Traders Market Weekly: China, NVidia, BRICS and Jackson Hole Risks

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    The 2-yr note yield continues to climb, up six basis points to 4.95%.
    The U.S. Dollar Index is also climbing, up 0.4% to 103.29.

    Energy complex futures are mixed. WTI crude oil futures are down 0.7% to $82.63/bbl and natural gas futures are up 0.5% to $2.78/mmbtu.


    U.S. Treasuries sit on their lows after sliding from their opening levels.

    Treasuries opened near their unchanged levels but began facing pressure from the start. Issues in the belly of the curve have been at the forefront of the selling, though only the 10-yr yield has hit a fresh high for the year so far today as it nears its high from 2022 (4.333%).

    Equities started the day on a soft note, but they have been rising off their lows with the S&P 500 (+0.2%) and Nasdaq (+0.3%) turning positive in recent action.

    2-yr: +10 bps to 4.96%
    3-yr: +9 bps to 4.65%
    5-yr: +6 bps to 4.37%
    10-yr: +3 bps to 4.20%
    30-yr: +2 bps to 4.29%


    Remembering Hawaii in thoughts & prayers for 1 of worst recent natural disasters
    The speed of fire was “1 mile per minute” (60mph) where neither person or auto could out-run
    As wind field was strong from CAT4 cyclone no one saw this coming or had time to respond.
    wishing comfort, healing, and recovery for all impacted


    Dow 35,307.63 26.23 0.07%
    S&P 500 4,489.72 25.67 0.58%
    Nasdaq 13,788.33 143.48 1.05%
    VIX 14.82 -0.02 -0.13%
    Gold 1,939.70 -6.90 -0.35%
    Oil 82.58 -0.61 -0.73%


    Ferroglobe up 6% After Q2
    Non-GAAP EPS $0.30 beat by $0.20
    Rev $456.4M (-45.7% Y/Y) beat by $14.6M
    “Well-positioned to capitalize on strong long-term growth trends for high purity #silicon metal used in production of #solar technology & batteries”
    $GSM $5.15 +0.32 +6.63% AH


    Definitive Healthcare Q2
    Acquires healthcare commercial intelligence company Populi
    Q2 Non-GAAP EPS $0.08 beats by $0.02.
    Rev $61M (+11.9% Y/Y) in-line.
    Q3 Rev expected $63.0 – $64.5 million, 10-12% increase y/y/ adj EPS exp $0.05 – $0.07
    $DH Post-Market: $9.90 -0.58 (-5.53%)


    Discover Financial Services CEO Roger Hochschild resigned effective August 14 (today).
    DFS has appointed John Owen as interim CEO and President of the company and as interim President of the Bank.
    $DFS Post-Market: $99.00 -3.65 (-3.56%)


    Ray Dalio’s Bridgewater sells Netflix, Home Depot, adds AT&T, Micron

    Bridgewater Associates, the 50-year-old hedge fund founded by billionaire investor Ray Dalio, started new positions in AT&T (NYSE:T) with 1.98M shares, Spotify Technology (NYSE:SPOT) with 68.8K shares, Micron Technology (NASDAQ:MU) with 218.6K shares, DoorDash (NYSE:DASH) with 368.3K shares, and Cummins (NYSE:CMI) with 39.5K shares, during the second quarter, according to its latest 13F filing.

    The firm exited its positions in Netflix (NASDAQ:NFLX), SPDR Gold Shares ETF (NYSEARCA:GLD), Home Depot (NYSE:HD) and Extra Space Storage (NYSE:EXR).

    It trimmed stakes in Meta Platforms (NASDAQ:META) to 537.6K shares from roughly 1M shares, Mastercard (NYSE:MA) to 154.8K shares from 303.8K shares, and Procter & Gamble (NYSE:PG) to 4.62M shares from 4.94M shares.

    Boosted holdings in Uber Technologies (NYSE:UBER) to 1.06M shares from 460.5K shares, and Philip Morris International (NYSE:PM) to 814.6K shares from ~447K shares, the filing issued on August 11 showed.

    In Q1, Bridgewater opened new stakes in First Horizon and Grab Holdings.


    David Tepper’s Appaloosa adds AMD, Apple, exits Walt Disney, Tesla

    During Q2, David Tepper’s Appaloosa Management took new positions in Advanced Micro Devices (NASDAQ:AMD) with 2.31M shares, Apple (NASDAQ:AAPL) with 480K shares, Intel (NASDAQ:INTC) with 6.78M shares, and Qualcomm (NASDAQ:QCOM) with 1.85M shares, the hedge fund disclosed on Monday in a 13F filing.

    The firm boosted its holdings in Alibaba (NYSE:BABA) to 4.48M shares from 100K shares, Amazon (NASDAQ:AMZN) to 3.16M shares from 2M shares, Meta Platforms (NASDAQ:META) to 1.50M shares from 700K shares,

    Reduced stakes in EQT (NYSE:EQT) to 2.06M shares from 2.55M shares, and Macy’s (NYSE:M) to 5M shares from 6M shares.

    Exited its stakes in Salesforce (NYSE:CRM), Walt Disney (NYSE:DIS) and Tesla (NASDAQ:TSLA).

    In Q1, Appaloosa started new stakes in Fedex, Nvidia and Tesla.


    Warren Buffett’s Berkshire builds stakes in homebuilders DHI, NVR, Lennar

    Warren Buffett’s Berkshire Hathaway (NYSE:BRK.B) (NYSE:BRK.A) added new holdings in homebuilders D.R. Horton (NYSE:DHI), NVR (NYSE:NVR), and Lennar (NYSE:LEN.B) during Q2 and divested its stakes in McKesson (NYSE:MCI), Marsh & McLennan (NYSE:MMC), and Vitesse Energy (NYSE:VTS) during the second quarter of 20223, according to its latest 13F filing.

    D.R. Horton (DHI) shares climbed 2.8% in Monday after-hours trading.

    It increased stakes in Capital One Financial (NYSE:COF) to ~12.5M shares from 9.92M shares and, Occidental Petroleum (NYSE:OXY) to 224M shares from ~212M, as it had previously disclosed.

    The insurance giant had reduced its holdings in Chevron (NYSE:CVX) to 123M shares from 132M, General Motors to 22M shares from 40M, Globe Life (NYSE:GL) to ~2.52M shares from 6.35M, and Celanese (NYSE:CE) to ~5.36M shares from ~8.82M.

    As already disclosed, Berkshire (BRK.B) cut its stake in Activision Blizzard (ATVI) to 14.7M shares at June 30, vs. 49.4M prior at March 31, 2023.

    Its largest holding, Apple (AAPL), stayed unchanged at ~916M shares, according to the filing.


    Daniel Loeb’s Third Point adds Activision, Black Knight; exits Colgate Palmolive

    Daniel Loeb’s Third Point took new stakes in takeover targets Activision Blizzard (NASDAQ:ATVI) (1.65M shares) and Black Knight (NYSE:BKI) (~456K shares). It also established new positions in Amazon (NASDAQ:AMZN) (4.10M shares) and Uber Technologies (NYSE:UBER) (~2.78M shares) during Q2 2023, according to its 13F filing.

    It increased its stake in Alibaba Group (NYSE:BABA), slashed its stake in Alphabet (NASDAQ:GOOGL) and exited Colgate Palmolive (NYSE:CL) during Q2 2023, according to its lates 13F filing.

    The firm boosted stakes in Alibaba Group (BABA) to 2.95M shares from 1.33M, in Microsoft to 1.52M shares from 1.05M, and in Jacobs Solutions (NYSE:J) to 1.35M shares from ~186K.

    Meanwhile, it cut its stakes in Alphabet (GOOGL) to ~1.43M class A shares from 4.75M, in Danaher (NYSE:DHR) to 2.60M shares from 2.75M, and in HCA (NYSE:HCA) to 600K shares from 860K.

    The company also closed out positions in Salesforce (NYSE:CRM), and United Health (NYSE:UNH), and National Instruments (NASDAQ:NATI), among others, as disclosed in its 13F filing.


    3G Capital exits stake in NVIDIA in Q2, takes in new positions in Carvana,

    3G Capital Partners, the investment firm co-founded by Brazilian billionaire Alexandre Behring, disposed off its stake in chip giant NVIDIA (NASDAQ:NVDA) in Q2 2023, while taking new positions in several companies including user car seller Carvana (NYSE:CVNA) and Chinese e-commerce major (NASDAQ:JD).

    3G Capital disclosed the information in its latest 13F filing for the three months ended June 30, 2023, published on Monday.

    The firm shed its stake of 20K shares in NVIDIA (NVDA) in Q2. 3G Capital also exited its position of 87.5K American depositary shares in Sony (SONY) and 250K class A shares in South Korean e-commerce company Coupang (CPNG).

    The investment firm snapped up 60K class A shares in Carvana (CVNA) in Q2. Short interest on the stock stands at a whopping 47.45% of the total float.

    3G Capital also picked up 80K class A American depositary shares in (JD) in Q2, while picking up 50K American depositary shares in another Chinese retailer, PDD Holdings (PDD).

    Additionally, 3G Capital disclosed the following new stakes: 58.5K shares, 48K shares and 10K shares in semiconductor companies Applied Materials (AMAT), Analog Devices (ADI), and KLA Corp (KLAC), respectively; and nearly 105K class A shares in Goosehead Insurance (GSHD).

    Other notable moves: 3G Capital marginally bumped up its stake in Facebook-owner Meta Platforms (META) to 50K class A shares from 45K in Q1 2023; trimmed its position in Alphabet’s (GOOGL) class A capital stock to 30K shares from 92.5K shares; cut its holdings in chip-making tools supplier Lam Research (LRCX) to 9K shares from 14.5K shares; and reduced its stake in casino operator Wynn Resorts (WYNN) to 105K shares from 117.5K shares.


    Elliott Management opens new stakes in Seadrill, exits PayPal, Clarivate

    During the second quarter, Elliott Management took new positions in Seadrill (NYSE:SDRL) with ~7.06M shares, Constellation Brands (NYSE:STZ) with 441K shares, NuStar Energy (NYSE:NS) with 28.4K shares, and Phillips 66 (NYSE:PSX) with 775K shares, according to the Paul Singer-led hedge fund’s 13F filing issued on Monday.

    The firm exited its stakes in PayPal (NASDAQ:PYPL) and Clarivate (NYSE:CLVT) during the quarter and reduced holdings in Bausch Health Companies (NYSE:BHC) to 11.5K shares from ~14.6K shares, and Howmet Aerospace (NYSE:HWM) to ~17.1M shares from ~24.7M shares.

    Boosted stakes in Endeavor Group Holdings (NYSE:EDR) to ~3.56M shares from 3M shares, and Pinterest (NYSE:PINS) to 28M shares from ~27.9M shares.


    Michael Burry’s Scion shorts stock market in Q2, exits bank stocks

    Scion Asset Management, the hedge fund founded by “Big Short” investor Michael Burry, shorted the stock market and sold most of its stakes in bank stocks during the second quarter, according to its 13F filing dated Monday.
    The firm bought 2M shares of SPDR S&P 500 ETF Trust (NYSEARCA:SPY) puts and 2M shares of Invesco QQQ Trust ETF (NASDAQ:QQQ) puts.

    It also dumped its stakes in a slew of lenders, including First Republic Bank (OTCPK:FRCB), Capital One Financial (NYSE:COF), Huntington Bancshares (NASDAQ:HBAN), PacWest Bancorp (NASDAQ:PACW), Wells Fargo (NYSE:WFC) and Western Alliance Bancorp (NYSE:WAL). Other notable exits include Alibaba (NYSE:BABA) and Devon Energy (NYSE:DVN).

    Scion trimmed its holdings in New York Community Bancorp (NYSE:NYCB), to 200K shares from 850K shares.

    New stakes were taken in Charter Communications (NASDAQ:CHTR) (25K shares), Comstock Resources (NYSE:CRK) (200K shares), CVS Health (NYSE:CVS) (100K shares), Vital Energy (NYSE:VTLE) (125K shares) and Safe Bulkers (NYSE:SB) (~128K shares).

    In the first quarter of the year, Scion bought some of the bank stocks that fell the most after the March regional bank turmoil.


    Stan Druckenmiller’s Duquesne adds GE, Builders FirstSource, exits AMD

    Stan Druckenmiller’s Duquesne Family Office took new stakes in General Electric (NYSE:GE) with 736K shares, Builders FirstSource (NYSE:BLDR) with 310K shares, PTC (NASDAQ:PTC) with 273K shares, Canadian Pacific Kansas City (NYSE:CP) with ~124K shares, DoorDash (NYSE:DASH) with ~207K shares, and UBS (NYSE:UBS) with ~760K shares, the company disclosed in its 13F filing for the quarter ended June 30, 2023.

    It exited stakes in Advanced Micro Devices (NASDAQ:AMD), Alphabet (NASDAQ:GOOG), Barrick Gold (NYSE:GOLD), Palantir Technologies (NYSE:PLTR), and Alibaba Group (NYSE:BABA).

    The firm reduced its holdings in Amazon (NASDAQ:AMZN) to 218K shares from ~808K, KBR (NYSE:KBR) to 506K from ~1.80M shares, Meta Platforms (NASDAQ:META) to ~55K shares from ~240K shares, and Iqvia Holdings (NYSE:IQV) to ~199K shares from ~475K shares.

    Duquesne also increased its holdings in Option Care Health (NASDAQ:OPCH) to 4.39M shares from ~804K shares, News Corp (NASDAQ:NWSA) A shares to 4.52M shares from 2.76M shares, News Corp B shares (NASDAQ:NWS) to ~731K shares from ~614K shares, and T-Mobile US (NASDAQ:TMUS) to 1.18M shares from 498K, according to the filing.

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