The e-commerce market is a winner-takes-almost-all industry in each country, with Amazon being the leader in terms of e-commerce revenue
JD follows Amazon in second place, generating significantly less e-commerce revenue. Source: Genuine Impact
Arm Holdings jumps 25% from IPO price in trading debut
Hotly-anticipated IPO was 12-times oversubscribed w/the top 10 clients taking half of the 95.5 million ADRs at $51 each, the top of a marketed range. Source: HolgerZ, Bloomberg
Nvidia Insider Trading Alert 🚨
Nvidia CEO Jensen Huang dumped another $27 million worth of $NVDA shares. He has now sold almost $100 million worth of shares over the last week. Source: Barchart
The top 10 companies in the S&P 500 with outstanding credit ratings
Among them, Microsoft and Johnson & Johnson stand out as the only two companies boasting the highest AAA rating. Source: Genuine Impact
Yesterday, the $LVMH-backed iconic sandal-maker Birkenstock filed for its NYSE IPO!
With a 250-year history and a product that has been cheaply imitated for decades, $BIRK's 20% revenue CAGR over the last eight years is very impressive. Looking at profitability, Birkenstock actually has 60% gross margins, and its EBIT margins reached as high as 29% in FY22. In 2021, Birkenstock was acquired by the private equity firm L Catterton for $4.3B. Together with Bernard Arnault's family holding company Groupe Arnault, LVMH owns 40% of the ~$30B firm. The rumored valuation of ~$8B would imply an EBIT multiple somewhere around 20x, using the company's FY22 numbers. Source: Quartr
Thankfully, the US is a country where the President has very little impact on the stock market
Stocks tend to go up during most presidencies, regardless of who is in power. Key takeaway: Don't mix politics with your portfolio. Source: Charlie Bilello
OIL PANIC?
As shown on the chart below (courtesy of TME), big golden crosses can lead to much bigger outsized oil moves than what we are seeing now… This is becoming problematic for equity markets. As explained by Goldman, "rallying rates and commodities are derailing the goldilocks soft landing scenario. The uncomfortable combination of rallying oil and US long end breaking up is disrupting this equilibrium and triggering a rotation into the “persisting inflation & sticky rates” narrative, adding pressure on equities and valuations". (GS sales desk)
FAT over AI: the match...
while headlines are all about artificial intelligence darling Nvidia, the weight-loss drugs champions Eli Lilly and Novo Nordisk stocks performance has been spectacular as well. Two year chart shows that $LLY is well ahead of "hot" $NVDA...and $NVO is practically "there"... Source: The Market Ear, Refinitiv
