Thndr Claps - Picking up where we left off

A weekly wrap-up of the most prominent news in the U.S. & Egyptian markets.?

US Claps

Bed Bath & Beyond warns of bankruptcy possibility??

Bed Bath & Beyond (NASDAQ:BBBY) has sounded a warning to investors that it is running out of cash and is potentially considering bankruptcy.

BB&Y has recorded worse-than-expected sales following a difficult period for the retail sector. The company may not have enough cash to cover upcoming lease or supplier expenses.

The company has more than $1.2bn in unsecured debt notes spread across 2024, 2034, and 2044. With the company’s cash balance rapidly diminishing, it seems unlikely that it will be able to pay this debt off.

Tesla reports strong deliveries in 2022 ??

Tesla (NASDAQ:TSLA) reported annual deliveries of 1.31mn cars in 2022, a YoY increase compared to 936K deliveries in 2021.

Deliveries, which are considered Tesla’s closest disclosed measure to sales, grew by 40% YoY in 2022.?

Although Tesla does not disclose production and delivery figures by region, part of the strong performance could be attributed to the kicking off of 2 new factories in Texas and Germany, in addition to increased production in California.

Apple’s market cap falls under $2tn ??

Apple (NASDAQ:AAPL) saw its stock fall more than 3% in Tuesday’s trading session, dropping its market cap to below $2 trillion for the first time since March 2021.

The company faced several obstacles during the holiday season. Covid restrictions on one of the company’s primary factories in China played a hand in delaying iPhone 14 Pro shipments.

The past year saw Apple perform worse than the S&P 500, which fell around 18%. Apple ended yesterday’s session barely above its 52-week low.

Egypt Claps

Updates from NBE & Banque Misr execs??

National Bank of Egypt’s Deputy Chairman & Banque Misr’s Chairman were on the airwaves Saturday night with some updates on the newly-issued?25% interest?certificates of deposit.

Almost 100 billion Egyptian pounds were brought in from the CD as of Saturday night, with the NBE & Banque Misr responsible for approximately 67% & 33%, respectively.?

NBE’s Deputy Chairman said that around 50% of the proceeds came from customers redeeming existing CD to buy into this one, with the other 50% being new money, adding that an uptick in remittances was noticed.

A fifth acquisition offer for Pachin??

Private equity player Compass Capital has expressed interest in purchasing a majority stake in Pachin (PACH), offering EGP 30/share.

Compass is ~only~ the fifth company to seek a takeover of Pachin, outbidding the last two bids of?EGP 29.5/share?&?EGP 29/share.

This is an initial offer, with Compass seeking to acquire anywhere between 51%-90% of Pachin.

Egypt’s PMI is getting better ??

The S&P Global Egypt Purchasing Managers’ Index (PMI) recorded 47.2 points in December, up from 45.5 the month before.

The indicator, which indicates economic expansion if over 50 and contraction if under 50, recovered slightly during December. However, the indicator remained under the 50-point level for the 25th consecutive month.?

The EGP’s devaluation impacted production costs significantly, adding pressure on companies’ financials. In December, businesses cut staff and depleted inventories due to increased costs.