Because the fourth-quarter reporting season starts in earnest this week, chatter over the weekend focused on its impact on the fledgling recovery seen out there. Discussions also centered around the chances of a recession materializing and the likely monetary policy stance of the Federal Reserve when it meets at the top of the month.
Here’s a recap of a number of major headlines that hit the wire over the weekend:
1. Apple Avoids Layoffs: Apple Inc. (NASDAQ:AAPL) was the lone high-profile tech company that has steered clear of job cuts amid the present tech downturn. The corporate’s lean manufacturing setup, due to its outsourcing to contract manufacturers, and austere amenities have helped it weather the tough environment without having to wield the ax, a report in The Wall Street Journal said.
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2. Doge Runs Over Weekend: Some cryptocurrencies, including Bitcoin (CRYPTO: BTC) and Dogecoin (CRYPTO: DOGE), picked up some upward momentum over the weekend. Crypto analyst Rekt Capital said Dogecoin was testing the highest of a falling wedge, attempting to interrupt out of it. Whether it is successful in its attempt, it may very well be in for a giant upward move, the analyst said.
3. Activism At Salesforce? A Wall Street Journal report said activist investor Elliott Management has picked up a multi-billion-dollar stake in Salesforce Inc. (NYSE: CRM). The hedge fund reportedly said it looks forward to constructively working with the corporate to understand the worth befitting an organization of its stature.
4. Brazil, Argentina Working On Common Currency: South America’s two largest economies — Brazil and Argentina — have began preparations to launch a typical currency, reports said. The 2 countries would reportedly discuss the plan at a summit in Buenos Aires this week. The 2 nations have also called out to other Latin American countries to affix them. If the efforts fructify, the world’s second-largest currency block after the eurozone may very well be created.
5. Evergrande Chairman’s Fortunes Go Up In Smoke: Embattled Chinese real estate developer Evergrande’s chairman Hui Ka Yan has seen his net value drop from $42 billion in 2017 to $3 billion currently, based on Bloomberg. Evergrande’s fortunes have taken a turn for the more severe after the property market in China collapsed and the corporate was not in a position to sustain its commitment with regard to its debt obligations.
What Else:
Because the fourth-quarter reporting season picks up momentum, a number of high-profile tech corporations and blue-chips are scheduled to report their earnings this week.
Vanda Research’s data show that retail investors continued to pile on Tesla Inc. (NASDAQ: TSLA) stock despite its steep decline in 2022.
JPMorgan Strategists’ latest evaluation showed that the U.S. stock market is baking in a lower recession odd than it did in October.
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