JUST IN: Over $2.9 trillion has been wiped out from major indices and stocks this morning due to growing fears of a global recession.
This is the worst day for stocks since March 16, 2020, during the COVID-19 pandemic fears. Source: Jacob King, Bloomberg
Almost all Japanese stock gains for 2024 wiped out in 3 days...
Today was an absolute chaos in Japan as stocks plummeted more than 6%, the largest decline in 8 years, and experienced 2 circuit breakers during the session... What will the BOJ save first? The Yen, Japanese stocks or the JGBs (of which they already own 50%)? Source: www.zerohedge.com
BREAKING >>> Intel stock, $INTC, crashed over 12% after-hours yesterday evening after reporting Q2 2024 earnings and suspending their dividend.
They reported EPS of $0.02, below expectations of $0.10, on revenue of $12.8 billion, below expectations of $12.9 billion. Intel also announced that they will be laying off 15,000 of their employees. A difficult quarter for Intel. Source: The Kobeissi Letter
Ferrari (RACE) boosted its full-year guidance when delivering second-quarter results that topped revenue expectations on Thursday.
The Italian automaker now projects 2024 net revenue of more than 6.55 billion euros ($7.07 billion), up from more than EUR6.4 billion, and adjusted earnings per share (EPS) of at least EUR7.90, up from at least EUR7.50. “We are delighted to announce excellent financial results in the second quarter of 2024, which demonstrate again a strong execution and continued growth." – Benedetto Vigna, CEO Ferrari $RACE Q2 2024 in a nutshell: Shipments +3% *EMEA +1% *Americas +13% *Greater China -18% *APAC +4% Revenue +16.2% EBIT +17% *marg 29.9 (29.7) EPS +25% Source: Quartr
Do you remember Moderna $MRNA ???
Moderna beats estimates but slashes guidance on low EU sales, competitive U.S. vaccine market. It is down -20% today and -79% from its covid all-time-high. Moderna: "Net product sales for Q2 24 were $184M, reflecting a 37% YoY decrease. This reduction aligns with the expected shift to a seasonal COVID-19 vaccine market.." Moderna had $241M in total sales in Q2 and $1.6B in total operating expenses. Adding interest income, they burned $1.27B in one quarter. Cash on balance sheet is down to $2.47B. I fully expect expect them to do large capital raise to dilute shareholders. Source: JaguarAnalytics, The Transcript
"The Largest stocks today have cheaper valuations compared to the Largest 7 in 2000"
@NDR_Research thru Mike Z.
In bull markets stocks go up
Source: J-C Parets
The difference between the MEDIAN and the MEAN CUMULATIVE returns of US stocks since 1926 is amazing...
As mentioned by @SpencerHakimian on X: "Stock returns are so skewed to the 4% of stocks that are responsible for all equity market returns that have occurred in the past 100 years. Statistically, it is virtually impossible to outperform an index over time since you would have needed to specifically own the tiny percentage of stocks that beat the index, and specifically avoid the vast majority of stocks that underperformed the index. Individual stock picking turns investing from a positive sum game to a negative sum game. Index investing is like being the casino. Individual stock picking is like being the gambler". Source: Baird, Michel A.Arouet
