DHUnplugged #816: Strikes, Spikes, Hikes

September – here we are and the volatility starts.

Bear Invasions – is this something we should pay attention to?

Target is in the hotseat, Good-Good too.

Bombing Iran again.

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Warm-Up

- September - here we are and the volatility starts

- Bear Invasions - is this something we should pay attention to?

- Target is in the hotseat, Good-Good too

- Bombing Iran again - and again.

Markets

- Bonds - moving higher - Warsh and Bessent challenged

- NVDA earnings - price hikes

- Employment Report coming this Friday

- Dell earnings - WOWWWW!

DHU MAILING LIST! - Go to DHUnplugged.com

LAKE AMERICA

- Google Maps now shows "Lake America" to U.S. users after the federal naming change.

- Canadian users still see "Lake Ontario"; users elsewhere see both names.

- Canada did not adopt the change, setting up an easy cross-border naming fight.

OIL / IRAN

- Last week - Oil dropped more than 3% as traders viewed tougher Iran sanctions as less disruptive than renewed military escalation.

- Brent fell to roughly $88.58 and WTI to about $82.36.

- Washington stopped short of immediately targeting major Chinese banks buying Iranian oil.

- Markets also reacted to hopes for improved navigation through the Strait of Hormuz.

---- OH WAIT>>>>

IRAN - FIGHT IS ON

- We are back bombing and they are retaliating

- We retaliate, they bomb

- Threat: President Trump in phone interview with Fox News reporter repeats that if Iran retaliates, they will be hit harder, but he adds that if Iran retaliates for a third time "they will be totally wiped out as a country"; says any deal with Iran will not be "worth the paper it is printed on"

- Oil Up ...

DICK'S / FOOT LOCKER

- Dick's shares plunged about 30% after earnings and guidance disappointed.

- Core Dick's comps rose 4.9%, but Foot Locker comps fell 3.6%.

- Management blamed weak sneaker launches, stale inventory and a highly promotional footwear market.

- Dick's has already taken more than $500 million in charges tied to the Foot Locker turnaround.

BASEBALL CARDS GO CASINO

- Online "repack" platforms let customers buy randomized graded cards and immediately sell them back.

- Prices can range from roughly $25 to thousands of dollars per pack.

- The model increasingly resembles gambling: randomized payoff, instant resale value and repeat play.

- Arena Club, Fanatics and others are pushing deeper into a market already generating billions in transactions.

GOVERNMENT-OWNED STOCKS

- Stocks with U.S. government backing face new legal and political risk around Washington taking equity stakes.

- Intel surged after government investment plans surfaced; MP Materials also jumped after a Pentagon stake.

- Trilogy Metals soared after a government deal, then gave back much of the move.

- A lawsuit challenging the Intel arrangement could have implications for similar federal equity deals.

CHINA INDUSTRIAL PROFITS

- China's industrial profits rose 11.2% year over year in July.

- Profit growth slowed from 15.1% in June but remained strong.

- Manufacturing profits rose nearly 19%, while mining profits jumped roughly 35%.

- Strong factory profits continue to contrast with weak property and domestic-demand signals.

DELL EARNINGS GUIDANCE

- Earnings we great - Guidance out of control

- Dell sees Q3 mid-point EPS of $6.50 vs $4.46 FactSet Consensus; sees mid-point of revs at $49.00 bln vs $41.36 bln FactSet Consensus

- Dell sees FY27 mid-point EPS of $25.50 vs $18.99 FactSet Consensus; sees revs mid-point of $192 bln vs $174.05 bln FactSet Consensus

TARGET HALLOWEEN BACKLASH

- Target pulled a children's clown costume after complaints that it resembled blackface imagery.

- The company apologized and said it was