Dave Portnoy Has The Best Week of His Life

Author

Faro Capital
August 11, 2023

Good Morning,

U.S. stocks ended slightly higher yesterday. CPI was slightly lower than expected in July. Investors are trying to gauge the FED’s next actions with this print. Consensus is leaning towards the FED halting any rate hikes in September. Earnings season is underway and sentiment on the street is bullish. Disney announced price hikes, ESPN gets into a partnership with Penn Entertainment, Dave Portnoy bought back Barstool for a $1 after selling it for $500M, and Tapestry announced its acquisition of Capri holdings.

Canadian stocks rose slightly following U.S. equities performance.

Brazilian stocks ended a tad lower yesterday, for the 8th straight trading day. Grupo Soma dropped about 7% due to net profits dropping 21% in Q2. 3R and Rede D’Or as well dropped.

Markets: Before the Open

Top News Stories

Canada

  • Barrick Gold Q2 gold production rose 6% (BNN)

  • Tilray to buy eight beverage brands from AB InBev for $85M (BNN)

  • Restaurant Brands International to focus on international expansion (BNN)

  • Quebec farmers look for relief as rains ruin crops (MG)

  • Canada reported largest trade deficit since 2020 (VS)

  • Tim Hortons quarterly sales hit C$2B (VS)

U.S.

  • Penn Entertainment drops Barstool Sports and inks deal with ESPN (CNBC)

  • Rivian raises 2023 EV guidance (CNBC)

  • Rocket Lab earnings meet expectations (CNBC)

  • Liquidity for mortgages is dropping (CNBC)

  • Beyond Meat cuts future guidance (CNBC)

  • Paramount to sell Simon & Schuster to KKR for $1.62B (CNBC)

  • Palantir reported 13% revenue growth in Q2 earnings (CNBC)

  • PayPal is introducing a stable coin (CNBC)

  • Biden put restraints on investments in China (WSJ)

  • Tesla CFO to step down (WSJ)

  • X CEO explains Twitter name change (CNBC)

Argentina

  • MercadoLibre hit 5M clients in its insurance business (USN)

  • Globant to invest $1B on AI to expand in Latin America (BAT)

  • Buenos Aires inflation hits 118% y/y (BAT)

  • Blue dollar passes 600 per dollar exchange rate (BAT)

Brazil

  • Fintech company Clara is moving its headquarters from Mexico to Brazil (USN)

  • Itaú Unibanco beats analyst expectations (USN)

  • Embraer is on track to meet full-year outlook (USN)

  • Brazil central bank to be called “DREX”, will be rolled out in 2024 (USN)

  • Brazil looks to make a trade deal with Indonesia (RIO)

  • Brazil is set to take Argentina as #1 soybean meal exporter (RIO)

  • Brazil looks at a new VAT scheme (RIO)

  • BTG Pactual beats Bradesco in Mkt Cap and take #2 spot on the B3 (RIO)

Bolivia

  • Bolivia’s Minister of Energy looks to make deals with Brazil’s Petrobras (RIO)

Colombia

  • Coffee production in July dropped 11% y/y and exports dropped 16% (PORT)

  • Ecopetrol looks to buy Windpeshi (PORT)

  • Argos & Tecnoglass had stellar earnings (PORT)

  • World Bank says GDP can drop 1.5% to 2.5% due to climate change (ELT)

Dominican Republic

  • Cap Cana invest $2.7M for renewable energy generation (ELD)

  • Dominican Republic government welcomes Brazil beef & pork exports (RIO)

  • 53.9% of all lines of credit go to businesses, small businesses represent 39.6% of GDP (ELD)

Panama

  • Panama looks to Puerto Rico for strategic partnerships (LAE)

Peru

  • Investments in the mining sector in June rose 9.6% y/y (ELC)

  • Petroperu will restructure (ELC)

  • Enel distribution will be sold to China Southern Power for $2.9B (ELC)

Mexico

  • Mexico Pacific signs deal with ConocoPhilips for LNG deal (MB)

  • PEMEX is losing investor confidence (MB)

  • PEMEX reports 1H23 profits (MB)

  • Governments purchases Mexicana de Avación (MB)

  • Mexico is the U.S. largest auto parts supplier (MB)

  • The government will invest $2.8M to fishing initiative (MB)

Insights 

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