Oh my have the Saudi's Been kicking The Tires Already! Benchmark has reiterated a Buy rating on Formula One Group (NASDAQ:FWONA), even as International Automobile Federation honcho Mohammed Ben Sulayem appeared to throw cold water on a reported purchase price coming from Saudi Arabia. Reports emerged Friday that the Saudi sovereign wealth fund evaluated buying Formula 1 from Liberty Media at a price exceeding $20B, including debt. Ben Sulayem tweeted Monday: "As the custodians of motorsport, the FIA, as a non-profit organisation, is cautious about alleged inflated price tags of $20bn being put on F1." "Any potential buyer is advised to apply common sense, consider the greater good of the sport and come with a clear, sustainable plan – not just a lot of money," he continued. That's led Formula One to accuse Ben Sulayem of interfering with its commercial rights (which it acquired in a 100-year deal in 2001, while nonprofit FIA ultimately owns the rights to the championship). "The FIA has given unequivocal undertakings that it will not do anything to prejudice the ownership, management and/or exploitation of those rights," Formula One has reportedly written to FIA. "We consider that those comments, made from the FIA president's official social media account, interfere with those rights in an unacceptable manner." In any case, Formula One is generating heavy benefits for global and U.S. host cities, Benchmark analyst Matthew Harrigan said, ahead of a biggest-ever 24-race calendar for 2023 - and Audi joining in 2026. "Beyond F1’s appeal as a brand growth platform, F1’s enhanced sustainability and efficiency profile contributed to Audi joining F1 in 2026 with Sauber as their strategic partner," Harrigan said. "F1’s spiraling media attention now includes an F1 movie starring Brad Pitt and produced by Lewis Hamilton with action legend Jerry Bruckheimer also involved." An S&P 500-linked valuation model has Harrigan suggesting the enterprise value is $18.6B, "moderately below" the supposed $20B Saudi bid. He's sticking with a $73 price target, implying 16% upside.
I'm leaning in on Home Depot. Not quite there yet. The big problem is the raising interest rates and that effect on home building. These had slightly moderated last month and my sources say HD is doing well with their professional contractors who have a lot of back orders... however Wall st is warning us away... Home Depot price target lowered to $300 from $320 at Piper Sandler 09:13 HD Piper Sandler analyst Peter Keith lowered the firm's price target on Home Depot to $300 from $320 and keeps a Neutral rating on the shares. Piper's recent senior loan officer survey data from the Fed shows a decline in home equity line of credit demand in Q4 by homeowners. With fading homeowner interest in HELOC and overall home equity extractions, large ticket home remodel spend should weaken through 2023, the analyst tells investors in a research note. Given Home Depot's large exposure to Pro spend, the firm lowered 2023 comp and earnings estimates to below consensus. HD on watch.
A guy at a bar told me a story-- we'll have to track this down. But some radical dude has bet $5 mil on the VIX going to 30. Something like that. Scary.
This was my impression on Monday and that is where I am still at. Don't put much into the Fed speak I don't believe it at all. The move will be .25 In a trading range now with that 4,200 being a very sig mark. I think we will take that out shortly with some gusto and it will look like our 4,400 for year end target will be right on target... However my best guess is that we will reverse big time once we clear 4,200 and over celebrate.
Nano Dimension hires Lazard to advise on potential acquisitions 09:03 NNDM lol - How we prefer this to be on potential sale.
This and FLR have been my two Build America plays... Granite price target raised to $55 from $50 at DA Davidson 08:04 GVA
People are starting to talk about rebuilding Ukraine. Might we seize Russian assets and have them pay<---- That's an idea being talked about.
The competition is so great and so many Europen players involved it's tough to see a clear leader. There is a French co that I'm researching a bit... and reports of a German Cement company looking for work... must be our dear friend Heidleberg!
Wallmart got a positive view today that might be good news for BJ.> High inflation of food plays a roll here-- Kind of like WMT too. Is there a big box thing in my future.... I'll check back at lunch hour.