>>> Starboard Value (Jeffrey Smith) discloses updated portfolio positions in 13F

Starboard Value (Jeffrey Smith) discloses updated portfolio positions in 13F filing: Added to ALIT FTRE NWSA CRM
Highlights from Q2 2024 filing as compared to Q1 2024 (all amounts are approximate):
  • Increased positions in: ALIT (to 43.4 mln shares from 39.81 mln shares), FTRE (to 8 mln from 5.3 mln), NWSA (to 7.2 mln from 5.96 mln), CRM (to 1.68 mln from 1.21 mln)
  • Maintained positions in: AQN (62.14 mln shares), ACTG (61.12 mln shares), NWS (8.73 mln shares), BLMN (8.44 mln shares), ROG (0.8 mln shares)
  • Decreased positions in: GDDY (to 4.61 mln shares from 6.42 mln shares), GEN (to 17.52 mln from 18.61 mln), WIX (to 1.88 mln from 2.43 mln) MRCY (to 2.29 mln from 2.66 mln), ACM (to 0.63 mln from 0.86 mln), IWR (to 0.3 mln from 0.53 mln)

>>> US Close Dow +0.61% S&P +0.38% Nasdaq +0.03% Russell -0.52%

Closing Stock Market Summary
The stock market exhibited more muted action following today's in-line CPI print compared to yesterday's rally after the pleasing PPI print. The S&P 500 (+0.4%) and Dow Jones Industrial Average (+0.6%) closed with gains while the Nasdaq Composite settled fractionally higher than yesterday and the Russell 2000 logged a 0.5% decline.

Total CPI was up 0.2% month-over-month in July, as expected, and core-CPI, which excludes food and energy, was up 0.2%, also as expected. The index for shelter was up 0.4% month-over-month and accounted for nearly 90% of the increase in the all items index.
On a year-over-year basis, total CPI was up 2.9%, versus 3.0% in June, and core-CPI was up 3.2%, versus 3.3% in June.

The lackluster response in equities was due in part to some good news being priced in yesterday. Advancers led decliners by a 5-to-3 margin at the NYSE and decliners led advancers by the same margin at the Nasdaq.

Outsized moves are reserved for stocks with catalysts. Kellanova (K 80.28, +5.78, +7.8%) was the top performing stock in the S&P 500 after news that Mars will acquire Kellanova for $83.50/share in cash, or total consideration of $35.9 billion, including debt.

Alphabet (GOOG 162.03, -3.90, -2.4%) was an influential laggard after a Bloomberg report that the Department of Justice may be looking at breaking up the company following last week's court ruling that Alphabet violated search-related antitrust laws.

This price action, along with a decline in Meta Platforms (META 526.76, -1.78, -0.3%), pinned the S&P 500 communication services sector (-0.9%) in last place on the lineup. Meanwhile, the financial (+1.3%) and information technology (+0.6%) sectors logged some of the largest gains.

The CPI print also had the market repricing the likelihood of a 50 basis points rate cut at the September FOMC meeting. According to the CME FedWatch Tool, there is still a 100% probability of a 25 basis points rate cut in September after today's release, but the probability of a 50 basis points rate cut has been reduced to 35.5% from 53.0%.
The 2-yr note yield, which is most sensitive to changes in the fed funds rate, settled one basis point higher at 3.95%. The 10-yr note yield declined three basis points to 3.82%.
  • Nasdaq Composite:+14.5% YTD
  • S&P 500: +14.4% YTD
  • S&P Midcap 400: +6.2% YTD
  • Dow Jones Industrial Average: +6.2% YTD
  • Russell 2000: +2.8% YTD
Reviewing today's economic data:
  • Weekly MBA Mortgage Applications Index 16.8%; Prior 6.9%
  • July CPI 0.2% (consensus 0.2%); Prior -0.1%, July Core CPI 0.2% (consensus 0.2%); Prior 0.1%
    • The key takeaway from the report is that it points to ongoing disinflation; hence, it won't change the market's belief that the Fed will cut rates by 25 basis points in September even though CPI inflation is comfortably above the Fed's 2% goal, which is oriented around PCE price inflation that is currently at 2.5%.

Wednesday's economic lineup features:
  • 8:30 ET: July Retail Sales (consensus 0.3%; prior 0.0%), Retail Sales ex-auto (consensus 0.2%; prior 0.4%), weekly Initial Claims (consensus 232,000; prior 233,000), Continuing Claims (prior 1.875 mln), July Import Prices (prior 0.0%), Import Prices ex-oil (prior 0.2%), Export Prices (prior -0.5%), Export Prices ex-agriculture (prior -0.6%), and Empire State Manufacturing Survey (prior -6.6)
  • 9:15 ET: July Industrial Production (consensus 0.1%; prior 0.6%) and Capacity Utilization (consensus 78.6%; prior 78.8%)
  • 10:00 ET: June Business Inventories (consensus 0.2%; prior 0.5%) and August NAHB Housing Market Index (consensus 43; prior 42)
  • 10:30 ET: Weekly natural gas inventories (prior +21 bcf)
  • 16:00 ET: June Net Long-Term TIC Flows (prior -$54.6 bln)

>>> Appaloosa (David Tepper) discloses updated portfolio positions in 13F filing

Appaloosa (David Tepper) discloses updated portfolio positions in 13F filing: Added to LYFT KWEB JD FXI BEKE, Lowered NVDA INTC ET BABA SWN AMZN ORCL AMD META holdings
Highlights from Q2 2024 filing as compared to Q1 2024 (all amounts are approximate):
  • Increased positions in: LYFT (to 7.96 mln shares from 0.47 mln shares), KWEB (to 4.49 mln from 3.48 mln), JD (to 4.31 mln from 3.65 mln), FXI (to 6.94 mln from 6.38 mln), BEKE (to 2.09 mln from 1.71 mln), UBER (to 1.5 mln from 1.36 mln), ADBE (to 0.36 mln from 0.35 mln), ASML (to 0.09 mln from 0.08 mln), UPS (to 0.61 mln from 0.6 mln)
  • Closed positions in: NSC (from 0.05 mln shares)
  • Decreased positions in: NVDA (to 0.69 mln shares from 4.42 mln shares), INTC (to 2.78 mln from 3.75 mln), ET (to 7.7 mln from 8.64 mln), BABA (to 10.5 mln from 11.25 mln), SWN (to 4.44 mln from 4.8 mln), AMZN (to 3.48 mln from 3.83 mln), ORCL (to 2 mln from 2.3 mln), AMD (to 1.37 mln from 1.63 mln), META (to 0.94 mln from 1.12 mln), PDD (to 1.94 mln from 2.1 mln), EQT (to 1.91 mln from 2.06 mln), GOOG (to 1.93 mln from 2.08 mln), AR (to 1.85 mln from 2 mln), QCOM (to 0.84 mln from 0.99 mln), BIDU (to 1.67 mln from 1.8 mln), M (to 1.27 mln from 1.4 mln), CZR (to 2.2 mln from 2.3 mln), FDX (to 0.55 mln from 0.6 mln), MPLX (to 0.61 mln from 0.66 mln), MU (to 1.18 mln from 1.22 mln), TSM (to 0.46 mln from 0.5 mln), BA (to 0.21 mln from 0.23 mln), CHK (to 0.19 mln from 0.2 mln), UNH (to 0.19 mln from 0.2 mln)

>>> Cisco beats by $0.02, reports revs in-line; guides Q1 EPS above consensus, r

Cisco beats by $0.02, reports revs in-line; guides Q1 EPS above consensus, revs in-line; guides FY25 EPS in-line, revs in-line; saw steady customer demand (45.44 +0.07)
  • Reports Q4 (Jul) earnings of $0.87 per share, excluding non-recurring items, $0.02 better than the FactSet Consensus of $0.85; revenues fell 10.3% year/year to $13.64 bln vs the $13.53 bln FactSet Consensus.
    • Non-GAAP gross margin of 67.9% compared to 66.5-67.5% forecast.
    • Total annualized recurring revenue (ARR) at $29.6 billion, including $4.3 billion from Splunk, up 22% year over year.
    • Co added, "We saw steady customer demand with order growth across the business as customers rely on Cisco to connect and protect all aspects of their organizations in the era of AI."
  • Co issues guidance for Q1 (Oct), sees EPS of $0.86-0.88, excluding non-recurring items, vs. $0.85 FactSet Consensus; sees Q1 revs of $13.65-13.85 bln vs. $13.74 bln FactSet Consensus.
    • Expects non-GAAP gross margin of 67.0-68.0%.
  • Co issues in-line guidance for FY25, sees EPS of $3.52-3.58, excluding non-recurring items, vs. $3.54 FactSet Consensus; sees FY25 revs of $55.0-56.2 bln vs. $55.58 bln FactSet Consensus.

>>> DME Capital (David Einhorn) discloses updated portfolio positions in 13F fil

DME Capital (David Einhorn) discloses updated portfolio positions in 13F filing: Affirms new CPRI holding, new PTON IAC positions, Added to VTRS HPQ ROIV PENN ODP
Highlights from Q2 2024 filing as compared to Q1 2024 (all amounts are approximate):
  • New positions in: PTON (6.79 mln shares), CPRI (confirmed -- 0.68 mln), IAC (0.29 mln)
  • Increased positions in: VTRS (to 7.4 mln shares from 4.52 mln shares), HPQ (to 3.37 mln from 1.62 mln), ROIV (to 4.81 mln from 4.19 mln), PENN (to 5.1 mln from 4.55 mln), ODP (to 2.22 mln from 1.71 mln), GLPG (to 0.23 mln from 0.16 mln)
  • Maintained positions in: GRBK (10.47 mln shares), DHT (4.02 mln shares), BHF (2.97 mln shares), LBTYA (2.04 mln shares), CEIX (1.64 mln shares), SDRL (0.57 mln shares)
  • Closed positions in: NPWR (confirms -- from 1.96 mln shares), KVUE (from 0.71 mln), AER (from 0.32 mln), CLVT (from 0.28 mln), NBSE (from 0.14 mln), FCNCA (confirms --from 0.03 mln)
  • Decreased positions in: KD (to 4.44 mln shares from 6.61 mln shares), LIVN (to 0.64 mln from 1.33 mln), TECK (to 1.09 mln from 1.55 mln), ALIT (to 11.07 mln from 11.53 mln), GPK (to 1.4 mln from 1.8 mln), THC (to 0.6 mln from 0.89 mln), WFRD (to 0.18 mln from 0.32 mln), GLD (to 0.2 mln from 0.25 mln)

>>> Berkshire Hathaway (Warren Buffett) discloses updated portfolio positions in

Berkshire Hathaway (Warren Buffett) discloses updated portfolio positions in 13F filing: New HEIA ULTA positions, Added to SIRI OXY, Exited PARA SNOW
Highlights from Q2 2024 filing as compared to Q1 2024 (all amounts are approximate):
  • New positions in: HEIA (1.04 mln shares), ULTA (0.69 mln)
  • Increased positions in: SIRI (to 132.88 mln shares from 36.68 mln shares), OXY (confirmed -- to 255.28 mln from 248.02 mln), LSXMK (to 70 mln from 65.49 mln), LSXMA (to 35.18 mln from 32.76 mln), CB (to 27.03 mln from 25.92 mln)
  • Maintained positions in: BAC (1032.85 mln shares), KO (400 mln shares), KHC (325.63 mln shares), AXP (151.61 mln shares), C (55.24 mln shares), DVA (confirmed - 36.1 mln shares), MCO (24.67 mln shares)
  • Closed positions in: PARA (from 7.53 mln shares), SNOW (from 6.13 mln)
  • Decreased positions in: AAPL (confirmed -- to 400 mln shares from 789.37 mln shares), CVX (to 118.61 mln from 122.98 mln), COF (to 9.82 mln from 12.47 mln), FND (to 3.98 mln from 4.78 mln), LPX (to 5.96 mln from 6.6 mln), TMUS (to 4.67 mln from 5.24 mln)

>>> Engaged Capital (Glenn W. Welling) discloses updated portfolio positions in

Engaged Capital (Glenn W. Welling) discloses updated portfolio positions in 13F filing: New SMAR position
Highlights from Q2 2024 filing as compared to Q1 2024 (all amounts are approximate):
  • New positions in: SMAR (0.67 mln shares)
  • Increased positions in: EVH (to 4.11 mln shares from 3.26 mln shares), PTLO (to 2.76 mln from 1.99 mln), ENV (to 0.69 mln from 0.12 mln), VYX (to 6.29 mln from 5.84 mln)
  • Maintained positions in: BRCC (12.85 mln shares), VFC (5.34 mln shares), NATL (2.51 mln shares), NVRO (1.89 mln shares)
  • Decreased positions in: SHAK (to 0.27 mln shares from 0.77 mln shares), UPBD (to 1.17 mln from 1.67 mln), PRAA (to 1.7 mln from 1.85 mln)

>>> Pershing Square (Bill Ackman) discloses updated portfolio positions in 13F f

Pershing Square (Bill Ackman) discloses updated portfolio positions in 13F filing: New BN NKE positions
Highlights from Q2 2024 filing as compared to Q1 2024 (all amounts are approximate):
  • New positions in: BN (6.85 mln shares), NKE (3.04 mln)
  • Maintained positions in: HHH (18.85 mln shares).... slightly lowered: QSR (to 23.14 mln from 23.35 mln), CP (to 14.97 mln from 15.1 mln), HLT (to 8.95 mln from 9.18 mln)
  • Decreased positions in: CMG (to 28.82 mln shares from 37.2 mln shares), GOOG (to 7.55 mln from 9.38 mln), GOOGL (to 3.99 mln from 4.35 mln)

>>> Duquesne (Stanley Druckenmiller) discloses updated portfolio positions in 13

Duquesne (Stanley Druckenmiller) discloses updated portfolio positions in 13F filing: New WULF SWTX PM positions
Highlights from Q2 2024 filing as compared to Q1 2024 (all amounts are approximate):
  • New positions in: WULF (2.09 mln shares), SWTX (1.02 mln), PM (0.89 mln), MAA (0.64 mln), YPF (0.64 mln), CPT (0.58 mln), IVVD (0.57 mln), FLUT (0.34 mln), GEV (0.3 mln), EQT (0.12 mln), LYV (103K shares), TPX (103K shares), SE (67K shares), GPCR (38K shares), ADBE (37K shares), MELI (36K shares), BLDR (29K shares), INSM (20K shares)
  • Increased positions in: KMI (to 6.75 mln shares from 3.88 mln shares), OPCH (to 1.87 mln from 0.69 mln), COHR (to 3.59 mln from 2.53 mln), BCS (to 2.08 mln from 1.05 mln), DAKT (to 2.49 mln from 2.07 mln), STX (to 1.76 mln from 1.44 mln), GGAL (to 0.48 mln from 0.32 mln), TLSI (to 0.43 mln from 0.32 mln), ARGT (to 0.28 mln from 0.19 mln)
  • Maintained positions in: ZI (5.88 mln shares), VST (2.63 mln shares), NTRA (1.97 mln shares), WWD (0.95 mln shares)
  • Closed positions in: KEY (from 1.66 mln shares), VRT (from 1 mln), SANA (from 0.98 mln), KBR (from 0.98 mln), GE (from 0.85 mln), CCJ (from 0.85 mln), MRVL (from 0.82 mln), NXE (from 0.71 mln), STLA (from 0.59 mln), CABA (from 0.42 mln)
  • Decreased positions in: CPNG (to 10.97 mln shares from 22.46 mln shares), TECK (to 1.45 mln from 4.55 mln), NWSA (to 0.68 mln from 3.31 mln), FLEX (to 1.45 mln from 3.86 mln), NVDA (to 0.21 mln from 1.76 mln), MSFT (to 0.4 mln from 1.11 mln), CNK (to 0.4 mln from 1.08 mln), DFS (to 0.17 mln from 0.65 mln)