Rippers Weekly Recap 10/08: Elon Buying Twitter!

Plus Inverse Cramer ETF, Weed Rescheduling, and Much More!

Hey everyone, it’s @StockMKTNewz Evan!

I started writing this newsletter to make sure you never miss anything important from the week in the market. I want you all to understand the week's headlines in under five minutes, but also be able to spend hours digging through all the stories and pictures. To that end, I include a lot of links (very picture has one). So, if you’re interested in a story or image, click in and explore! If you want to see the stocks I'm dollar cost averaging, you can do that here!

How The Stock Market Performed This Past Week

Heat Map of the S&P 500

How The Largest Stocks Performed

Best Performing Large Cap Stocks

Worst Performing Large Cap Stocks

Major Headlines From This Week

Monday:

  • Kim Kardashian has agreed to pay $1.26 million for promoting a crypto security EthereumMax without disclosing the payment she received for the promotion. - SEC

  • Tesla delivered 343,830 vehicles, manufacturing a total of 365,923 EVs during Q3. - Tesla

  • Ray Dalio said he no longer thinks "cash is trash." - Bloomberg

  • Meta unveiled a new AI software tool to make switching between Nvidia, AMD, and other chips easier. - Reuters

  • British Prime Minister Liz Truss was forced to reverse a planned cut to the highest rate of income tax. - The Guardian

  • Peloton and Hilton announced a new partnership to feature Peloton Bikes across the company's entire US hotel portfolio. - CNBC

  • Tesla is planning to expand its Nevada Gigafactory for the first time in 5 years. - Electrek

  • Lockheed Martin was awarded a $5.1 billion contract modification with the US Navy for the production and delivery of different sonobuoy capabilities. - DoD

  • Rivian produced 7,363 vehicles and delivered 6,584 vehicles in Q3, while recommitting to its 25,000 production target for the year. - Tech Crunch

  • Shopify CEO Tobias Lutke has bought about $3 million worth of Coinbase stock over the last 2 months, including another purchase from this week. - Filings

  • Naver has agreed to acquire Poshmark for $1.2 billion, or $17.90 per share in cash. - Tech Crunch

  • McDonald's switched to paper straws and wooden utensils across Japan. - The Street

  • Cannabis sales in Nevada during its 2022 fiscal year totaled at $965 million, resulting in more than $152 million of tax revenue for the state. - Marijuana Moment

  • Coal prices in the US went above $200 for the first time on record. - Bloomberg

  • General Motors will pause production of the GMC Hummer EV for several weeks in late November to upgrade the factory. - Teslarati

  • Amazon is launching a dedicated hub for its affordable shopping options. - Tech Crunch

  • Sony has set a target of 2 million PlayStation VR2 headsets sold by March 2023. - IGN

Tuesday:

  • Elon Musk sent a letter to Twitter telling them he intends to proceed in closing his acquisition of the company at $54.20 per share.

The letter Elon Musk sent to Twitter

  • Ray Dalio has retired from his role as head of Bridgewater Capital, the largest hedge fund in the world. - Bloomberg

  • OPEC+ decided to cut oil production by 2 million barrels per day, starting in November. - CNBC

  • The EU passed legislation that would require all phones, tablets and cameras sold in the EU to come with a USB-C connector. - Wired

  • Carl Icahn built a more than $500 million position in Twitter over the last couple of months. - WSJ

  • Juul Labs is beginning talks regarding a potential chapter 11 bankruptcy filing. - Bloomberg

  • Chamath Palihapitiya has reduced his ownership in Clover Health to under 5%. - Filings

  • Micron plans to spend up to $100 billion over the next 20 years to build a semiconductor factory in New York. - Micron

  • Meta announced plans to shrink some offices to adapt to hybrid work, while also announcing the closing of one New York office. - WSJ

  • Amazon has frozen corporate hiring in its retail business. - NYT

  • The US National Debt is now over $31 trillion for the first time ever. - Debt Clock

  • FedEx agreed to repurchase $1.5 billion of its common stock from Morgan Stanley in an accelerated share repurchase agreement. - Newswire

  • Meta is selling new types of ads on Instagram and Messenger. - Tech Crunch

  • Apple iPhone exports from India have more than doubled since April, surpassing $1 billion. - Bloomberg

  • Janet Yellen said “there is no truth” to the report she may be leaving her post as Treasury Secretary after the midterms. - CNBC

  • Ford sold a total of 464,674 vehicles in the US during Q3, up 15.9% YoY. They also sold 18,257 EVs during Q3. - Detroit News

  • Tesla now has more than 10,000 supercharger stalls available in Europe. - InsideEVs

  • The FTC's decision on Microsoft's proposed acquisition of Activision Blizzard may come in by late November. - VGC

  • Amazon is discontinuing its video conferencing device for kids. - CNET

  • Meta is planning to shut down its newsletter subscription service Bulletin early next year. - Engadget

Wednesday:

  • Tuttle Capital filed for an Inverse Cramer ETF, which would trade under the ticker $SJIM. We should hear if the ETF gets through the SEC in December or January. - SMN

  • Costco said its net sales for September of $21.46 billion, up 10.1% YoY. Comparable sales in the US increase by 11.2% YoY. - Newswire

  • Ken Griffen's Citadel closed September up 2.5%, bringing its year to date performance up to +29%. - Bloomberg

  • Ford is increasing the price of its F-150 Lightning Pro electric truck by almost 11% for the 2023 year model. - Electrek

  • General Electric is laying off workers at its onshore wind unit as part of a plan to restructure and resize the business. - Reuters

  • Apple is asking suppliers to shift some AirPods and Beats headphone production to India. - 9To5Mac

  • Elon Musk was seeking discounts of as much as 30% to buy Twitter. - Insider

  • The average annual salary in the US increased by 7.8% YoY in September. - CNBC

  • Amazon created Amazon Catalytic Capital a $150 million commitment focused on investing venture capital funds that invest in “underrepresented builders in tech.” - Tech Crunch

  • Penn Entertainment and Kambi Group announced an agreement over Barstool Sportsbooks' planned migration away from Kambi to Penn's proprietary technology, which is expected to take place in Q3 2023. - Kambi

  • Spotify announced its acquisition of Kinzen, "a global leader in protecting online communities from harmful content." - The Verge

Thursday:

  • President Biden asked to start the process of reviewing how weed is scheduled under federal law while also giving plans to pardon all prior federal offenses of simple marijuana possession. - Tweet

  • Elon Musk announced the Tesla Semi Truck is now in production with the first deliveries to Pepsi expected on December 1st. - Tweet

  • AMD now expects its revenue this quarter to come in around $5.6 billion below its previous outlook of between $6.5-$6.9 billion. - AMD

  • ESPN is said to be near a large partnership with Draftkings. - Action Network

  • Peloton announced plans to cut about 12% of its remaining workforce, about 500 workers. - WSJ

  • Google is adding a VPN into its next Pixel phones. - Tech Crunch

  • S&P upgraded Tesla's credit rating to investment grade to BBB from BB+. - Electrek

  • Palantir was awarded a contract with the US Army Materiel Command to support, worth $85.1 million over 5 years. - Newswire

  • Amazon is planning to hire 150,000 employees for this upcoming holiday season. - CNBC

  • Walmart is planning to cut more than 1,000 jobs at an Atlanta facility that fulfills orders placed online. - Reuters

  • The Judge for Elon Musk-Twitter has halted the trial, saying Elon must close the deal by 5:00 p.m. on October 28. - CNBC

  • Credit Suisse is looking to bring in an outside investor to invest money into a spinoff of its advisory and investment banking businesses. - Bloomberg

  • IBM plans to invest $20 billion across the Hudson Valley region over the next 10 years. - Newswire

  • Netflix will release the Knives Out sequel in theaters for 1 week and a month before it goes live on the streaming service. - Deadline 

Friday:

  • The US unemployment rate for September came in at 3.5%, below estimates of 3.7%. - BLS

  • Apple is discussing volume production of 2-nanometer chips with Taiwan Semiconductor to be ready as soon as 2025. - Digitimes

  • Visa and FTX plan to offer debit cards in 40 countries, with a focus on Latin America, Asia and Europe. - CNBC

Get Prepared For Next Week

Economic Calendar

Earnings Calendar

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