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Microsoft Moves Like a Microcap

Daily Rap 07-18-2023

This morning's macro data, in particular retail sales, was on the weaker side. That boosted fixed income, which helped the equity market to some degree, although the performance through midday was pretty lumpy, with the Nasdaq lower and the S&P only slightly positive. Then around noon, a Microsoft 365 Copilot price increase caused its stock price to spike about 5%, which boosted the entire tape to some degree. With an hour to go, when I had to leave, the market was up almost 1% on the day.

Away from stocks, as noted, fixed income was a little higher while green paper was about flat. The metals picked up their heads, with silver gaining 0.75% and gold over 1% while the miners joined the party as well.

Moving and Shaking In company-specific...more


Last year's posts for Ask Fleck

Q: Fleck,

Hope your medical procedure goes (or went) well today and that you're feeling fine.

Fleck: It was no big deal and went well, so thanks to you and others who asked.
(posted: 7/17/2023)


Q: Bill,
If anyone doesn't understand the phrase "talking your book," this should explain it.
BlackRock CEO Larry Fink Talks Up Crypto Demand From Gold Investors.
BlackRock CEO Larry Fink says 'more and more' global investors are inquiring about crypto.
BlackRock's Bitcoin ETF filing means Larry Fink sees ‘hundreds of billions' in pent-up investor demand,
BlackRock CEO Larry Fink is calling Bitcoin an "international asset"
... he said that he believes “the role of crypto is digitalizing gold, instead of investing in gold as a hedge against the onerous problems of any one country.
... he spoke of the increasing demand he is seeing for cryptocurrencies among gold investors.

Fleck: I'm not a fan of Fink.
(posted: 7/17/2023)


Q: Hi Bill - I am scratching my head trying to figure out:

1) How did the BLS calculate the health insurance figure and
2) How was this overlooked in the financial press?

Denninger is very sharp and catches this type of chicanery all the time.

CPI: Dial-Twisting Extraordinare

Fleck: Sorry, I have no idea.
(posted: 7/14/2023)


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