Unusual Whales

Apple Shares Fell 4% Over iPhone 14 Concerns

Per CNN and Business Insider Apple shares dropped 4% as the company decided to abandon its efforts to increase the iPhone 14 production by 6 million units as demand drops lower than expected. The estimates came from the number of pre-orders Apple received for the iPhone 14 models. Even Steve

Mortgage Refinance Hits Lowest in 22-Years as Interest Grows to 6.52% from 6.25%

Per CNBC Mortgage refinances hit their lowest in 22 years as interest rates rose from 6.25% to 6.52% for mortgages with $647,200 or less in loan balances. Mortgage applications were 29% lower year-over-year as 30-year mortgage plans reached 7.08%, the highest rate in almost 20 years.

NYC Starter Homes have Shrunk 9% Over the Last 3 Years with Costs Jumping from $400K to $800K

Per Business Insider The size of starter homes in New York City have dropped by 9% over the last three years. Average starter home prices have risen from $400K to $800K. Manhattan median square footage for homes now equates to just four-and-a-half parking spots at just 86 square feet in

Biogen Stock Surged 35.4% After Success of Experimental Alzheimer's Drug

Per Reuters The success of Biogen's experimental Alzheimer's drug with Eisai resulted in the company's stock surging by 35.4%. Eisai's stock also rose by 17% to Tokyo's daily limit. After the news, even shares of its rivals Eli Lilly

71% of Employees' Salaries Can't Keep Up With Costs as Average Utilities Payment Increased by 16.3% YOY

Per CNN A study by the Bank of America found that 71% of employees say their salaries are being outpaced by their cost of living. This is an increase from 58% in February. The average monthly utilities payment increased by 16.3% year-over-year in August. 17% of households either made

NEADA Expects Americans to Pay 17.2% More for Winter Heating Jumping from a Total of $127.9B to $149.9B

Per NEADA The National Energy Assistance Directors Association expects heating costs in winter to increase by 17.2% from $1,025 to $1,202. The total costs of home heating would grow from $127.9 billion to an estimated $149.9 billion. The NAEDA is asking for a supplemental increase

American Wealth Lost $9 Trillion in Less than a Year to the Stock Market

Per CNBC The holdings of corporate equities and mutual fund shares started out this year at $42 trillion. At the end of the second quarter, they dropped by $9 trillion down to just $33 trillion in total. The FEDs noted that the top 10% of Americans, who own 89% of

White House mulling potential Yellen departure after midterms

Per Axios: White House officials are quietly preparing for the potential departure of Treasury Secretary Janet Yellen after the midterms. In addition to Yellen, officials are also considering the possibility that Brian Deese, the director of the National Economic Council, will leave early next year. "While we are prudently

Stock market losses wipe out $9 trillion from Americans’ wealth

Per CNBC: Falling stock markets have wiped out more than $9 trillion in wealth from U.S. households, putting more pressure on family balance sheets and spending. Americans’ holdings of corporate equities and mutual fund shares fell to $33 trillion at the end of the second quarter, down from $42

FED Study Found 1% Increase in Remote Work Equals 0.9% House Price Increase, Shift Attributed to 60% of the Pandemic Markup

Per Bloomberg A study by the Federal Reserve Bank found that a 1% increase in remote work resulted in a 0.9% increase in house prices. FED says the shift to remote work attributed to 60% of the increase in home prices during the pandemic. For a two-year period that

Southwest Airlines Trained and Hired 3,000 Flight Attendants Tripling Its 2008 Hiring Record Despite Pandemic

Per CNBC and The New York Times Southwest Airlines has over 62,000 full-time equivalent employees after training and hiring 3,000 flight attendants. Pre-pandemic, the airlines only had 60,800 employees. Under the $54 billion federal bailout terms, airlines were prohibited from laying off staff during the COVID pandemic.

Biogen Settles Allegations for Pedaling Sclerosis Drugs with $900M Fine

Per CNBC The former employee turned whistleblower, Michael Bawduniak, revealed how Biogen paid kickbacks to doctors to push multiple sclerosis drugs prescription. Biogen will pay $843 million to the federal government and $56 million as a settlement to 15 states. The Justice Department will reward $250 million of the federal

Goldman Sachs to Invest in $750M to $2B Companies with $9.7 Billion Fund

Per Reuters Goldman Sachs closed a massive private-equity fund worth $9.7 billion to invest in companies worth $750 million to $2 billion. The company plans to take a $300 million average controlling stake in these types of companies: * Financial and business services * Healthcare * Consumer * Technology * Climate change transition Goldman

California moves to ban natural gas furnaces and heaters by 2030

California is working to become the first U.S. state to phase out fossil-fueled furnaces and water heaters. Under a proposal unanimously approved from the California Air Resources Board (CARB) Thursday, The Golden State voted to ban the sale of all natural gas-fired space heaters and water-heating appliances by 2030.

S&P500 down to worst 4th start in year

Per Bloomberg: US stocks fell in a volatile session exacerbated by sharp moves in the UK currency and bond markets, as hawkish central banks across the globe continued to subdue sentiment. The S&P 500 ended Monday’s session at its lowest level since December 2020. The Cboe Volatility

Opendoor Lost Money on 42% of August Home Flips with Phoenix Losses Topping at 76%

Per Bloomberg Opendoor lost on 42% of its August resales after failing to anticipate the housing market's decline in demand. The company lost money on 76% of sales in Phoenix and 55% in Los Angeles. The home-flipper warns investors of a $175 million loss. Opendoor also lost 78.

Bank of Montreal Says 'Likelihood of a Recession is 99.9%' in 2024

Per Bloomberg Bank of Montreal's Earl Davis says "the likelihood of a recession is 99.9%" and could happen in 2024. David says that although it could be a policy mistake, the playbook suggests a recession could be next. See full $BMO flow at unusualwhales.com/

Goldman Sachs Stops at 16% for S&P 2022 Target as FED Shows Signs of Rate-Hike Slowdown

Per Reuters Goldman Sachs adjusts its 2022 target for the S&P 500 by 16% as the US Federal Reserve shows signs of slowing down its rate hikes. Analysts at the bank are expecting interest rates by the central bank to be higher than previous estimates. See full $GS

Costco Keeps Hot Dog-and-Soda Combo at $1.50 Amidst Inflation and 17.70% Decline YTD

Per New York Post Costco CFO Richard Galanti assures hot dog-and-soda combo will stay at $1.50 despite over 8.3% inflation rate and the company stock dropping 17.70% year-to-date. Annual membership to stay at $60 as the company posted $72.09 billion in quarterly revenue. See full $COST

Interpol issues red notice for Terraform founder Do Kwon

Per TechCrunch: Interpol has issued a red notice for Do Kwon, requesting law enforcement agencies worldwide to locate and arrest the Terraform Labs founder whose blockchain startup collapsed earlier this year and wiped out investors’ $40 billion. Kwon faces charges in South Korea for the wipeout of investors’ money, the

California to Roll Out Relief Checks to Earners with Up to $250K Gross Annual Income

Per SFChronicle Individuals earning up to $250K or couples earning up to $500K are still eligible for California's relief checks. The checks range from $200 to $1050 depending on income, tax filing status, and dependent numbers. The money comes from California's record-breaking $97.5 billion surplus

Boeing to Pay $200M Settlement for Misleading Investors About 737 Max Crash that Killed 346 People

Per BBC Boeing will pay $200 million for its former CEO, Dennis Muilenburg, making false statements on safety. The fund will be paid to investors who suffered losses due to the misinformation from 2018 to 2019. The SEC accused the company of prioritizing profits over people. The 737 Max crash

Inflation Pushes $100K/Year Earners to Shop at Dollar General, Store Designed for $40K/Year Earners

Per CNN and Reuters Dollar General CEO Todd Vasos shares how the retail giant has been seeing more $100K/year earners in the recent weeks as inflation pushes grocery prices. The retail giant designed for $40K/year earners raised its fiscal 2022 same-store sales growth forecasts from 3-3.5% to

Raytheon Bags $985M Contract with the Pentagon for Missile Prototype

Per Reuters Raytheon Technologies won a $985 million contract with the Pentagon for prototypes of a hypersonic attack cruise missile. This follows its $3.2 billion SPY-6 radar contract with the US Navy. The company beat Boeing and Lockheed Martin for the contract to develop hypersonic weapons that run 5x

FedEx Investors Lose Confidence in Company's Forecasting Abilities Dropping 28% Since New CEO

Per Reuters Investors are questioning the ability of FedEx to make forecasts. Its stock has fallen 28% since Raj Subramaniam was named CEO. The company is in hot water for issuing over-optimistic, full-year profit forecasts. Investors believe FedEx can generate higher profits by slashing costs, shedding assets, and combining the