United States Daily Briefs | Page 61 of 150

Dec 22

Daily Brief United States: Lyondellbasell Indu Cl A and more

By Smartkarma Daily Briefs | Daily Briefs, United States

In today’s briefing:

LyondellBasell: Looking For Safety And High Dividends In 2023

LyondellBasell: Looking For Safety And High Dividends In 2023

By Vladimir Dimitrov, CFA

LyondellBasell has become a business worth considering for anyone looking for relatively safe and high dividend yield in 2023.
Lower margins in key segments are largely priced-in as management prepares to reduce capacity.
Strong cash flow positioning and recent deleveraging efforts have significantly reduced risks related to future dividend payouts.

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Dec 21

Daily Brief United States: Adobe Systems, Match Group Inc, Netflix Inc and more

By Smartkarma Daily Briefs | Daily Briefs, United States

In today’s briefing:

TMT Left for Dead Long Ideas: Adobe
TMT Left for Dead Long Ideas: Match
Netflix AVOD Not Chill

TMT Left for Dead Long Ideas: Adobe

By Aaron Gabin

Adobe is down 42% in 2022, and down 22% relative to the S&P.
Valuation has been cut in half, and investors have voiced concerns and skepticism about its (incredibly) expensive acquisition of Figma in September.
Adobe remains better positioned than most large cap software peers as it maintained its guidance from October Analyst Day, highlighting the secular tide behind digital transformation efforts remains strong.

TMT Left for Dead Long Ideas: Match

By Aaron Gabin

Match is down 70% in 2022, and down 50% relative to the S&P.
Despite impressive new CEO and a self help story, shares have continued to underperform rival Bumble and the market by wide margin on macro concerns.
13x Forward EBITDA for a company forecast to grow EBITDA at a 16% CAGR through 2025 (we think closer to 20%), has 35% EBITDA margins and $1B in annual FCF

Netflix AVOD Not Chill

By Aaron Gabin

Multiple negative data points have come out reflecting limited initial uptake for Netflix’s ad-based tier.
(We think) Netflix lack of AVOD uptake is due to it being fully saturated in its major markets wheras competing services starting from scratch have higher AVOD uptake.
Lack of incremental subs from AVOD points towards a weaker than expected 4Q22 and downside to guidance…not good for a stock that has ripped since 2Q22 earnings.

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Dec 20

Daily Brief United States: Binance Coin, Landsea Homes Corp, Sumo Logic Inc and more

By Smartkarma Daily Briefs | Daily Briefs, United States

In today’s briefing:

Binance Volume Recovers Despite Mass Outflows
Building in The Big Leagues
Sizable Beat: Sumo Logic Reported Better Than Expected 3QFY23 Results

Binance Volume Recovers Despite Mass Outflows

By Kaiko

Price Movements: Binance’s BUSD stablecoin, BNB token, and staking token bETH have had a volatile week amid mass withdrawals.
Market Liquidity: Throughout December, BTC market depth on Coinbase has increased 46% while on Binance, depth is down 5%.
Derivatives: Open interest for BTC and ETH perpetual futures has nearly halved since November.

Building in The Big Leagues

By subSPAC

A perfect storm of inflation, aggressive monetary tightening, and recessionary fears in 2022 has rocked the Housing market.
This is especially true for home builders like Landsea Homes, which went public through a SPAC last year.
While not a household name, Landsea has firmly established itself as an affordable builder for first-time home buyers.

Sizable Beat: Sumo Logic Reported Better Than Expected 3QFY23 Results

By Andrei Zakharov

We maintain a bullish view on Sumo Logic Inc (SUMO US) after the company reported stronger than expected 3QFY23 revenues and management updated its financial guidance for FY23.
We were impressed with subscription revenue growth, strong gross margins, and lower-than-expected operating loss. Sumo Logic Inc (SUMO US) increased FY23 revenue guidance to $298M-$299M.
Our estimates suggest the company will cross the $300M ARR mark in 2022 and the stock currently trades at a discount to the 20%+ growth peer group.

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Dec 19

Daily Brief United States: Twitter Inc and more

By Smartkarma Daily Briefs | Daily Briefs, United States

In today’s briefing:

Elon Sold More Falling Tesla Stock. Margin Calls? Twitter Failing? Bank Demands? Likely All Three.

Elon Sold More Falling Tesla Stock. Margin Calls? Twitter Failing? Bank Demands? Likely All Three.

By Vicki Bryan

Elon Musk sold billions more of Tesla near 2-yr lows, signaling he & Twitter need serious cash NOW.
His banks know why—they hold Elon’s margin loans and they get Twitter’s financial info every month.
And the banks want Elon to buy back from them Twitter’s riskiest LBO debt, which they can’t sell because of how fast he is destroying Twitter’s business and prospects.

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Dec 18

Daily Brief United States: O2Micro International, Las Vegas Sands, MGM Resorts International, Illumina Inc, Trex Company and more

By Smartkarma Daily Briefs | Daily Briefs, United States

In today’s briefing:

O2Micro (OIIM US) Privatisation Vote on 31 January
Illumina Inc.: Initiation of Coverage – New Launches & Other Drivers
Las Vegas Sands Corp.: Initiation of Coverage – Business Strategy & Key Drivers
Las Vegas Sands Corp.: Detailed Credit Analysis & Financial Strength Evaluation Report
MGM Resorts International: Initiation of Coverage – Business Strategy & Key Drivers
MGM Resorts International: Detailed Credit Analysis & Financial Strength Evaluation Report
Illumina Inc.: Detailed Credit Analysis & Financial Strength Evaluation Report
Trex Company Inc.: Initiation of Coverage – Financial Forecasts

O2Micro (OIIM US) Privatisation Vote on 31 January

By Arun George

O2Micro International (OIIM US)’s EGM to vote on the US$5.00 per ADS privatisation offer from FNOF Precious Honour Limited is on 31 January 2023.
Shareholders representing two-thirds of shares need to approve the deal. As rollover shareholders represent 16.92% of voting rights, 59.88% of disinterested shareholders must vote YES to meet the two-thirds threshold.
While peers have re-rated, the offer is attractive and there are no competing bids. At the last close, the gross spread to the offer is 11.6%.

Illumina Inc.: Initiation of Coverage – New Launches & Other Drivers

By Baptista Research

This is our first report on Illumina, a well-known provider of sequencing and array-based solutions for genetic and genomic analysis.
In the quarter, Illumina saw fantastic customer response to the recently launched NovaSeq X Series.
Driven by genetic disease testing and oncology testing, there was an increase in clinical sequencing consumable shipments.

Las Vegas Sands Corp.: Initiation of Coverage – Business Strategy & Key Drivers

By Baptista Research

This is our first report on Las Vegas Sands Corp, one of the largest operators of global resorts with integrated casinos, gaming, entertainment, and various amenities.
The company has undergone a challenging period during and after the pandemic as travel restrictions continued to impact the financial results.
We initiate coverage on the stock of Las Vegas Sands with a ‘Hold’ rating.

Las Vegas Sands Corp.: Detailed Credit Analysis & Financial Strength Evaluation Report

By Baptista Research

Las Vegas Sands Corp. is one of the largest operators of global resorts with integrated casinos, gaming, entertainment, and various amenities.
The company has undergone a challenging period during and after the pandemic as travel restrictions continued to impact the financial results.
The company continues to pursue opportunities for developing new land-based large-scale destination resorts in both Asia and the U.S.

MGM Resorts International: Initiation of Coverage – Business Strategy & Key Drivers

By Baptista Research

This is our first report on MGM, one of the largest owners and operators of casinos, hotels, and entertainment resorts in the world.
The company reported a mixed quarterly result, surpassing Wall Street expectations in terms of revenues but reporting wider than expected losses.
Cosmopolitan Las Vegas continued to surpass the company’s early projections while operating under MGM Resorts’ direction and had one of its finest quarters.

MGM Resorts International: Detailed Credit Analysis & Financial Strength Evaluation Report

By Baptista Research

MGM is one of the major operators of casinos, hotels, entertainment resorts, and sports betting platforms in the world.
The company’s domestic business has been strong with the Las Vegas Strip reaching new highs for revenues but its recent bottom-line has been negative.
Cosmopolitan Las Vegas continued to surpass the company’s early projections while operating under MGM Resorts’ direction and had one of its finest quarters.

Illumina Inc.: Detailed Credit Analysis & Financial Strength Evaluation Report

By Baptista Research

Illumina is a major provider of sequencing and array-based solutions for genetic and genomic analysis.
Driven by genetic disease testing and oncology testing, there has been a constant increase in clinical sequencing consumable shipments for the company.
The company has recently announced an innovative research test for identifying AMR (Antimicrobial Resistance) and genitourinary pathogen infection.

Trex Company Inc.: Initiation of Coverage – Financial Forecasts

By Baptista Research

This is our first report on Trex, one of the largest manufacturers of high-performance, wood-alternative railing and decking, as well as a leader in eco-friendly, low-maintenance living products in the world.
The launch of the new Trex Transcend lineage product line of the company has been received favorably in the market.
In this quarter, Trex partnered with two more distribution locations in Texas, which enabled it to expand and service the availability of the products of Trex Outdoor Living in the fastest-growing markets.

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Dec 17

Daily Brief United States: Paypal Holdings and more

By Smartkarma Daily Briefs | Daily Briefs, United States

In today’s briefing:

PayPal Holdings Inc (PYPL US): TSS < 10 - New Multi-Month Low Risks Imminent Failure and Reversal

PayPal Holdings Inc (PYPL US): TSS < 10 - New Multi-Month Low Risks Imminent Failure and Reversal

By David Coloretti, CMT

PYPL US has declined 32% in the August to December period.
Our proprietary TSS methodology deems the interim downtrend to be exhausted (Trend Sustainability Score < 10).
Thursday’s new multi-month low (NY close at 69.77) has a high probability of being unsustainable and triggering an upward correction of minimum 8% to 13% in the coming 1-2 weeks.

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Dec 16

Daily Brief United States: S&P 500, Moderna Inc, Emerson Electric Co, Ethereum, Carrier Global Corp, Square Inc and more

By Smartkarma Daily Briefs | Daily Briefs, United States

In today’s briefing:

SPX 4,150 Sell Used to Short
Short Ideas on Our Workbench: Earnings Quality
Emerson Electric Co.: Initiation of Coverage – Recent Divestments & Other Drivers
Emerson Electric Co.: Detailed Credit Analysis & Financial Strength Evaluation Report
A Comparison of Aave and Compound
Carrier Global Corporation: Initiation of Coverage – Acquisition Of Toshiba’s HVAC Business & Other Drivers
Block: The Highly Uncertain Pivot Of The Business

SPX 4,150 Sell Used to Short

By Thomas Schroeder

SPX 4,150 turn target met. Our game plan focused on longs established near SPX 3,940 with an ideal sell zone at 4,150 on a brief spike above 4,100.
We established shorts at that SPX 4,150 (NDX, RTY, CAC, NKY, HSI). Ladder shorts on strength and use dips to reduce.
Mid December cycle peak may need some top building work into January where we range before a more prominent down leg.

Short Ideas on Our Workbench: Earnings Quality

By Eric Fernandez, CFA

We normally write these “Workbench” reports in between our larger initiation pieces. They are intended to offer a window into our short investment process and to highlight potentially interesting names.
This Workbench focuses exclusively on earnings quality shorts. We continue to work on these names. Today we highlight:
Moderna (MRNA), Knowles (KN) Juniper Networks (JNPR) Upstart Holdings (UPST) Beauty Health Co (SKIN), Sonos (SONO). Kraft Heinz (KHC), AZEK Co. (AZEK), Energizer Holdings (ENR), Fox Factory Holding (FOXF)

Emerson Electric Co.: Initiation of Coverage – Recent Divestments & Other Drivers

By Baptista Research

This is our first report on engineering major, Emerson Electric.
The company had a strong finish to the fiscal year 2022, with sales increasing by 9% surpassing Wall Street expectations.
We initiate coverage on the stock of Emerson Electric with a ‘Hold’ rating.

Emerson Electric Co.: Detailed Credit Analysis & Financial Strength Evaluation Report

By Baptista Research

Emerson Electric is a well-known engineering company catering to clients in the industrial, commercial, and consumer markets.
It continues to see growth potential in the life sciences sector thanks to continued investment in creating new drugs, vaccines, and medications.
In this report, we have carried out a fundamental analysis of the historical financial statements of the company.

A Comparison of Aave and Compound

By Kaiko

Aave and Compound are two of DeFi’s stalwarts: the two largest lending and borrowing protocols on Ethereum, each with a TVL over ten times larger than the third largest protocol.
Both protocols have functioned nearly flawlessly this year while a growing number of centralized entities have been failing in often spectacular fashion.
Aave has accumulated just $2.17mn of bad debt (most of which was generated in a recent, likely unprofitable, exploit covered here) relative to its $3.2bn TVL, while Compound has just $65,000 to its $1.5bn TVL.

Carrier Global Corporation: Initiation of Coverage – Acquisition Of Toshiba’s HVAC Business & Other Drivers

By Baptista Research

This is our first report on global HVAC major, Carrier Global Corporation.
On the heels of the continued traction on pricing, Carrier delivered quite high organic sales growth in the quarter, and importantly, it continues delivering double-digit aftermarket organic growth.
Among other major updates, the company completed the acquisition of the global light commercial and residential HVAC business of Toshiba.

Block: The Highly Uncertain Pivot Of The Business

By Vladimir Dimitrov, CFA

Block share price continued to underperform on a risk-adjusted basis, even it delivered double digit returns.
Topline growth is slowing down as macroeconomic environment is no longer supportive and competition intensifies.
Block’s business model seems ill-positioned to deliver, according to the company.

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Dec 15

Daily Brief United States: S&P 500, Ohmyhome, Wynn Resorts, National Retail Properties, Ziff Davis, Western Digital and more

By Smartkarma Daily Briefs | Daily Briefs, United States

In today’s briefing:

Today’s Fed Day to Determine Next Big Market Move? SPX Key Levels: 4100 and 3910
Singapore Proptech Firm Ohmyhome Files for US$15M IPO at US$88M Valuation
Wynn Resorts
Wynn Resorts
Our Models Suggest National Retail Properties Could Surge
Declining Business Short Candidates: Ziff Davis, Burlington Stores, Nat’l Vision, Otis Wwld, Monro
Western Digital Corporation: Initiation of Coverage – Recent Collaborations & Other Drivers
Peloton Interactive Inc.: Initiation of Coverage – Challenging Macro Environment & Other Factors

Today’s Fed Day to Determine Next Big Market Move? SPX Key Levels: 4100 and 3910

By Joe Jasper

The SPX, $IWM, $QQQ continue to have trouble breaking above their 200-day MAs and YTD downtrends, while the DJIA has been unable to sustain a breakout above 34,280.
With that said, all four of these indexes are consolidating within tight ranges just below the aforementioned resistance levels, building energy for the eventual breakdown or breakout.
We still recommend shifting exposure to defensives (Staples,Utilities,Health Care) and/or taking profits following this rally, but we cannot rule out potential for major upside breakouts. We discuss specific levels below.

Singapore Proptech Firm Ohmyhome Files for US$15M IPO at US$88M Valuation

By e27

Singapore-based Ohmyhome has filed for an initial public offering (IPO) in the US at about US$88 million valuation, according to multiple reports.
The property-tech company seeks to raise up to US$16.25 million and offer 3.25 million shares at a price range of US$4-5 apiece.
Spartan Capital Securities is the lead managing underwriter and book-runner for the IPO.

Wynn Resorts

By Baptista Research

This is our first report on Wynn Resorts, a well-known operator of casinos and resorts across the globe.
The company observed strength throughout the casino, with record gross gaming revenue and record hotel revenue, driven by strength in both ADR and occupancy on the nongaming side.
In addition, Wynn is progressing with the planning for Wynn Marjan, their integrated resort in the United Arab Emirates.

Wynn Resorts

By Baptista Research

Wynn Resorts is a renowned operator of casinos and resorts across the world.
Wynn’s management observed strength throughout the casino, with record gross gaming revenue and record hotel revenue, driven by strength in both ADR and occupancy on the nongaming side.
In addition, Wynn is progressing with the planning for Wynn Marjan, their integrated resort in the United Arab Emirates.

Our Models Suggest National Retail Properties Could Surge

By Pearl Gray Equity and Research

The Gordon’s Growth Model suggests National Retail Properties is severely undervalued.
In addition, a seasonal ARIMA model indicates the REIT’s dividend yield might be sustainable.
The REIT could be an outlier in 2023, according to the Gordon’s growth model.

Declining Business Short Candidates: Ziff Davis, Burlington Stores, Nat’l Vision, Otis Wwld, Monro

By Eric Fernandez, CFA

Sales declines, margin compression, cuts in SG&A and cuts in guidance and estimates feature in our Declining Businesses model.
Declining business shorts tend to be lower beta, have longer time horizons, and tend to produce steadier (although slower) short returns.
Today we are flagging: Ziff Davis, Burlington Stores, Natl Vision, Otis Wwld, Monro

Western Digital Corporation: Initiation of Coverage – Recent Collaborations & Other Drivers

By Baptista Research

This is our first report on Western Digital Corporation, one of the largest manufacturers and distributors of data storage devices and solutions in the world.
The HDD revenue of Western Digital during the quarter declined modestly.
Western Digital is deep into qualifying its most recent generation of hard drives, including its 26-terabyte UltraSMR hard drives, at numerous OEM and U.S. cloud customers.

Peloton Interactive Inc.: Initiation of Coverage – Challenging Macro Environment & Other Factors

By Baptista Research

This is our first report on Peloton Interactive, one of the most popular interactive fitness platforms in the world.
The company delivered a disappointing set of results as it failed to meet Wall Street expectations with respect to revenues as well as earnings.
We initiate coverage on the stock of Peloton Interactive, Inc. with a ‘Hold’ rating.

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Dec 14

Daily Brief United States: Intuitive Surgical, Lumen Technologies, Oracle Corp and more

By Smartkarma Daily Briefs | Daily Briefs, United States

In today’s briefing:

Intuitive Surgical Inc.: Initiation of Coverage – Recent Approvals & Other Drivers
Lumen Technologies Inc.: Detailed Credit Analysis & Financial Strength Evaluation Report
Oracle: Key Considerations For Long-Term Investors From Yet Another Strong Quarter
Lumen Technologies Inc.: Initiation of Coverage – Expansion Of Quantum Fiber & Other Drivers

Intuitive Surgical Inc.: Initiation of Coverage – Recent Approvals & Other Drivers

By Baptista Research

This is our first report on Intuitive Surgical, one of the largest players in robotic surgery offerings across the globe.
Korean growth remained steady, while Japanese procedure growth quickened compared to Q2.
We initiate coverage on the stock of Intuitive Surgical with a ‘Hold’ rating.

Lumen Technologies Inc.: Detailed Credit Analysis & Financial Strength Evaluation Report

By Baptista Research

Lumen Technologies is a big player in the facilities-based technology and communications domain.
The customer experience offered by them continues to improve, driven by the company’s very high NPS as well as customer e-scores for both the upper end of the company’s customer base and Quantum Fiber.
Apart from that, Lumen Technologies has been expanding its premier residential as well as Quantum Fiber aggressively in over 30 cities and metro areas.

Oracle: Key Considerations For Long-Term Investors From Yet Another Strong Quarter

By Vladimir Dimitrov, CFA

Oracle continues to outperform its peers and the broader equity market after reporting yet another strong quarter.
The cloud application segment continues to deliver, the infrastructure side of the business deserves more attention, according to analysts and market commentators.
The early signs were plain to see a couple of years back, says analyst.

Lumen Technologies Inc.: Initiation of Coverage – Expansion Of Quantum Fiber & Other Drivers

By Baptista Research

This is our first report on Lumen Technologies, one of the major facilities-based technology and communications companies in the world.
During the quarter, 31,000 Quantum Fiber customers were added.
Apart from that, Lumen Technologies has been expanding its premier residential as well as Quantum Fiber aggressively in over 30 cities and metro areas.

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Dec 13

Daily Brief United States: Stripe, Terra, Humana Inc, Idex Corp, Autozone Inc, Newmont Mining, Getaround, Starbucks Corp and more

By Smartkarma Daily Briefs | Daily Briefs, United States

In today’s briefing:

2023 IPOs Pipeline Worldwide (Top 100 Companies)
Terra Collapse Returns to the Spotlight
Humana Inc.: Initiation of Coverage – Expansion Of CenterWell & Other Drivers
IDEX Corporation: Detailed Credit Analysis & Financial Strength Evaluation Report
AutoZone Inc.: Initiation of Coverage – Business Model & Key Drivers
Newmont Corporation: Initiation of Coverage – Macro For Gold Mining & Other Drivers
IDEX Corporation: Initiation of Coverage – & Other Drivers
Getaround This SPAC Deal
Newmont Corporation: Detailed Credit Analysis & Financial Strength Evaluation Report
Sporting Crypto – Dec 12th: Starbucks Launch Web3 Loyalty Program; Odyssey

2023 IPOs Pipeline Worldwide (Top 100 Companies)

By Douglas Kim

This is our fourth annual edition of the IPOs Pipeline Worldwide (Top 100 Companies) report.
Among 100 companies in our list, those from the US, India, China/HK, and the UK account for 79% of total.
For those investors that closely monitor the global IPO opportunities, this is a good reference insight to check out the largest potential IPOs that could get completed next year.

Terra Collapse Returns to the Spotlight

By Kaiko

Price Movements: BTC’s correlation with BNB has dropped significantly since FTX’s collapse, a sign that Binance’s token is diverging from wider markets.
Market Liquidity: Curve, the DEX optimized for stablecoin swaps, is still mostly used by whale traders.
Derivatives: Tron futures skew bearish after the network’s native stablecoin, USDD, depegged to $.97.

Humana Inc.: Initiation of Coverage – Expansion Of CenterWell & Other Drivers

By Baptista Research

This is our first report on Humana, a leading player in the medical insurance space in the U.S.
The company’s third quarter results were reasonably strong as it met Wall Street’s revenue expectations while managing an earnings beat.
In addition to improving plan offers for their larger membership, the management strengthened their consumer segment strategy.

IDEX Corporation: Detailed Credit Analysis & Financial Strength Evaluation Report

By Baptista Research

IDEX Corporation is an industrial giant and is often in the news for its acquisition-led growth moves.
The company’s recent financial performance has been strong with double-digit growth in organic sales across its three segments: Fluid & Metering Technologies, Health & Science Technologies, and Fire & Safety/Diversified Products.
IDEX’s overall backlog positions remain strong though its operating margin has negatively impacted by incremental depreciation from recent acquisitions.

AutoZone Inc.: Initiation of Coverage – Business Model & Key Drivers

By Baptista Research

This is our first report on AutoZone, one of the largest distributors of automotive replacement parts and accessories in the U.S.
The company had a strong fourth quarter, and managed an all-around beat.
However, its domestic, commercial sales made up 30% of its domestic auto parts sales.

Newmont Corporation: Initiation of Coverage – Macro For Gold Mining & Other Drivers

By Baptista Research

This is our first report on global gold mining giant, Newmont Corporation.
In Q3, they produced 1.5 million ounces of gold and nearly 300,000 gold equivalent ounces from copper, silver, lead, and zinc.
We initiate coverage on the stock of Newmont Corporation with a ‘Hold’ rating.

IDEX Corporation: Initiation of Coverage – & Other Drivers

By Baptista Research

This is our first report on industrials major, IDEX Corporation.
The company is regularly in the news for its frequent acquisitions and generated good results in the third quarter, surpassing Wall Street expectations on all fronts.
We initiate coverage on the stock of IDEX Corporation with a ‘Hold’ rating.

Getaround This SPAC Deal

By subSPAC

This week, digital car-sharing platform Getaround made the headlines as the latest De-SPAC casualty to crash and burn on its stock market debut.
After initially announcing plans to go public through a merger with interPrivate II Acquisition Corp in a deal valuing the combined company at $1.2 billion in May 2022, the company saw a decline of 65% on its debut.
Essentially, at its current valuation, the market thinks that Getaround is worth a little more than the cash generated from its SPAC deal and less than half of the total cash it has raised to date.

Newmont Corporation: Detailed Credit Analysis & Financial Strength Evaluation Report

By Baptista Research

Newmont Corporation is among the global leaders in the exploration and production of gold.
They are also stepping up development operations in Subika Underground and achieved record production drill meters while advancing the mine’s third production level’s development.
The arrival of a second underground production drill might help deliver the fourth quarter’s anticipated development and the ensuing ore tonnes in 2023.

Sporting Crypto – Dec 12th: Starbucks Launch Web3 Loyalty Program; Odyssey

By Sporting Crypto

Starbucks have launched a Web3 loyalty program called Odyssey.
Members can engage in ‘journeys’, a series of activities, such as playing interactive games or taking on fun challenges to deepen their knowledge of coffee and Starbucks.
They will be rewarded with a digital collectable ‘journey stamp’ — and yep, you guessed it — they’re NFTs.

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