In today’s briefing:
- Select Sector Indices – HUGE Impact of Proposed Constituent Weighting Changes
- How a Traditional Toymaker Is Going Big on Digital Games
- US Rig Count Climbs on Oil Rig Gains
- Monolithic Power Systems: Expansion into AI & High-Power Solutions Catalyzing Growth! – Major Drivers
- Biogen Inc.: How Is Their Expansion and Execution of New Product Launches Going? – Major Drivers
- DoorDash Inc.: Expanding Market Verticals & Investing In Global Growth! – Major Drivers
- Hurricanes More Likely to Disrupt Crude Supply and Lower Demand for Natural Gas
- CBAT: Weathering the challenges in the battery cell market. Maintaining a 2.50/share target.
- Moderna Inc.: These Are The 4 Biggest Challenges That Bears Are Counting On! – Major Drivers
- Block Inc.: Focus on Banking Products and Direct Deposit Services & Other Major Drivers
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Select Sector Indices – HUGE Impact of Proposed Constituent Weighting Changes
- S&P DJI have started a market consultation to change the index weighting methodology for the Select Sector Indices to reduce concentration and avoid reverse turnover.
- There is US$281bn tracking the Select Sector Indices from the SPDR ETFs. The market consultation will have a larger impact on indices where there is a high degree of concentration.
- The largest inflows are expected in Apple, Conocophillips, Amazon.com and Netflix while the largest outflows will be from Microsoft, NVIDIA, Chevron, Procter & Gamble, Exxon Mobil, Costco Wholesale and Meta Platforms.
How a Traditional Toymaker Is Going Big on Digital Games
- Monopoly was originally created as a critique of capitalism but became a massively successful business itself.
- Hasbro has grossed over $3 billion in revenue from the app version of Monopoly.
- Hasbro CEO, Chris Cox, will be discussing the development of Monopoly and other games on the podcast.
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US Rig Count Climbs on Oil Rig Gains
- US oil and gas rig count increased by two to 588 for the week ending 09/Aug, following a decline the week prior.
- US oil rig count rose by three to 485, after remaining flat the previous week. Gas rigs decreased by one to 97, marking a third consecutive weekly decline.
- For the week ending 02/Aug, US crude oil production hit a record 13.4 mbpd, following four weeks of steady output at 13.3 mbpd.
Monolithic Power Systems: Expansion into AI & High-Power Solutions Catalyzing Growth! – Major Drivers
- Monolithic Power Systems Inc. has reported a robust second quarter in 2024, reflecting a series of positive outcomes driven by strategic initiatives and diverse market engagement.
- The company announced record revenues of $507.4 million, surpassing the high end of their guidance.
- This performance was largely attributed to the increased demand for AI-powered solutions, an improvement in order trends across various end markets, and revenue generation from previous design wins.
Biogen Inc.: How Is Their Expansion and Execution of New Product Launches Going? – Major Drivers
- Biogen recently reported its earnings for the second quarter of 2024.
- The company, a leading biotechnology entity known for its pioneering work in neuroscience, highlighted a period of transformative growth and strategic reshuffling under President and CEO Chris Viehbacher.
- Central to the earnings discussion was Biogen’s emphasis on accelerating new product launches, optimizing existing portfolios, and expanding through strategic acquisitions, notably the addition of HI-Bio.
DoorDash Inc.: Expanding Market Verticals & Investing In Global Growth! – Major Drivers
- DoorDash has presented its second quarter 2024 earnings and provided insights into several facets of DoorDash’s performance, strategic directions, and the underlying economic measures affecting its operations.
- Starting with the positives, DoorDash continues to report strong demand, particularly in the email domain.
- This is a significant achievement considering the broader industry reports of softening restaurant demand.
Hurricanes More Likely to Disrupt Crude Supply and Lower Demand for Natural Gas
- Hurricane Debby caused 300,000 electricity customers to lose power in Florida and Georgia, reducing electricity demand, which led to natural gas prices declining.
- Since the 2006 shale boom, the share of US natural gas production from the offshore Gulf of Mexico has dropped from 15% to 1.8% by 2023.
- The Gulf of Mexico area accounted for 14.4% of US crude oil production in 2023. Although still a significant share, it has declined from 25.4% in 2006.
CBAT: Weathering the challenges in the battery cell market. Maintaining a 2.50/share target.
- CBAK Energy Technology continues to leverage its strong relationships with portable energy and home energy storage manufacturers to deliver solid results.
- Pricing pressures remain in the broader battery cell market but CBAK’s margins remained strong in Q2.
- The company recorded another profitable quarter and we think investor confidence in the company should continue to grow despite quarter-to-quarter fluctuations.
Moderna Inc.: These Are The 4 Biggest Challenges That Bears Are Counting On! – Major Drivers
- Moderna reported its Quarterly Earnings recently and managed a decent performance.
- Positives from the quarter included advancements in Moderna’s respiratory vaccine portfolio, particularly with mRNA-1273, its COVID-19 vaccine, and new RSV vaccine, mRESVIA.
- Notably, mRNA-1273 continues to be a significant product in combating COVID-19 with substantial hospitalization rates reported from the CDC for the ’23/’24 season.
Block Inc.: Focus on Banking Products and Direct Deposit Services & Other Major Drivers
- Block, Inc., the parent company to Block and Cash App, delivered robust results in the second quarter of 2024, reflecting strong growth in key business areas aligned with strategic initiatives.
- The company reported a gross profit of $2.23 billion, marking a 20% year-over-year increase.
- The Cash App segment notably outperformed, contributing a gross profit of $1.3 billion, up 23% year-over-year, thanks to the robust performance of the Cash App Card, Cash App Borrow, and Buy Now, Pay Later services.