@gerrythornley @URCOfficial @PlanetRugby @PortugalRugby surely the answer for tier 2 nations is entry into URC. They may not be competitive in 6 nations but URC or equivalent could work?? @BrendanFanning @bernardjackman
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Rochefoucauld
1.6K posts
Rochefoucauld
@IvanBrian9
Current LO FI Portfolio Manager, ex Citi mkt maker. Not stock, financial or investment advice. Not giving recommendations. Do your own research
Philadelphia, PA Katılım Nisan 2021
255 Takip Edilen649 Takipçiler
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YARDENI RESEARCH IN MARKETWATCH (July 3, 2023). “To assess whether we’re having a rolling expansion is as well as to look at those industries and sectors that have been depressed. They’re showing signs of recovering,” Ed Yardeni, p…lnkd.in/ei_VTdfN lnkd.in/ekAvNPcQ
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GFC Starting Point Matters
Bankruptcies lag business cycle, w/peak seen at end of recession. Ch 11 filings heavily lagged in 2001 recession, not peaking until 2003/04. Bankruptcy filings also lead bank loan charge-off rates. Moreover, filings lead loan delinquencies
@SimonHWhite
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There's a wide gap between manufacturing activity and the performance of Cyclicals vs. Defensives.
via JPMorgan
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Otis $OTIS lifts the quarterly dividend by 17.20% to $0.34/share
I've been waiting for a whole year to say that pun
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Texas Instruments with double beat.
CEO: "Revenue decreased 6% sequentially and decreased 11% from the same quarter a year ago. During the quarter we experienced weakness across our end markets with the exception of automotive, as expected"
$TXN: -0.3% AH
The Transcript@TheTranscript_
Texas Instruments with a double beat. CEO: "FCF for the year was $5.9B and 30% of revenue...Over the past 12 months we invested $3.4B in R&D & SG&A, invested $2.8B in capital expenditures & returned $7.9B to owners" $TXN
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Definitely not slowing at Visa? Cross-border whether you look y/y or on a multi year basis as travel boom continues. $V $MA $XLY $ABNB $MAR $DAL $UAL $XLF
Rahul Sharma@Retail_Guru
Visa confirms US card spend slowed in March vs very strong Jan-Feb. That said on 4-year stack (adjusting for Covid comparatives) Jan-Feb were outliers & March back to prior trends. Online & travel biggest gainers. $V $MA $XLF $XLY $SPY
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Chipotle with a double beat:
—Total revenue: +17.2% YoY to $2.4B
—Comp sales: +10.9% YoY
—Operating margin: 15.5%, an increase from 9.4%
Outlook: "For 2023, management is anticipating...Second quarter and full year comparable restaurant sales growth in the mid to high-single digit range"
$CMG: +5.3% AH
The Transcript@TheTranscript_
Chipotle with a double miss: On outlook: "Based on January comparable restaurant sales growth in the low-double-digits, we anticipate first quarter comparable restaurant sales growth in the high-single-digits" $CMG -5% AH
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$JPM Card Spending +13% YoY…
“Consumer spend remains Solid & we haven’t observed any notable pullback throughout the quarter.”
J Barnum, CFO
1Q23 Earnings Call…
Just some Decel off Stimmy Peak that’s run its course.
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Ever since the bear market began, CTA positioning has been swinging more in both directions, and SPX return has often tracked these swings on a 1 month basis.
The next swing in positioning will be lower.
chart by GS
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"For now, profit margins on an economy-wide level remain close to five-decade highs" --SocGen
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The last time this divergence occurred, the market declined rapidly
S&P 500 is close to its Feb 2023 highs, but % of stocks above their 200-day MA (market breadth) is significantly lower
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11/ Equity put/call ratio recently reached levels consistently preceding market peaks
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American Express earnings call: $AXP
🗣️ “March was record spending month. Highest we have ever had”
+ Re-affirmed guidance for full year.
+ Not seeing slowdown in consumer segment in the US.
+ Delinquency expected to be below Pre pandemic in 2023.
🌎 Int’l growing fastest.
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Growth at $AXP is driven by Gen Zs & millennials:
"As we noted for some time, Millennial and Gen Z consumers are driving our growth in billings and acquisitions of premium fee-based products." - CEO Stephen Squeri
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$AXP CFO: " I think a lot of people describe the current economic environment as mixed. And so March was our strongest month ever across the globe in terms of volumes as a company"
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