What I am looking at November 2, 2021:
- The New Dupont... more materials less mobility?... Rogers $4B acquisition... beat expectations but lowered full year because of auto... lowered full year guide by 7 cents... DD 16% organic growth... no longer commodity chem... higher multiple—dividend will be boosted-equal in content electronic not polymer... still Tyvek and Corian... KeyBanc says value add... a little dense
- GXO Logistics...sharply better than expected... logistics kingpin for almost all fast fashion from Abercrombie to Nike to Zara... how things get to you as part of the logistic conundrum
- Simon... mall on fire... retail sales accelerated including owned... 7.1% increase in dividend... Forever 21 and Brooks Brothers doing well
- Secretary Raimondo working on EV subsidies and CHIPs act... I don’t sense a lot of progress though... but European deal good for unionized steel workers, not so good for Nucor—Charitable Trust position... but only 3 million tonnes, not enough to lower the price of steel or rollback last three price increases
- Pfizer... boosts outlook... sees $36B revenues from vaccine in 2021, up from $33.5B
- Clorox... better than feared but it is still down on a gazillion lines...JPMorgan expected cost pressure - says sales to decline DD...
- EL... $1.89 v, $1.70... $4.39B rev vs $4.25B est... We have Fabrizio Freda on Mad Money tonight... he doesn’t do a lot of TV and is very underrated as CEO... We need to drill down about China... 18% organic growth—fantastic... 13 brands DD growth... still port issues
- Alcoa upgrades Jefferies... I think this is a late call... demand is accelerating... sets $60 target
- Expedia downgrade at Atlantic Equities... questionable given strong travel
- CHGG says “education industry is experiencing a slowdown”... cites fatigue... bad read-through for society.... Morgan Stanley and Piper downgrade... enrollment deceleration...students opting for easier classes pass/fail... professors assigning less homework... “fewer graded assignments”... catastrophe— are people trading cyrpto-doge while at college? ... decelerating growth... PT for Piper goes from $107 to $54
- Alphabet ... PT raised at Morgan Stanley from $3,000 to $3,200... more scale... more FCF --scaling gross profit... seems gratuitous
- Morgan Stanley's Huberty... says Apple's 10-K reveals biggest drivers of services sales growth: 1. Advertising 2. App store 3. Cloud services... strong advertising.
- TSLA... Bernstein sees structural tailwinds... Model Y gross margin improvement.... analyst Toni Sacconaghi... really pushing despite he has a sell on it
- Ford... Jefferies raises estimates... Ford credit making a lot of money... value of cars isn’t shrinking...
- Truist downgrades Exxon... energy transition late start... Chevron ahead... BP still dirty
- AEO... acquires Quiet Logistics and strategic investments for 350 million bucks... state of the art technology... Charitable Trust name
- Ralph Lauren... CEO Patrice Louvet—looking strong... key messages: strong second Q, ahead of expectations... ahead of everything... product portfolio—more sophisticated, more elevated... tuxedos, evening gowns like no tomorrow... special events--getting together... hybrid of leisure and more elevated... will have new product, pre-owned, rental... digital up 45% as stores re-open still seeing strength of digital... cotton some inflationary pressure—can mitigate regenerative to support US cotton farmers.. more sustainable... Europe great momentum
- DraftKings... $53 PT at Morgan Stanley... equal weight... market getting too competitive?... says lower market share but could be short-term
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