Category: Technology

E-Commerce Is Fluid and Walmart Appears Undervalued

E-Commerce Is Fluid and Walmart Appears Undervalued

We spent much of last week collecting e-commerce and payments-related data. That long-form TEK2day report is on the back burner for now. In the interim we share our general thoughts on e-commerce and one retail giant in particular. The retail space is having difficulty overcoming COVID having suffered record bankruptcies. Brooks Brothers is the latest … Continue reading E-Commerce Is Fluid and Walmart Appears Undervalued

Questionable PPP Borrowers – A Partial List

Questionable PPP Borrowers – A Partial List

The execution of PPP was poor. A set of well-defined terms provided by Treasury to the SBA and subsequently to the lending financial institutions could have avoided unintended consequences such as various private equity firms, asset managers, law firms and the like "borrowing" money (we use quotation marks as PPP recipients are not required to … Continue reading Questionable PPP Borrowers – A Partial List

Seated Diners by U.S. City & State

Seated Diners by U.S. City & State

The number of seated diners (as measured by walk-ins and reservations on OpenTable) remains down materially on a year-over-year basis for both cities and states. We built the charts below using a 7-Day average comprised of the last 7 days ending July 4th 2020. Reach me at jmaietta@tek2day.com to access the complete data set which … Continue reading Seated Diners by U.S. City & State

List of PPP Loan Recipients

List of PPP Loan Recipients

We have published a list of businesses that received PPP loans of $150 thousand or greater. The list includes 616, 218 entries. Access the Excel file below. Today Treasury and the SBA released details of the various businesses that borrowed PPP funds. Included in the Excel detail are: loan size ranges, business names and addresses, … Continue reading List of PPP Loan Recipients

Higher Corporate Income Tax Rates and Advanced Automation Are Coming

Higher Corporate Income Tax Rates and Advanced Automation Are Coming

Regardless of who wins November's general election we expect higher corporate income tax rates in 2021 or more likely 2022. Today's 21% U.S. corporate tax rate will likely climb back to 35% or higher should Trump win re-election or to 40-45% should Biden win the Presidency. We expect companies to control expenses as a result … Continue reading Higher Corporate Income Tax Rates and Advanced Automation Are Coming

State-Led Capitalism

State-Led Capitalism

Private markets are no longer primarily determined by the actions of private buyers and sellers. The State now controls private markets as the primary mover. Guessing the timing, scale and duration of massive fiscal and monetary programs has superseded if not largely replaced fundamental analysis. That's not to say that fundamentals do not matter, but … Continue reading State-Led Capitalism

Near-Term Consumer Price Inflation Risk Is Likely Low

Near-Term Consumer Price Inflation Risk Is Likely Low

Despite a record increase in the Money Supply (M2) the U.S. economy likely will not experience near-term consumer price inflation given less than robust Personal Consumption. Further expansionary monetary policy will increase price inflation risk, particularly if Personal Consumption continues to rebound. This story is most efficiently told with pictures and captions. Click on any … Continue reading Near-Term Consumer Price Inflation Risk Is Likely Low

Federal Reserve Discloses Corporate Bond Purchases

Federal Reserve Discloses Corporate Bond Purchases

Here is the full Excel workbook disclosure compiled by the Federal Reserve which lists the various issuers, sectors, cusips, coupons, maturity dates, par values, amortized costs and more for the fixed income securities the Federal Reserve has purchased. Among the securities purchased through June 16th, 48.1% were "AAA, AA and A" rated, 48.3% were "BBB" … Continue reading Federal Reserve Discloses Corporate Bond Purchases

SPAC City

SPAC City

SPACs are popular at the moment accounting for approximately 38% of IPO activity through May. Pershing Square filed for the largest SPAC on record earlier this week with its $3 billion Pershing Square Tontine Holdings filing. SPAC filings of Pershing Square's size suggest more competition for private equity firms may be forthcoming. https://soundcloud.com/ceorater