Bonds and equities re-correlate...The recent acceleration in yields appears to have had an effect on long-duration risk-assets...
Source: Bloomberg, www.zerohedge.com
Amazon reported second-quarter earnings on Thursday that sailed past analysts’ estimates and issued guidance that points to accelerating revenue growth
The stock rose more than 10% in extended trading. AMZN Amazon Q2 FY23: • Revenue +11% Y/Y to $134.3B ($3B beat). • Operating margin 6% (+3pp Y/Y). • FCF $7.9B TTM. • EPS $0.65. AWS: • Revenue +12% Y/Y to $22.1B. • Operating margin 24% (-4pp Y/Y). Q3 FY23 Guidance: • Revenue ~$140B ($2B beat). Source: App Economy Insights, CNBC
Apple beat earnings estimates but fell after-hours
Apple reported fiscal third-quarter results that beat Wall Street expectations for both earnings and sales, driven by stronger services sales that grew 8% on an annual basis. Overall sales still fell 1% year over year, however, and revenue in the company’s iPhone, Mac, and iPad lines were all down from a year earlier. Apple shares fell more than 2% in extended trading. $AAPL Apple Q3 FY23: • Revenue -1% Y/Y to $81.8B (in-line). 💳 Services +8% Y/Y to $21.2B. 📱 Products -4% Y/Y to $60.6B. • Operating margin 28% (flat Y/Y). • EPS $1.26 ($0.07 beat). • Over 1B paid subscriptions. Source: App Economy Insights, CNBC
Top 6 Cash flow ratios
Source: Compounding Quality, Chris Quinn
MSCI World long-term performance by style
Quality outperforms by far with a lower standard deviation (NB: past returns are not a guarantee for future returns). Source: Invest In Assets | Stock Market Investing
BlackRock's Circular Economy Fund invests in companies that focused on ♻️sustainability and reducing waste.
The fund's diverse portfolio includes waste management companies such as Waste Management and Republic Services, beverage company Coca-Cola, and manufacturer ASML, among others. Chart by Genuine Impact
“.. when the S&P 500 is +10% or better YTD at the July-end mark.”
Source: Carl Quintanilla, Bloomberg
China's currency regulators are asking some commercial banks to reduce or postpone their purchases of U.S. dollars
That is in order to slow the yuan's depreciation, two people with direct knowledge of the matter said. The informal instruction, or the so-called window guidance, is the latest in a series of steps taken by authorities this year to bolster a currency that has been hit by China's faltering post-pandemic economic recovery and rising yields for the U.S. dollar and other major currencies. Source: Reuters
