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Hedge funds will disclose positions ahead of Friday’s 13F deadline. (0:17) Disney to report earnings amid YouTube battle. (1:30) Trump slams ‘money sucking’ health insurers. (3:08)
The following is an abridged transcript:
It’s 13F week – that time of year when the smart money files its homework and we all try to copy the answers, even if the test was last quarter.
Position disclosures from hedge funds and institutions will take on extra importance with earnings season winding down and the government shutdown keeping macro data in the holding pen. Investors will be parsing those 13F filings for clues on where the “smart money” has been positioning during the recent market highs.
Filing fever started early as Michael Burry’s Scion Capital disclosed his bets against AI darlings Nvidia (NVDA) and Palantir (PLTR).
The first big batch of filings lands Wednesday, with the lion’s share arriving Thursday evening.
The big question: did funds dive in during the third quarter, riding the first Fed rate cut of the year — or stay cautious amid stretched valuations, especially in the tech and AI trade? Any long positions in quantum computing stocks could ripple through the subsector, echoing this year’s obsession with all things AI.
Warren Buffett’s Berkshire Hathaway (BRK.A) (BRK.B) is always one to watch and investors will likely get a sense of what path new CEO Greg Abel is taking.
Other big names include Dan Loeb’s Third Point, Nelson Peltz’s Trian Fund, David Tepper’s Appaloosa, Stanley Druckenmiller’s Duquesne Family Office, Bill Ackman’s Pershing Square and George Soros’ Soros Capital.
The filing from activist Elliott Management will also draw interest, as will the tech picks and drops from SoftBank.
On the earnings front, 90% of S&P 500 companies have now reported for Q3, with just 11 issuing results this week.
So far, 82% of S&P 500 companies have topped profit estimates and 77% have beaten revenue expectations, according to FactSet. But guidance has been more cautious with 42 S&P names issuing negative profit outlooks versus 31 raising forecasts.
Walt Disney (DIS) will once again command the spotlight. Analysts expect EPS of $1.02 on revenue of $22.78 billion for fiscal Q4.
Jonathan Weber, who leads the Cash Flow Club Investing Group, says investors should focus on guidance, progress on debt reduction and dividends and buybacks. The market will also be anxious for any news on the standoff between ABC and ESPN and YouTube.
Also on the earnings calendar
CoreWeave (CRWV), Occidental (OXY), eToro (ETOR) and Plug Power (PLUG) report on Monday.
On Tuesday, Oklo (OKLO) and Nexgel (NXGL) issue numbers.
Cisco (CSCO), Flutter Entertainment (FLUT) and Rumble (RUM) weigh in on Wednesday.
Joining Disney on Thursday are Applied Materials (AMAT) and Newsmax (NMAX)
And don’t start the weekend early if you’re into cutting edge — Quantum Computing (QBUT) reports after the bell Friday.
In the news this weekend, UPS (UPS) and FedEx (FDX) have grounded their fleets of McDonnell Douglas MD-11 cargo planes following the deadly crash in Louisville. Both carriers cited an abundance of caution and guidance from Boeing (BA).
Novo Nordisk (NVO) abandoned its pursuit for weight-loss biotech Metsera (MTSR) as Pfizer (PFE) cemented a deal worth up to $10 billion.
The government shutdown is now expected to last at least 50 days, according to prediction markets. Both Kalshi and Polymarket have odds favoring a shutdown lasting until Nov. 20 — a week before Thanksgiving.
Also on the political front, President Donald Trump called for a significant shift in how federal funds for healthcare are distributed.
In a series of posts, Trump proposed that the “hundreds of billions of dollars” currently directed towards “BIG, BAD” and “money sucking” insurance companies under the Affordable Care Act should instead be sent directly to the public.
Trump also renewed his proposal to use tariff revenues to fund direct payments to U.S. households — suggesting a $2,000 dividend for most Americans.
That could be a reaction to market pessimism that the Supreme Court will side with the White House on tariffs, deciding they are in a tax under the purview of Congress. Odds of Trump getting a favorable ruling sank to 20% after oral arguments this past week.
And for income investors, Apple (AAPL) and IBM (IBM) go ex-dividend on Monday. Apple pays out on Nov. 13, while Big Blue pays out on Dec. 10.
Visa (V) goes ex-dividend on Wednesday with a Dec. 1 payout date.
TJX (TJX) goes ex-dividend on Thursday, paying out Dec. 4.
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