saw a bigger drawdown: in 2004 and 2009. Overall, US wholesale prices of used vehicles have declined for 22 consecutive months. In June, average wholesale prices decreased by 8.9% year-over-year to $17,934. EV makers have been hit the hardest, with some EV prices falling over 40% since last year. The car market bubble has popped. Source: The Kobeissi Letter, Bloomberg
"The H1 results reflect LVMH's remarkable resilience, backed by the strength of its Maisons and the responsiveness of its teams in a climate of economic and geopolitical uncertainty."
Bernard Arnault Below $LVMH Q2 2024 organic revenue growth by business group by Quartr.
Apple Maps has just been updated for Paris2024 Summer Olympics.
New update includes stunning 3D models of Olympic venues, including temporary ones. Source: Nikias Molina
Tesla reports disappointing earnings for second quarter as revenue rises 2%
Tesla reported weaker-than-expected earnings for the second quarter as automotive sales dropped for a second straight period. The stock slid more than 2% in extended trading. $TSLA Tesla Q2 FY24 by App Economy Insights: • Revenue +2% Y/Y to $25.5B ($0.8B beat). • Gross margin 18% (-0.2pp Y/Y). • Operating margin 6% (-3pp Y/Y). • Capex +10% Y/Y to $2.3B. • Free cash flow +34% Y/Y to $1.3B. • Non-GAAP EPS $0.52 ($0.10 miss).
Alphabet slipped 1% after-hours in spite of a beat on both top and bottom lines in the second quarter.
Alphabet earned $1.89 per share on $84.74 billion in revenue. Consensus estimates had called for earnings of $1.84 per share on $84.19 billion in revenue. However, revenue at its Youtube advertising segment missed forecasts. $GOOG Alphabet Q2 FY24 by App Economy Insights: • Revenue +14% Y/Y to $84.7B ($0.5B beat). • Operating margin 32% (+3pp Y/Y). • EPS $1.89 ($0.04 beat). ☁️ Google Cloud: • Revenue +29% Y/Y to $10.3B. • Operating margin 11% (+6pp Y/Y). ▶️ YouTube ads +13% to $8.7B.
DAY ONE in the books for ETH ETFs who did $1b in total volume, which is 23% of what the spot bitcoin ETFs on their first Day and $ETHA did 25% of $IBIT's volume.
The gap between $ETHE and The Newborn Eight is a healthy +$625m (a sizable chunk of which *should* convert to inflow Source: Eric Balchunas
The current US small caps rally seems to be mainly driven near-record exuberance in Russell 2000 ETF $IWM call options activity
(chart on the right) rather than inflows into small caps funds (chart on the left). Source: BofA, UBS
NEW: BlackRock's Bitcoin ETF has had more inflows this year than the Nasdaq-tracking $QQQ ETF.
Source: Bitcoin Archive
