Daily Brief United States: Chevron Corp, Goldman Sachs Group, Crude Oil, Gold, Reddit , Chesapeake Energy , Sprouts Farmers Market, Fmc Corp, Corn Active Contract, Barnes & Noble Education and more

• Chevron’s Q2 revenue grew 4.7% YoY but its net profit fell by 26.2%. Revenue beat estimates by 1% while EPS missed expectations by 13%.
• Production grew 11% YoY, driven by record output in the Permian, strong growth in the DJ Basin, and successful PDC Energy integration.
• Q2 capex rose 5.2% YoY to USD 4 billion from higher upstream investments and PDC asset spending. Free cash flow dropped 8% YoY to USD 2.3 billion.

• Tracy and Joe discuss their favorite chat GPT and Claude prompts and how they use them for both serious and fun purposes
• They acknowledge the limitations and risks of using AI in professional settings, especially in large companies like Goldman Sachs
• Marco Argenti, Chief Information Officer at Goldman Sachs, explains his role in ensuring the smooth operation of technology within the company and the evolving use of AI in the financial industry

This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

• US crude inventories fell for the sixth straight week by 3.7 mb, exceeding the 1.6 mb decline expected by analysts. However, gasoline stocks rise by 1.3 mb.
• For the week ending 02/Aug, US natural gas inventories were up 8.2% YoY and 14.9% above the 5-year seasonal average.
• Occidental shares surged as it beat Q2 EPS estimates by 32.5%. Exxon and Aramco also exceeded EPS forecasts, while Chevron fell short.

• Discussion on the recent market volatility, particularly in metals markets
• Gold being a standout performer, while other commodities struggle
• Challenges in finding solid investment opportunities and concerns about earnings for gold companies

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• Reddit (RDDT US) is ineligible for inclusion for the upcoming August review because of fcap failing the fcap threshold if it qualifies for the standard segment. 
• Reddit (RDDT US) is ineligible for inclusion for the upcoming September review because of failing the minimum public voting rights threshold.
• The IPO lock-up expiry increases the probability for inclusion in November and December review for US and Global indices. Forecasted demand in December is ~$360m and 2.1 ADV. 

• Chesapeake Energy Corporation’s second quarter 2024 earnings underscore a strategic balance between operational efficiency and financial stewardship amidst the dynamic conditions of the natural gas market.
• The company has effectively reduced its operating costs and improved capital efficiency, pivotal in maneuvering through low-price environments.
• Chesapeake has achieved a 50% improvement in Marcellus drilling performance since 2022, attributed to a 50% increase in daily drilling over the past two years and an extension in average lateral well length by nearly 3,000 feet in Q2.

• Sprouts Farmers Market’s second quarter 2024 results demonstrate both growth and resilience amidst varying market conditions.
• The company reported a significant increase in sales—up 12% year-over-year to $1.9 billion, propelled by a robust 6.7% growth in comparable store sales.
• Key drivers of this growth include increased e-commerce sales, which surged by 30%, and now constitute 14% of total sales, and the company’s strategic expansion through new stores.

• FMC Corporation reported its second quarter 2024 earnings with what can be described as a mixed but cautiously optimistic outlook amidst a complex market environment.
• CEO Pierre Brondeau, after reassuming his role, provided a comprehensive reassessment of the company’s position and future expectations.
• During the earnings call, FMC Corporation outlined both achievements and challenges, as well as strategic adjustments aimed at long-term ustainability and growth.

• Last El Niño was one of the strongest on record, and typically are followed by La Niña, but this transition has yet to occur. 
• Latest ONI Reading and trend shows possibility of La Niña developing in August-October, could coincide with winter. 
• Historically, adverse weather changes and high hurricane incidence are likely to spoil bearish bets against corn and lead to sustained price recovery.

• BNED’s trading price reflects potential turnaround in profitability, reduced financing risks, and potential for acquisition
• Past disappointments with FDC offering and capital structure reshuffling have affected shareholder confidence
• However, current low leverage and growth in profitability make BNED a potentially attractive long-term investment opportunity

This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.