>>> Tiger Global discloses updated portfolio positions in 13F filing: New ESTC B

Tiger Global discloses updated portfolio positions in 13F filing: New ESTC BABA PDD DASH PCOR ARM positions; Increased UBER GOOGL WDAY NVDA TTWO; Exited DLO KPLT
Highlights from Q3 2023 filing as compared to Q2 2023:
  • New positions in: ESTC (1.71 mln shares), BABA (~1.5 mln), PDD (~1.4 mln), DASH (~1.2 mln), PCOR (~1.2 mln), ARM (300K), CART (175K), ODD (135K)
  • Increased positions in: GRAB (to ~51.3 mln shares from ~23.4 mln shares), SE (to ~11.7 mln from ~3.4 mln), CFLT (to ~5.2 mln from ~3.0 mln), UBER (to ~5.1 mln from ~3.6 mln), GOOGL (to ~5.3 mln from ~3.8 mln), WDAY (to ~2.8 mln from ~2 mln), NVDA (to ~1.1 mln from ~0.6 mln) TTWO (to ~5.3 mln from ~4.8 mln), MSFT (to ~6.1 mln from ~5.7 mln) META (to ~8.9 mln from ~8.6 mln) LLY (to ~0.9 mln from ~0.7 mln), TSM (to ~2.1 mln from ~1.9 mln) HUBS (to ~0.26 mln from ~0.08 mln)
  • Maintained positions in: NU (~20.4 mln shares), APO (~12.3 mln shares), CRWD (~0.9 mln shares), FLT (~0.8 mln shares)
  • Closed positions in: DLO (from ~0.6 mln shares)
  • Decreased positions in: PGY (to ~3.6 mln shares from ~32.8 mln shares), JD (to ~9.9 mln from ~21.1 mln), BZ (to ~3.3 mln from ~6.96 mln), INTU (to ~0.5 mln from ~1. mln), NOW (to ~0.59 mln from ~0.62 mln)

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

Duquesne (Stanley Druckenmiller) discloses updated portfolio positions in 13F filing: New VST RIG STX GOOGL BABA positions; Exited WRBY VNO TPX TSM ORCL SKX
Highlights from Q3 2023 filing as compared to Q2 2023:
  • New positions in: VST (~1.99 mln shares), RIG (~1.84 mln), STX (~0.92 mln), GOOGL (~0.84 mln), BABA (~0.31 mln), SPHR (~0.27 mln), WDC (~0.23 mln), VEEV (~0.1 mln), DHR (~0.08 mln), LPX (~0.05 mln)
  • Increased positions in: UBS (to ~2.18 mln shares from ~0.76 mln shares), TECK (to ~4.11 mln from ~3.42 mln), VRT (to ~1.89 mln from ~1.23 mln), NWSA (to ~4.77 mln from ~4.52 mln), NWS (to ~0.98 mln from ~0.73 mln), MSFT (to ~1.02 mln from ~0.83 mln), CVX (to ~0.38 mln from ~0.22 mln) BLDR (to ~0.46 mln from ~0.31 mln), J (to ~0.07 mln from ~0.04 mln), JOBY (to ~0.02 mln from ~0.01 mln)
  • Maintained positions in: CPNG (~20.9 mln shares), NTRA (~0.89 mln shares), CCJ (~0.87 mln shares), GE (~0.74 mln shares), KBR (~0.51 mln shares)
  • Closed positions in: WRBY (from ~1.06 mln shares), VNO (from ~0.59 mln), TPX (from ~0.53 mln), TSM (from ~0.49 mln), SKX (from ~0.37 mln), MRVL (from ~0.31 mln), CCCS (from ~0.28 mln), PTC (from ~0.27 mln), ORCL (from ~0.27 mln), MU (from ~0.22 mln)
  • Decreased positions in: OPCH (to ~1.21 mln shares from ~4.39 mln shares), RXRX (to ~0.91 mln from ~1.39 mln), TMUS (to ~0.76 mln from ~1.18 mln), LW (to ~1.83 mln from ~2.07 mln), LLY (to ~0.45 mln from ~0.54 mln), AMZN (to ~0.14 mln from ~0.22 mln), NVDA (to ~0.87 mln from ~0.95 mln), TKO (to ~0.06 mln from ~0.1 mln)

Viking Global (Andreas Halvorsen) discloses updated portfolio positions in 13F f

Viking Global (Andreas Halvorsen) discloses updated portfolio positions in 13F filing: New SQ FCX RYZB MET KDP FL CFLT BSX positions; Exited RIVN MU STX
Highlights from Q3 2023 filing as compared to Q2 2023:
  • New positions in: SQ (~12.3 mln shares), FCX (~9.8 mln), RYZB (~6.6 mln), BEKE (~4.6 mln), MET (~2.9 mln), KDP (~2.3 mln), FL (~2.2 mln), CFLT (~1.98 mln), BSX (~1.1 mln), MBLY (~1 mln)
  • Increased positions in: FTCH (to ~10.8 mln shares from ~4.8 mln shares), UPS (to ~6.7 mln from ~0.9 mln), AMZN (to ~8.8 mln from ~4.4 mln), PPG (to ~4 mln from ~0.9 mln), DASH (to ~5.4 mln from ~2.7 mln) ZI (to ~3.75 mln from ~1.2 mln), WDAY (to ~5.2 mln from ~3 mln) CNHI (to ~6.7 mln from ~4.8 mln), MSFT (to ~3 mln from ~1.2 mln), NAMS (to ~8 mln from ~6.5 mln), FIVN (to ~3.6 mln from ~2.17 mln), VVV (to ~8.9 mln from ~7.7 mln), VKTX (to ~4.6 mln from ~3.5 mln) MCK (to ~1.5 mln from ~0.5 mln), GE (to ~8 mln from ~7.1 mln) HDB (to ~10.1 mln from ~9.3 mln), PGR (to ~1.2 mln from ~0.4 mln)
  • Maintained positions in: APG (~34.2 mln shares)
  • Closed positions in: RIVN (from ~5.43 mln shares), MU (from ~4.42 mln), STX (from ~3.19 mln), KVUE (from ~3.14 mln), SHW (from ~2.27 mln), ALKS (from ~2.12 mln), ANET (from ~2.04 mln), EMR (from ~1.9 mln), DELL (from ~1.22 mln), INTU (from ~1.1 mln), CEG (from ~1 mln), CB (from ~0.97 mln), BABA (from ~0.9 mln), NFLX (from ~0.6 mln), NVDA (from ~0.3 mln)
  • Decreased positions in: CPNG (to ~4.36 mln shares from ~15.32 mln shares), PM (to ~5.97 mln from ~9.06 mln), CSX (to ~10.64 mln from ~12.81 mln), CBRE (to ~2.5 mln from ~4.58 mln), IFF (to ~2.1 mln from ~3.6 mln), BBIO (to ~25.1 mln from ~26.6 mln), FTV (to ~8.3 mln from ~9.8 mln), ACHC (to ~2.26 mln from ~3.24 mln), MA (to ~0.29 mln from ~1 mln), FTNT (to ~7 mln from ~7.7 mln)

>>> Corvex Management (Keith Meister) discloses updated portfolio positions in 1

Corvex Management (Keith Meister) discloses updated portfolio positions in 13F filing: New EDR KOF positions; Exited CTLT AES CEG
Highlights from Q3 2023 filing as compared to Q2 2023:
  • New positions in: EDR (~4.95 mln shares) KOF (~0.46 mln)
  • Increased positions in: AQN (to ~10.38 mln shares from ~8.17 mln shares), SWX (to ~3.43 mln from ~2.06 mln), GOOGL (to ~0.19 mln from ~0.18 mln), UBER (to ~1.49 mln from ~0.69 mln), CSX (to ~2.37 mln from ~1.95 mln), IAC (to ~1.27 mln from ~0.87 mln), AMZN (to ~0.51 mln from ~0.13 mln) TKO (to ~0.5 mln from ~0.26 mln), KKR (to ~0.75 mln from ~0.61 mln), MSFT (to ~0.17 mln from ~0.06 mln)
  • Maintained positions in: MDU (~10.15 mln shares), MGM (~6.42 mln shares), KNF (~2.54 mln shares), CCEP (~0.8 mln shares)
  • Closed positions in: CTLT (from ~5.67 mln shares), AES (from ~2.39 mln), CEG (from ~0.74 mln)
  • Decreased positions in: FMX (to ~0.88 mln shares from ~1.24 mln shares), BOOT (to ~0.01 mln from ~0.02 mln), ADBE (to ~0.09 mln from ~0.1 mln)

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

Appaloosa (David Tepper) discloses updated portfolio positions in 13F filing: New BEKE position; Exited MRVL KWEB FXI CEG AAPL; Increased PDD AMZN META GOOG MSFT
Highlights from Q3 2023 filing as compared to Q2 2023:
  • New positions in: BEKE (~2.4 mln shares)
  • Increased positions in: PDD (to ~1.4 mln shares from ~0.75 mln shares), AMZN (to ~3.75 mln from ~3.16 mln), META (to ~1.95 mln from ~1.5 mln), GOOG (to ~2.75 mln from ~2.31 mln), MSFT (to ~1.64 mln from ~1.24 mln) CZR (to ~1.53 mln from ~1.24 mln),
  • Maintained positions in: ET (~9.78 mln shares), UBER (~7.25 mln shares), M (~5 mln shares), AMD (~2.28 mln shares), EQT (~2.06 mln shares), MU (~1.4 mln shares), NVDA (~1.03 mln shares), FDX (~0.65 mln shares), UNH (~0.2 mln shares),
  • Closed positions in: MRVL (from ~1.75 mln shares), KWEB (from ~1.6 mln), FXI (from ~1.5 mln), CEG (from ~0.5 mln), AAPL (from ~0.48 mln), CDNS (from ~0.19 mln), SNPS (from ~0.15 mln), AVGO (from ~0.12 mln)
  • Decreased positions in: BABA (to ~3.6 mln shares from ~4.48 mln shares), TSM (to ~1 mln from ~1.78 mln), BIDU (to ~0.67 mln from ~1.28 mln), QCOM (to ~1.3 mln from ~1.85 mln), INTC (to ~6.25 mln from ~6.78 mln), JD (to ~1.68 mln from ~1.88 mln)

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

Starboard Value (Jeffrey Smith) discloses updated portfolio positions in 13F filing: Confirms new BLMN position, Exited ABCM SPLK
Highlights from Q3 2023 filing as compared to Q2 2023:
  • New positions in: BLMN (~8.34 mln shares)
  • Increased positions in: ACTG (to ~61.12 mln shares from ~20 mln shares), AQN (to ~58.4 mln from ~34.14 mln)
  • Maintained positions in: GEN (~18.61 mln shares), GDDY (~9.96 mln)
  • Closed positions in: ABCM (from ~4.59 mln shares), SPLK (from ~4.07 mln), CVLT (from ~0.12 mln), WTW (from ~0.51 mln), PZZA (from ~0.18 mln)
  • Decreased positions in: VRT (to ~4.12 mln shares from ~15.94 mln shares), ACM (to ~2.89 mln from ~3.78 mln), MRCY (to ~2.31 mln from ~2.84 mln), CRM (to ~1.73 mln from ~2.01 mln), ROG (to ~0.55 mln from ~0.77 mln), HUM (to ~0.84 mln from ~0.89 mln)

>>> US After Hours Summary: Pretty quiet after hours; ALC -4.6% lower on earning

After Hours Summary: Pretty quiet after hours; ALC -4.6% lower on earnings, also VREX -10.3%, GETY -6.3%, NU -2.7%; ARCT +14.2%, DADA +2.7% higher on earnings

After Hours Gainers:

Companies trading higher in after hours in reaction to earnings/guidance: ARCT +14.2%, DADA +2.7%

Companies trading higher in after hours in reaction to news: ATOM +2.4% (reaches revenue milestone under its first commercial license agreement), STNE +1.9% (authorizes new R$1 bln share repurchase program), IIIN +1.4% (declares a special cash dividend of $2.50/sh), BXC +0.1% (BXC and LPX expand distribution partnership)

After Hours Losers:

Companies trading lower in after hours in reaction to earnings/guidance: VREX -10.3%, GETY -6.3%, ALC -4.6%, ICVX -2.7%, NU -2.7%, GPCR -1.1%, BHVN -0.1%

Companies trading lower in after hours in reaction to news: INTA -3.8% (files for 5 mln share offering by selling shareholders), NOVT -2% (to acquire Motion Solutions for $189 mln), TFC -0.1% (names new COO), LOB -0.1% (names new CFO), UFPI -0.1% (launches digital platform for buying and selling lumber)

>>> US Close Dow +1,43% S&P +1,91% Nasdaq +2,37% Russell +5,44%

Closing Stock Market Summary
The major indices all closed with sizable gains, ending near their highs of the day on heavier than average volume. The S&P 500, which flirted with the 4,100 level on October 27, was trading above 4,500 at its high today before settling the session just below that level. The Russell 2000 surged 5.4%, which leaves the index positive for the year (+2.1%).

Equities reacted to a sharp drop in rates on the heels of the better-than-expected October Consumer Price Index (CPI), which corroborated the market's thinking that the Fed is done raising rates.

Total CPI was unchanged month-over-month (consensus +0.1%) and up 3.2% year-over-year versus 3.7% in September. Core CPI, which excludes food and energy, was up 0.2% month-over-month ( consensus +0.3%) and up 4.0% year-over-year versus 4.1% in September.

The fed funds futures market priced out the probability of any additional rate hikes by the Fed, and now sees a 65.4% probability of the first rate cut in May 2024, according to the CME FedWatch Tool.

The 2-yr note yield, at 5.02% just before 8:30 a.m. ET, settled 22 basis points lower than yesterday at 4.82%. The 10-yr note yield, at 4.62% just before the data, declined 19 basis points from yesterday to 4.44%. The U.S. Dollar Index also sank after the CPI data, down 1.5% to 104.05.

Buying activity was broad based with just about everything coming along for the rally. The equal weighted S&P 500 climbed 2.9% and the market-cap weighted S&P 500 rose 1.9%. All 11 S&P 500 sectors closed with a gain. The rate-sensitive real estate sector (+5.3%) led the pack followed by utilities (+3.9%) and consumer discretionary (+3.3%). The energy sector (+0.5%) saw the slimmest gain.

Home Depot (HD 303.63, +15.56, +5.4%) was an individual standout after reporting pleasing Q3 results.

  • Nasdaq Composite: +34.7% YTD
  • S&P 500: +17.1% YTD
  • Dow Jones Industrial Average: +5.1% YTD
  • S&P Midcap 400: +4.1% YTD
  • Russell 2000: +2.1% YTD
Reviewing today's economic data:
  • October CPI 0.0% ( consensus 0.1%); Prior 0.4%; October Core CPI 0.2% ( consensus 0.3%); Prior 0.3%
    • The key takeaway from the report is that inflation is moving in the right direction, and because it is, the market will continue to believe that the Fed won't be moving the target range for the fed funds rate any higher.

Wednesday's economic calendar features:
  • 07:00 ET: MBA Mortgage Applications Index (Prior 2.5%)
  • 08:30 ET: October Retail Sales ( consensus -0.3%; Prior 0.7%) and Retail Sales, Ex-Auto ( consensus -0.2%; Prior 0.6%)
  • 08:30 ET: October PPI (consensus 0.1%; Prior 0.5%) and core PPI ( consensus 0.3%; Prior 0.3%)
  • 08:30 ET: November Empire State Manufacturing (consensus -5.0; Prior -4.6)
  • 10:00 ET: September Business Inventories (consensus 0.4%; Prior 0.4%)