Three Things (7/26)

Tuesday, Jul 26th 2022

Commentary

Streaming reaches the end zone, Gazprom cuts more gas, Apple offers discounts

“Fear has a far greater grasp on human action than the impressive weight of historical evidence.” Jeremy Siegel


1) NFL launches new streaming service: The National Football league plans to launch its own streaming service, NFL+, for $4.99 a month. The subscription will include all out-of-market preseason games and mobile device access to live local and primetime regular and playoff games. 

Titan's Takeaway: Another meager streaming offer is surprising considering a battered market. However, we are watching the high-stakes battle between Amazon, Disney, Apple, and Google over the NFL's costly Sunday Ticket program. 

2) Gazprom cuts more gas from pipeline: The Russian energy giant announced yet another cut in the Nord Stream 1 gas pipeline, reducing natural gas flow to just 20% capacity. While Gazprom said the cut was because of a technical malfunction, Germany rejected the account, saying the turbine wasn't meant to be used until September and follows EU comments that Russia is engaged in energy blackmail. Russia is the second largest oil exporter in the world, with Europe importing 40% of its gas and 30% of its oil from the country.  

Titan's Takeaway: Germany's dependence on the pipeline was even more evident on Monday, as more cuts to the Nord Stream's output in the winter could plunge Germany into a prolonged recession and lead to stratospherically high energy prices. 

3) Apple offers discounts in China: Apple will offer four days of discounts in China for the majority of its product offerings in a promotional event. Apple will reduce the top-line iPhone 13 Pro series by $89, among other deals beginning July 29th and ending August 1st. With consumer demand falling, the tech giant, usually hesitant to offer promotions, looks to reignite growth in the region battered by strict COVID lockdowns. 

Titan's Takeaway:  With Goldman Sachs slashing its forecast for the MSCI China stock index to zero growth in 2022 and consumer spending tightening, Apple is looking to pull forward some demand even in the face of economic uncertainty. 

As of this writing, GOOG, AMZN, AAPL, DIS were a portfolio holding of Titan. This security may cease to be a portfolio holding at some point in the future.
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