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The Weekend Rip: Superb Owl Sunday

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Happy Super Bowl Sunday! Or, for those who don’t care too much for sports, happy Superb Owl Sunday!

Equity indexes were 1/4 this week and major cryptos trended to the downside.

In equities action: the Russell 2000 was the only index that gained this week… a departure for the norm. It gained +1.39%. It’s down 10.6% YTD. The Nasdaq Composite was the worst-off, down -2.32%. You get the jist.

Cryptos retreated from last week’s gains amid newfound geopolitical turmoil (and macroeconomic woes.) $BTC.X was up +1.7on the week, joined by $XRP.X which posted a monster +23.6%. $ETH.X lost -3.2%.

$SOL.X erased -16.6%, just a week after its +21.9% pop from last week, making it the worst-off top-10 crypto this week. $DOT.X also endured a pretty insufferable -10.8% dip.

Reflections aside, here’s what went down this week:

S&P 500 4,418 -1.93%
Nasdaq 13,791 -2.32%
Russell 2000 2,030 +1.39%
Dow Jones 34,738 -1.05%


Bullets from the Week

Cisco reportedly makes offer for SplunkNetworking giant and tech conglomerate Cisco has reportedly made a ~$20 billion offer for Splunk, a data business with its eyes on cloud computing. Over the last year, Splunk stock has fallen more than 32%, which was only worsened by the departure of the company’s CEO stepped down in November 2021. Read more in CNBC.

Russia, U.S., other countries evacuate diplomatic staff from Ukraine. The U.S., Russia, and other countries have begun evacuating diplomatic staff from Ukraine, marking a meaningful escalation of tension in the geopolitical sphere. The West has charged that Russia’s Putin will soon invade the country, while Russia accused Western countries of causing hysteria. However, the thousands of troops at the Russian-Ukrainian border speak volumes. Read more on Associated Press.

Tesla sued by California over civil rights. American automaker Tesla is being sued by the California state civil rights agency on behalf of “thousands of Black workers” after a decade of complaints and a 32-month investigation. The state charges that Tesla enabled a culture of racism and divisiveness at its California plant, where Black employees regularly endured object of racial slurs. Tesla denied the claims. Read more in the LA Times.

Oil giants show out in latest earnings. The world’s largest oil companies are appreciating peak oil while it lasts, because there’s no telling how long it will. Earnings from companies such as BPShellExxon, and Chevron show that oil giants are generating “the highest free cash flow since the start of 2008.” Back then, oil was $100/bbl. These days, costs are lower, and although we aren’t there yet, but there’s room to go much higher. Read more in Bloomberg.

The Brief

Need a concise summary of what’s going on this week? Look no further. Here’s a summary of important earnings and economic data for the trading week ahead.

Economic Calendar

2/15 Producer Price Index & Core PPI (8:30 AM ET)
2/16 Retail Sales (8:30 AM ET)
2/16 Industrial Production & Capacity Utilization (9:15 AM ET)
2/16 EIA Crude Oil Inventories (10:30 AM ET)
2/17 Housing Starts & Building Permits (8:30 AM ET)
2/17 Initial & Continuing Claims (8:30 AM ET)
2/18 Existing Home Sales  (10:00 AM ET)

Peep the full Economic Calendar provided by Briefing for all the reports this week.

Earnings this Week

Here’s what to expect from earnings this week:

There are 429 companies that the Stocktwits community will be tracking this week when they report, so check out the Stocktwits earnings calendar to see the rest.