Weekend Update 4/30/2023
Weekend Update recaps market highlights and major news from Ursa’s portfolio. Not on Ursa yet? Download Ursa from the App Store!
Big Tech earnings didn’t disappoint, but markets still cautious ahead of Fed meeting…
🦾 Big Tech flexes. #BigTech earnings did not disappoint with optimism driven by #AI, digital ad recovery and bottoming PC market. Communications and Technology lead overall markets higher up +4% and +2%, respectively.
🏦 Bank Crisis resurfaces. First Republic earnings revealed a $70B deposit loss ($100B excluding $30B in big bank deposits). #BankingCrisis fears reignited, but also rekindling hopes that Fed may need to pause #RisingYields at next week’s meeting.
🇬🇧 UK blocks ATVI deal. UK regulators blocking Microsoft’s pending Activision deal on competitive concerns with emerging cloud gaming. Surprising move as Microsoft was reportedly prepping to move forward on expectations of UK and EU (still waiting decision) approvals.
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As of the publish date, Ursa portfolios may own MSFT & ATVI. These securities may cease to be portfolio holdings at some point in the future. As of the publish date, Ursa portfolios do not own FRC with no plans to open any positions in the next 5 days. Any mention of these securities is for purely informational purposes only and NOT investment advice.
The statements, opinions and analyses presented here are provided as general information. This article is the opinion of the author. Anything within this article should NOT be considered an investment recommendation or advice. See Ursa’s full disclosures here.