Special Situations 🌐 Research Newsletter (Jay)
Durable goods orders +1.9%, positive news on the margin
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Special Situations 🌐 Research Newsletter (Jay)
Fed is likely to continue to be hawkish through the end of the year based on data, earnings, and spreads.
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Special Situations 🌐 Research Newsletter (Jay)
Ed Hyman: getting evidence that inflation slowing down, avg. airfare back below $300, depends on how quickly inflation comes down... $DAL $AAL $JBLU $UAL $SAVE
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Special Situations 🌐 Research Newsletter (Jay)
Barclays $BARC: Chance Fed tapers quantitative tightening next year in order to slow decline in bank reserves

$BARC estimates reserves will shrink to $2.1T by 1Q 2023, which may be close enough to where banks begin to bid up unsecured rates “so deposit rates increase abruptly”
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Special Situations 🌐 Research Newsletter (Jay)
Expected miss from $SHW Sherwin Williams in this past Sunday's Spaces:

Sherwin-Williams Co. slid in pre-market trading as stagnant demand in EU & China hurt sales for 2Q, prompting a slash in full-year adjusted earnings guidance also in part due to inflation pressure.
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Special Situations 🌐 Research Newsletter (Jay)
$TMUS also states like $T that consumers are taking longer to pay their bills!
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Special Situations 🌐 Research Newsletter (Jay)
$SHW down 10% premarket:
-Sees adjusted EPS $8.50 to $8.80, saw $9.25 to $9.65, estimate $9.42
-Sees EPS $7.65 to $7.95, saw $8.40 to $8.80
-Net sales $5.87 billion, +9.2% y/y, estimate $6.01 billion
-Adjusted EPS $2.41 vs. $2.65 y/y, estimate $2.78

https://t.co/W7qgsS8MkB https://t.co/dxVIGnwwKn
Expected miss from $SHW Sherwin Williams in this past Sunday's Spaces:

Sherwin-Williams Co. slid in pre-market trading as stagnant demand in EU & China hurt sales for 2Q, prompting a slash in full-year adjusted earnings guidance also in part due to inflation pressure. - Special Situations 🌐 Research Newsletter (Jay)
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Special Situations 🌐 Research Newsletter (Jay)
F45 Training $FXLV shares plummet as much as 57% after the fitness studio operator’s CEO and founder Adam Gilchrist stepped down and the company lowered its guidance. https://t.co/FTZs5Wsp0B
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Special Situations 🌐 Research Newsletter (Jay)
Hot Take: GDP print tmrw won't really matter. White House and the Fed have already shared that they think GNI and tax receipts matter more and are better indicators of economic strength...Yellen's press conference will be interesting.

Consensus for GDP is 0.4% vs -1.6% last Q
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Special Situations 🌐 Research Newsletter (Jay)
$BG Shares slipped as much as 6.6%, the biggest intraday drop in more than a month, after the company reported moving less grain after disappointing production in some key markets, including Brazil and Argentina.
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Special Situations 🌐 Research Newsletter (Jay)
Relief rally on $V EPS beating estimates and $GOOG / $MSFT not being as bad as expected. Barclays calling for a pivot in 1Q23 potentially.
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Special Situations 🌐 Research Newsletter (Jay)
*KENYA CENTRAL BANK LEAVES BENCHMARK RATE AT 7.5%; EST. 8.00%
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Special Situations 🌐 Research Newsletter (Jay)
*BIDEN TESTS NEGATIVE FOR COVID-19, DOCTOR SAYS
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Special Situations 🌐 Research Newsletter (Jay)
*CRUDE OIL INVENTORIES FELL 4.52 MLN BARRELS, EIA SAYS $USO $UCO
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Jim OShaughnessy
"Now the trick is obvious. You can access your internal experience, and you know what kind of things you’re pretending."
~@slatestarcodex

Forer Statements As Updates And Affirmations https://t.co/0R86sxsgbf
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Jim OShaughnessy
Always good stuff from @LibertyRPF: Check out the stock market graph and true size of Africa.

311: Big Tech Hiring, Shopify Layoffs, Facebook VR, Amazon, Intel + MediaTek, TSMC & Samsung Cheating?, US Power Grid, and Tony Hawk, by @LibertyRPF https://t.co/9PycNmmTZy
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