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Amazon and 7 Other Stories We are Following Today 10-28-22

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    1. Amazon’s stock fell nearly 5% yesterday and then more than 20% in overnight trading, before recovering some. The big driver of the stock falling was it projected lower 4th quarter revenues than earlier projected. It now predicts $140 to $145 billion in the 4th quarter versus the originally projected $155 billion. It’s 3rd quarter growth in revenue overall and cloud revenue via AWS missed estimates by overall small amounts. AWS had 3rd quarter operating income of $5.4 billion. The company had an international operating loss outside of AWS.
    2. The move in the wrong direction in Amazon is another reminder to me to stick 90% to an S&P index funds and to treasuries. Then explore in small investments around a handful of individual areas or stocks. Core and explore. The 4 individual stocks or ETFs we have invested in each performed far more poorly than the index and treasuries.
    3. With Amazon and Microsoft I at least felt I had a thesis beyond the “fear of missing out” that may have driven the cannabis and bitcoin investment. With Amazon the thesis was that the Cloud business AWS coupled with a stable e commerce business would make it make sense. Here AWS generated great profits this quarter but lots of losses in the rest of the business. Amazon also had a one-time investment loss in the 2nd quarter in I think Rivian(sp). I thought with that behind them this would rebound this quarter. Ah it was not to be and reminds me again it’s gambling to invest in individual stocks.
    4. On the good news side, thrilled to see a very robust Becker’s Healthcare ASC Conference and a very successful DSO Conf. Cierra Levy deserves tremendous credit on the DSO side as does Taylor Ross, Virginia Egizio, and many others on all sides. Great to see Rolando Velazquez, Ryan Ciepley, and many others. Always great to see leaders Scott Jones, Emma Bulwa, Margo Vieceli, Jessica Cole, Katie Atwood, Abbie Engel, and a lot more. Great to see great colleagues Nader Samii, Naya Kehayes, and Taylor Reagan. Fascinating to hear Scottie Pippen say he loved Jerry Krause and said he thought Krause was the greatest GM of all time.
    5. The Nasdaq fell another 1.63% yesterday and the S&P 500 fell .61%. The Dow was up.
    6. Futures point down today, though not as much as one may have predicted with Amazon taking a hit.
    7. Bitcoin fell to $20,200, the 10 year treasury yield is at 3.93% signaling longer term challenges, and Oil is close to $88.50 a barrel.
    8. Apple had record revenues in the 3rd quarter of $90.15 billion but its iPhone revenues missed target by a small amount. It’s services revenues also fell short. iPhone and services are very important because they are the 2 biggest categories at Apple. Mac sales and wearable beat expectations. The stock was down 3% yesterday and 3% overnight. Apple is the 3rd largest US firm by revenues after Walmart and Apple and first in market cap.

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