5 things you may have missed while investing this week
I think I can make these four assumptions after a long, grueling week in the markets.
First, you’ll thoroughly understand the Silicon Valley Bank (SIVB) explosion by reading this in-depth article by Yahoo Finance editor Dan Fitzpatrick. This look at the consequences of VC side of Natasha Mascarenhas at Yahoo Finance sister publication TechCrunch is also super helpful.
So don’t let this steamy take on Deutsche Bank’s veteran strategist Jim Reid blow your mind.
“Considering that client outflows are likely also being driven by higher interest rates, it’s not hard to say that this episode is symbolic of the longer-lasting interest rate regime we appear to be in to begin with, and vice versa curves. and a tech venture capital industry that’s seen much tougher times lately. The perfect storm of all the things we’ve been worrying about this cycle,” Reid said.
Next up is a heavy dose of Fed Chair Jerome Powell over two days of testimony before lawmakers. Powell was hammered by lawmakers as usual, sending markets freaking out by implying that the only direction for interest rates this year is going up, up, up to fight the ongoing war on inflation.
Powell then backtracked on some of his tough talk, points out Yahoo Finance Fed correspondent Jennifer Schonberger.
This seemingly aggressive Powell comment is particularly relevant given another hot jobs report on Friday – 311k rise in the headline, above Wall Street’s estimate of 225k.
Finally, on the subject of walk backs, Tesla CEO Elon Musk apologized after criticizing a disabled Twitter employee who was fired. Tesla shares were still down about 13% on the week as investors punished Musk for recent distractions.
This downgrading of Tesla by Berenberg analyst Adrian Yanoshik hasn’t lifted sentiment on Tesla stock either.
Without further ado, here are some things you may have overlooked.
Barbie turns 64 years young: Mattel celebrated Barbie’s big day by signing off on CEO Ynon Kreiz, who appeared in an exclusive interview with Yahoo Finance Live (video above). The year has got off to a good start, says Kreiz, and the oversold flood of toys from the holidays will be gone by the middle of the year. Happy Birthday Barbie!
Goodbye, Minister of Labour: After 27 live appearances on Yahoo Finance in the past few years (Friday was the last), Secretary of Labor Marty Walsh will become the executive director of the NHL Players’ Association, notes Yahoo Finance Washington correspondent Ben Werschkul. Walsh ends on the culmination of another month of strong job creation. Have fun with your Dunkin Mr. Secretary.
The Bob Iger Chest Pound: After winning an ugly public battle against activist investor Nelson Peltz in early February, Disney CEO Bob Iger returns to the investment banking scene with a pit stop at a Morgan Stanley conference this week. Iger hinted at fewer Marvel movies (good). Yahoo Finance media reporter Alexandra Canal addressed Iger and said he was “open-minded” to ESPN’s future amid long-running sales talks. The next thing to watch from Disney: its annual shareholder meeting on April 3rd.
gap down: Shares in long-suffering retailer Gap came under pressure on Friday after a dismal holiday quarter. The company looks truly out of control, firing its growth and human resources director in another cost-cutting move. You really do provide a blunt look at the Gap’s future (if there is one) here.
The sights and sounds of a busy week:
Seven’s Report Research Founder Tom Essaye: “Bottom line, I appreciate the bad memories the Silvergate and Silicon Valley Bank headlines evoked, and I appreciate the ‘sell now, ask questions, answer later’. But this is not 2007. The crypto industry is not the national housing market, and banks’ capital regulations and reporting requirements are very different than they were in the mid-2000s.”
A rare double downgradethis time on Etsy (due to rating) by Jefferies John Colantuoni
Goldman Sachs analyst Jordan Alliger dices FedEx with a buy rating for March 16 earnings: “We believe the risk in the February quarter around the peak is well known and the possibility of an uptrend in FY4Q may be more of a driving factor be ahead.”
Brian Soci is Editor-in-Chief of Yahoo Finance. Follow Sozzi on Twitter @BrianSozzi and further LinkedIn.
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https://finance.yahoo.com/news/5-things-you-may-have-missed-in-investing-this-week-110002713.html 5 things you may have missed while investing this week