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
- 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
- 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
- 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
- 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
- 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
- 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
- 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
- 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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