Three Things (8/3)

Wednesday, Aug 3rd 2022

Commentary

Job openings nose-dive, Marriott revenue jolts, Uber set to sell stake in food delivery firm

“The best thing about the future is that it comes one day at a time.”-Abraham Lincoln


1) Job openings nose-dive:  U.S. job openings plummeted 5.4% to 10.7 million in June, far below expectations. It is their lowest level since September 2021. Yet, despite the drop, there are still 1.8 open jobs per worker. 

Titan's Takeaway: The Fed would certainly like to be remembered as the one that  broke inflation's back, not labors'. Although, it might be too fine a line to separate at this point. 

2) Marriott revenue jolts: The hotel group beat Q2 revenue expectations, raking in $5.34 billion, far above the $4.92 billion expected in the quarter. The news comes on the heels of skyrocketing global travel demand as consumers shift their spending habits from goods to services. 

Titan's Takeaway: Marriott's Q2 results demonstrate a resilient leisure travel market as consumers are undeterred by rising prices.  

3) Uber set to sell stake in food delivery firm: The ride-hailing giant plans to sell its 7.8% stake for over $350 million in Indian food delivery company, Zomato. The sale comes just a year after Uber sold its local UberEats to Zomato in 2021. Uber said it assumed an unrealized $707 million loss on the investment in the first half of this year as Zomato's shares fell to an all-time low last week.  

Titan's Takeaway: In our eyes, Uber is at a free cash flow inflection point, and they have multiple levers to expand profit margins. This is another confirmation that they are focused on balancing growth with profitability, and we welcome them exiting the fiercely competitive Indian market.


As of this writing, UBER was a portfolio holding of Titan. This security may cease to be a portfolio holding at some point in the future.
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