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TICKERS DISCUSSED LONGS: PM, NKE, FICO, FDX SHORTS: PK, PEB, XHR, CHTR |
broadcast summary
Consumer Staples: Daniel Biolsi - 00:00:40
- Long – Philip Morris International Inc. (PM): Tucker Carlson, a former Fox News host, has previously been an unpaid Zyn promoter; in a podcast last year, Carlson made remarks that prompted a response from Philip Morris, which said that “given Mr. Carlson’s popularity and reach, [his] statements could promote a misunderstanding and misuse of our products.” Carlson did not like the response and decided to launch a competing nicotine pouch brand, Alp, with Neil Patel in November; Alp is going to be offered in 3 nicotine strengths – 3mg, 6mg, and 9mg; PM remains a long.
Gaming, Lodging & Leisure: Sean Jenkins - 00:05:05
- Hotel REITs: Hotel REITs were up on the day yesterday; we have been negative on the sector for a while now; this is not a time to press; RevPAR data continues to look a lot worse; we think October and November RevPAR will be much weaker; Park Hotels & Resorts Inc. (PK), Pebblebrook Hotel Trust (PEB) & Xenia Hotels & Resorts, Inc. (XHR) remain shorts.
Retail: Brian McGough - 00:11:49
- Long – Nike, Inc. (NKE): Phil Knight fired John Donahoe which is huge news; Donahoe’s contract was set to expire in January; named Elliott Hill to be the next CEO starting in two weeks; Hill has spent his whole life at Nike; the organization is pumped about Hill coming back to be CEO; stock is up 10% in the pre-market; Hill is going to invest a lot of money in product innovation; this is going to take time; this is really bullish for Nike; NKE remains a long.
Macro, Housing, Digital Assets & Financials: Josh Steiner - 00:23:35
- Long – Fair Isaac Corporation (FICO): We are hosting our New Long FICO Black Book on Monday 9/23 at 12:30pm ET.
Industrials & Materials: Jay Van Sciver - 00:38:08
- Long – FedEx Corporation (FDX): FDX out yesterday with earnings and it was not the reaction we were expecting; stock is down 10% in the pre-market; 5% drop in guidance; they didn’t provide an update on the FedEx Freight strategic review; demand is a little softer; strong reaction to a relatively modest EPS guide down; FDX remains a long.
Communications & Software: Andrew Freedman - 00:42:55
- Short – Charter Communications, Inc. (CHTR): A pickup in the housing market would result in Charter accelerating their share losses; would be positive on the margin for fixed wireless; CHTR remains a short.
Global Technology & Software: Felix Wang - 00:50:22
- OpenAI: It has been a week since OpenAI released o1; this is a powerful model that imitates how people think about complex problems; o1 has more inferencing capabilities.
Macro Policy: JT Taylor - 00:53:02
- Congress: CR issue is coming to a close; Republicans in the House will drop something either over the weekend or on Monday; Schumer has also started the process on the Senate side; we expect Congress to be done with this by mid-next week.
