Market Futures are down slightly this morning. The Chinese "Spy balloon" has been shot down and China is urging for calmness on the side of the US. Bitcoin is sitting right at the edge of $23k
We are in the midst of earnings season and there are still over 100 companies left to report. After the market closes today Activision Blizzard (ATVI), Take Two Entertainment (TTWO), Simon Property Group (SPG), and Pinterest (PINS) will report, which should be pretty interesting. I will be looking at video game sales and if there is evidence of a slowdown in gaming from ATVI and TTWO. Pinterest users and ad activity will also be interesting because as far as we know, companies are holding back on massive ad spending due to a "shaky" consumer.
Stocks to Watch
Dell (DELL) reports it will cut 5% of its workforce, continuing the trend of layoffs that started in Silicon Valley but is now reaching further out. Still, the industry most affected by layoffs currently is Tech.
Superstar drugmaker and Dividend favorite Abbvie (ABBV)will be losing the exclusive rights to produce the world's best-selling drug Humira, which currently brings in about $200 Billion a year. Competitor Amgen (AMGN) is making a version of the drug and so are 9 other companies. This is expected to drive the drug price down significantly, cutting into Abbvie's revenue.
Paypal (PYPL) receives a downgrade and loses in the premarket. Earnings will be released this week.
Happy Investing,
The Punkrock Capitalist
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