MARKET RECAP → The S&P 500 (VOO) closed lower on Friday, pressured by a spike in oil prices and rising inflation expectations as the stock market closed out a volatile week. Next week, earnings season will return in full swing with names like Tesla (TSLA), Netflix (NFLX), and Goldman Sachs (GS) on deck to report their Q3 2023 results!
JPMORGAN JUMPS →🚀 JPMorgan Chase (JPM), navigating through a tough market environment, reported a soaring 35% profit surge in Q3, adeptly balancing a robust net interest income and judicious credit costs, while CEO Jamie Dimon candidly spotlighted the potential global market upheavals amidst prevailing geopolitical storms.
GAME ON, MICROSOFT! → 🕹️ Navigating through a labyrinth of regulatory challenges, Microsoft (MSFT) successfully locked in its monumental $69 billion acquisition of Activision Blizzard (ATVI), strategically diversifying its empire with a treasure trove of gaming franchises, while skillfully crafting partnerships and concessions to placate global regulators and fortify its gaming realm.
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| Sean Horgan Head of Investor Relations @ MoneyLion
$shorgan |
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📈 Surpassing Expectations: JPMorgan Chase (JPM) reported a 35% profit surge to $13.15 billion in Q3, with earnings of $4.33 a share and a revenue climb of 21% to $40.69 billion, notably exceeding analysts’ estimates and being fueled by robust net interest income and lower-than-anticipated credit costs.
🏦 Division Dynamics: The retail banking division experienced a 36% profit surge to $5.9 billion, propelled by higher net interest income and the acquisition of First Republic, while the corporate and investment bank saw a 12% profit dip to $3.1 billion due to declines in trading and advisory revenue.
🌎 Navigating Global Turbulence: CEO Jamie Dimon acknowledged “over-earning” on net interest income and “below normal” credit costs, while also highlighting the potential far-reaching impacts of geopolitical events, such as the Ukraine war and attacks on Israel, on various global markets and relationships. |
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🎮 Historic Acquisition Closed: Microsoft (MSFT) successfully sealed its largest deal ever, acquiring video game publisher Activision Blizzard (ATVI) for $69 billion, after navigating through regulatory hurdles and gaining approvals from U.K., European, and U.S. authorities, thereby adding a rich portfolio of popular gaming franchises like Call of Duty and Overwatch to its arsenal.
🔄 Diversification and Expansion: The acquisition, which was meticulously managed amidst regulatory pushback and delayed timelines, aligns with CEO Satya Nadella’s strategy to diversify Microsoft’s business beyond its foundational sectors, such as operating systems and productivity software, and to fortify its position in the lucrative gaming industry.
🤝 Strategic Concessions and Partnerships: To placate regulators and facilitate the deal, Microsoft made several strategic concessions, including offering free licenses for streaming Activision Blizzard games in the European Economic Area, and ensuring access to pivotal games like Call of Duty for console rivals Nintendo and Sony, as well as cloud-gaming providers.
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Deflation is the anti-inflation. Here’s where prices fell in September 2023 in one chart (CNBC) Novo Nordisk hikes outlook on soaring demand for Wegovy, Ozempic (CNBC)
From Birkenstock to Instacart: IPOs are in a rut (CNN)
Gen Z is cooking more and shopping less as they struggle to achieve financial success (Fortune)
JPMorgan Chase CEO Jamie Dimon warns this is ‘the most dangerous time’ for the world in decades (CNBC)
Israel-Hamas war live updates: Civilians scramble to flee north Gaza ahead of expected Israeli ground offensive (CNBC) |
And if you want more, be sure to check out the MoneyLion blog for tips, hacks and all things money. (MoneyLife)
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