Best Buy reported their recent quarterly results and it was better than analysts’ expectations. Although sales have
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2022-11-23 | Sign Up | View Online
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Business & Stocks 🏢
Best Buy shares surge after sticking by its holiday outlook (4 min read)

Best Buy reported their recent quarterly results and it was better than analysts’ expectations. Although sales have declined from the same time last year, it slowed less than the company had projected. Best Buy said inflation has changed consumers' shopping pattern but their sales outlook for the holiday season remained the same. Their stocks jumped more than 12% after the news and traded almost at $79 after hitting a 52-week low of $60.78 in October.
Carl Icahn is betting big that GameStop shares will fall (2 min read)

It was revealed that billionaire investor, Carl Icahn, started shorting GameStop in January 2021 when the meme stock surged from $61 to all-time high of $483 in just one week. He still holds a sizable short position in the stock but the actual amount was not disclosed. GameStop stocks have plunged more than 79% since the meme stock rally faded. Icahn seems to be betting that the stock will continue to fall as its value is too detached from its fundamentals.
Markets & Economy 📈
UK economy is lagging behind other developed nations (4 min read)

In a report from the OECD that measures economic development across 38 member countries, the UK was shown to be lagging the world's biggest economies since the pandemic. While the GDP growth across all the members have slowed, the UK was the only one recording a decline. OECD’s chief economist said low productivity was a problem in the UK and applauded the government’s latest decision to hike taxes and cut spending to address the issue.
S&P closes at more than two-month high on retail, energy lift (4 min read)

US stocks rallied on Tuesday with the S&P 500 closing at its highest since Sept 12. It was boosted by strong earnings reports and the energy sector. Best Buy was the best performing stock on the S&P 500 after posting better than expected quarterly results and gave a relatively positive sales forecast for the holiday season. News of OPEC+ sticking with the original output cut had oil prices rebound which lifted the energy sector.
Funds & ETFs 📊
Ark funds goes on Coinbase buying spree as it hit all-time low (3 min read)

Cathie Wood’s Ark Investments have been accumulating shares of Coinbase despite it collapsing to the lowest point since debut. Many analysts have downgraded the stock this month but Ark has been adding it and currently holds about 4.7% of Coinbase’s total outstanding shares. Ark has also increased its holding of Grayscale Bitcoin Trust which shows Cathie’s bullish interest in crypto-related investments amid the massive sell-off in the space.
UBS Sets Out Investment Opportunities For 2023 (2 min read)

UBS believes that defensive, value stocks, and bonds should continue to do well in 2023. Defensive sectors like consumer staples and healthcare will likely offer positive earnings’ growth next year. High inflation is expected to remain elevated which tends to benefit value stocks. Returns on US investment grade bonds or short duration bonds are also more predictable in the current environment. More on UBS’ favored opportunities are available in this article.
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