BREAKING: Apple $AAPL climbed 7% in extended trading after the company announces a $110 BILLION share buyback.
Apple reported quarterly revenue of $90.8 billion and EPS of $1.53, both of which were above expectations. However, revenue in Greater China was down by 8.1% and iPhone sales fell 10%. Apple did not provide formal guidance, but Apple CEO Tim Cook told CNBC’s Steve Kovach that overall sales would “grow low single digits” during the June quarter. Apple announced that its board had authorized $110 billion in share repurchases, a 22% increase over last year’s $90 billion authorization. It’s the largest in history, ahead of Apple’s previous repurchases, according to data from Birinyi Associates. Apple is the latest tech giant to announce a massive share buyback after $META and $GOOGL. We are on track to see over $1 trillion in share buybacks this year for the first time in history. Mixed earnings but buybacks are all the market wants. Source: The Kobeissi Letter
The gains in equities & bonds during the Fed meeting were completely wiped out by the market by the end.
Nasdaq 100 closed 0.7% lower, and US 10y yields pared most of their drop. Source: HolgerZ, Bloomberg
16 years of Mastercard vs Visa.
Both $MA (21.6%) and $V (20.9%) have remarkable CAGRs over that period. They have been pretty correlated throughout the period, taking over the world in unison. Source: Bloomberg, KoyfinCharts
Bespoke about yesterday's last hour of trading =>
"Based on the history, with the index up 113 bps at 3:00pm, the SP500 had a 99% chance of closing green. Its failure to do so is a remarkable stumble, to say the least." Source: Bespoke
Chinese Stocks enter technical bull market after rallying 20% off the Jan 22 low
Source: Barchart
Asset Managers are the most long U.S. equity Futures in AT LEAST the last 12 years 👀
Source: Barchart, JP Morgan
One of the most important chart in the asset allocation decision process:
Stocks vs. long duration US Treasuries. The trend is your friend Source: J-C Parets
~33% of all S&P 500 stock trades are now executed in the last 10 minutes of the trading session.
This is up from ~27% in 2021 and has been steadily increasing over the last few months. The entire trading session lasts for 390 minutes, but ONE THIRD of all trades are done in the last 10. Interestingly, assets of passive equity funds such as ETFs have risen to nearly $12 trillion in the US, according to Bloomberg. These funds usually execute their trades near the end of a trading session. This explains the significant spike in volatility at the end of the day. Source: The Kobeissi Letter, Bloomberg
