Adobe stock climbs on a more profitable Q4 than predicted (2 min read)
Despite the weak outlook from most software companies this year, Adobe managed to stay more profitable than expected in its recent fiscal Q4. It reported earnings higher than estimates while revenue still grew 10% year over year. Specifically, the digital experience unit did relatively better than predicted thanks to numerous transformational deals according to the company. Adobe stocks rose roughly 6% in the extended trading after it released their quarterly results.
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Elon Musk sells another huge chunk of Tesla shares (2 min read)
According to a recent filing, Elon sold another 22 million shares of Tesla, worth about $3.6 billion, between Monday to Wednesday this week. He has sold more than 94 million shares this year for approximately $22.93 billion. The shares selling has more or less contributed to adding downward pressure to Tesla’s market-cap that is now under $500 billion, a valuation not seen since late 2020. Tesla stock was slightly lower after the news but recovered as of market closed.
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U.S. slaps restrictions on Chinese chipmaker and other companies over national security worries (2 min read)
The Biden administration announced on Thursday that they have added dozens of Chinese companies, including at least one chipmaker, on an entity list. This list serves to heavily restrict foreign companies from accessing US produced advanced technologies that may pose a threat to national security. A recent Chinese chipmaker added to the list is YMTC, a CCP backed company. Companies may get their restriction lifted if they pass the verification check by the US.
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ECB hikes rates, sees significant increases ahead as it announces plan to shrink balance sheet (4 min read)
After the Fed’s smaller rate increase on Wednesday, the European Central Bank also opted for a smaller hike of 0.5% on Thursday, bringing their key rate from 1.5% to 2%. It will also reduce its balance sheet by about $16 billion per month until the end of Q2 in 2023. The central bank said it still has more ground to cover to tame inflation compared to the Fed and need to raise rates significantly higher next year. Their latest inflation forecast expects it above 2% until 2025.
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Best ETFs of 2022 by Performance (4 min read)
The 10 best performing ETFs in the US this year were mostly in the energy sector except for an outlier that tracks the Turkey index, which was also the top performer. This list from ETF.com looks at all the ETFs performance in 2022 as of Nov 23 excluding alternative strategies like leverage or inverse. More on the individual ETFs on the list and their returns are available in the article. Please keep in mind that past performance does not guarantee future returns.
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Cathie Wood's ARK Invest bought more Tesla stocks amid sell-off (1 min read)
Ark Invest added about $12 million worth of Tesla shares across three of its ETFs on Wednesday when the stock was trading near its two year low. Tesla stocks continued to slide this week as Elon sold another 22 million shares of it and criticisms built up over his presence at twitter being a distraction from managing Tesla. However, Cathie said she remains bullish on the stock and believes Tesla will bring full autonomy to their vehicles by 2024.
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That's it for today! You can reply to this email if you have any comments or feedback.
Thanks,
Thomas
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