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Bank Earnings Stabilize – InsideArbitrage Friday Wrap

  • September 8, 2023

FRIDAY WRAP

Our list of curated tweets for the current week

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Special Situations

I’ve implemented NextGen in the past and this comes as a big surprise.

Emerson Electric's $8B purchase of National Instruments approved in China

C&S Wholesale Grocers, backed by Japan's Softbank, near deal to purchase stores that $KR and $ACI plan to divest to win @FTC clearance of their supermarket

I'm pretty amazed to see $SGEN slipping backward again with FTC overhang largely evaporated.

Merger agreement with Office Properties Income Trust (OPI) mutually terminated.

Smurfit Kappa in $20bn merger talks with WestRock

$AYX has been working with investment bank Qatalyst Partners to explore a potential sale after attracting takeover interest

Riddle me this, why would a majority owner & founder be loading up on his own stock?

$ARMK approves spin-off of Vestis.

$QSR Restaurant Brands International Inc. Announces Adoption of $1 Billion Share Repurchase Authorization through September 2025

$NTNX Nutanix big earnings beat +15%

Brady jumps 9% to $55.51 after Q4 earnings beat, above-consensus guidance $BRC Brady board authorizes additional $100M share repurchase

KLA Corporation $KLAC $515.93 +8.91 (+1.76%) Announces increase in quarterly dividend level to $1.45/share & $2 billion increase in total share repurchase authorization.

Simon Says đź—Ł $GOGO announces $50m share repurchase program, somewhat earlier than expected

$HOG Harley-Davidson, Inc. Announces Additional 10M Share Repurchase Authorization

$PLAY Dave & Buster's Q2 Earnings

Investing

My favorite “thematic” trade right now is long duration assets that are relatively insulated from the economic cycle (certain REITs and utilities).

Chuck Akre in his old letters talked about looking for "coiled springs" - opportunities where the company's real economic value was growing faster than the stock price.

similarities exist between IBM 10+ years ago and $AAPL today

$GOOG CEO @sundarpichai looking into the future as Google turns 25 this month

SoftBank's Arm to ask for $47 to $51 per share in IPO

We believe $PDD is a Dying Fraudulent Company and its Shopping App TEMU is Cleverly Hidden Spyware that Poses an Urgent Security Threat to U.S. National Interests.

This should be drifting down towards 10x earnings (it is at 84x, higher than $MSFT at the peak of the internet bubble)

SEC IS NOW INVESTIGATING RYAN COHEN AND HIS STOCK TRADES IN BED BATH & BEYOND

$DOCU good quarter & guidance but nothing amazing.

It's been called "the next frontier of aging."

In the second quarter of 2023, banks reported total net income of $70B. These earnings are roughly flat quarter-over-quarter after excluding the effects on acquirers' incomes of the acquisition of three failed banks.

The battered Office REIT sector has been the top-performing sector since June, lifted by a decent slate of earnings reports and recent indications that the long-awaited "Return-to-Office" is gathering momentum.

U. S. Economy

Inflation we saw a year ago is finally making its way into the contracts. It's like a delayed reaction.

To see this in an economy with low unemployment is truly stunning. There's never been anything like it.

Overnight in the U.S., all three major indexes saw a sell off as concerns mounted that the Federal Reserve may not be done hiking interest rates.

US 10-year real yields are bumping up against the highest levels since 2009

A Chicago Fed paper finds that most of the effects from interest-rate hikes have already been passed through to the economy, and that current rate levels are sufficient to bring inflation back down to 2% by mid-2024 without recession.

Many market participants think the Covid pandemic is far behind us, but the Fed still has a significant amount of work to do to normalize its balance sheet to pre-emergency levels

In October 2021, oil prices crossed above $85 for the first time since 2014.

Renewables’ (excluding nuclear) share of energy production went from roughly 8% to 12% over the last 15 years, during a period when money was about as cheap and easy as it has ever been.

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