In today’s briefing:
- Etsy Inc: New Purchase Protection Feature & Other Developments
- Post-Merge Market Mayhem
- Broadcom Inc: Collaboration With Dell & Other Drivers
- Best Buy Inc: New Small Format Digital-First Store & Other Drivers
- HP Inc.: Weakened Macro & Other Developments
- Uber Technologies: AV-Based Food Delivery Pilot & Other Developments
- Match Group: The League Acquisition & Other Drivers
- Autodesk Inc: Introduction of AutoCAD Web & Other Drivers
- Agilent Technologies: New Launches In Mass Spectrometry & Other Drivers
- Freeport-McMoran Inc: New Mining Technologies & Other Drivers
Etsy Inc: New Purchase Protection Feature & Other Developments
- Etsy recently launched the Etsy Purchase Protection program where buyers will get a total refund for purchases they make on Etsy.com in cases that do not match the item description, never arrive, or arrive damaged.
- This new program aims at making shopping on the website more worry-free.
- The purchase Protection Program of Etsy will complement the company’s brand efforts in improving customer support, maintaining integrity in its marketplace as a destination for special and unique items, and increasing trust signals over the user experience.
Post-Merge Market Mayhem
- Price Movements: ETH is down 25% on the week despite the successful completion of the Merge.
- Market Liquidity: The U.S. dollar remains the dominant fiat currency in crypto, possessing 70% of total fiat trade volume.
- Derivatives: ETH funding rates have returned to neutral after dipping to all time lows of less than -0.4%.
Broadcom Inc: Collaboration With Dell & Other Drivers
- Broadcom reported an all-around beat in the quarter with an increase in revenues in semiconductor solutions and infrastructure software.
- Service and cloud provider growth remained strong in the quarter, driven by infrastructural upgrades and data center build-outs.
- As both enterprise and cloud data centers refresh, they continue to increase the adoption of the company’s Jericho, Trident, and Tomahawk switching silicon platforms.
Best Buy Inc: New Small Format Digital-First Store & Other Drivers
- Best Buy delivered a decent result this quarter surpassing Wall Street expectations on all counts.
- Best Buy is also viewing more interest in the sales events such as tax-free events, prime day, and other events that are geared at an exceptional value.
- Best Buy also opened new outlet stores, finished store remodels, and started to implement newly signed deals with healthcare companies.
HP Inc.: Weakened Macro & Other Developments
- HP Inc also had a significantly below par result along with its rival, Dell Technologies as the industry cycle has commenced its downward trend after the huge upswing during the pandemic.
- The results of this quarter were impacted by macroeconomic challenges, which included a significant slowdown in consumer demand to geopolitical, currency, and inflation challenges.
- Recently, the company introduced its HP Instant Ink for its small business and its innovative LaserJet Pro with HP+.
Uber Technologies: AV-Based Food Delivery Pilot & Other Developments
- Uber Technologies delivered a mixed quarterly result with revenues above expectations resulting from an increase in the annualized run rate and gross bookings.
- The company failed to meet market expectations on the earnings front as a result of considerable forex challenges through it did generate a positive free cash flow.
- The top-line growth of the company continues to be durable and the onboarding process has shown a significant improvement.
Match Group: The League Acquisition & Other Drivers
- Match Group had a weak quarter with a below-par growth in the total revenue that resulted in the company failing to meet Wall Street expectations.
- The direct revenue of the company grew in the U.S with strength at Tinder, Chipsa, BLK, and Hinge.
- Additions of Tinder payers came in addition, while the established brands of the company, including Match Infinity brands and Match, Plenty of Fish, OkCupid, and Meetic, declined more than 10% in total.
Autodesk Inc: Introduction of AutoCAD Web & Other Drivers
- Autodesk reported a solid quarter in terms of revenue, free cash flow, and non-GAAP operating margin.
- The end market’s demand remained strong for the company and it delivered another all-around beat.
- Among key developments, Autodesk introduced AutoCAD Web, a new combined subscription to AutoCAD Web and AutoCAD Mobile from Autodesk with improved access to drawings.
Agilent Technologies: New Launches In Mass Spectrometry & Other Drivers
- Agilent Technologies delivered an excellent quarterly result with earnings and revenue exceeding market expectations significantly.
- The strong results were led by strength in its biggest markets i.e., chemical, energy, and pharma.
- We provide the stock of Agilent Technologies with a ‘Hold’ rating with a revision in the target price.
Freeport-McMoran Inc: New Mining Technologies & Other Drivers
- Freeport delivered a disappointing result and failed to meet Wall Street expectations on all counts but the future outlook remains optimistic.
- The company is increasing production year over year, and controlling expenses in a difficult environment and benefits from a highly favorable macro for copper.
- With an expected rise in demand for copper with respect to energy conservation especially in EVs, the company benefits from a positive future macro.
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